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Errors on Your Credit Report: What You Should Do
There are times when you may be turned down for credit and you
do not understand why. According to the Fair Credit Reporting Act
you are entitled to a free copy of your credit report if you have
been denied credit because of negative items on your credit
report within 60 days of the request for credit, if you are
unemployed but looking for work, are on welfare, or believe that
your credit report is incorrect because of fraud. You may also
receive a copy of your credit report for a small fee at any time
in which you want to review the information contain therein.
If you dispute any of the information on your credit report,
there are steps that you, the credit reporting agency and the
information provider must take to have the information corrected
or deleted form your report.
1. You should contact the credit reporting agency and request
that the inaccurate information be taken off. To do this you will
need to send a letter of request and enclose a copy of the report
with the incorrect information highlighted. Send your request
certified mail and indicate that a return receipt is
requested.
2. The Credit reporting agency will forward the request to the
information provider at which time they will review and
investigate the request. If the information cannot be verified,
then they must remove it. They can either correct or deny the
request to change the information. They will then send their
findings to the credit reporting agency.
3. If the information provider finds that their was an error
they will provide written proof of the change and send a copy of
the report to you, the credit reporting agency and anyone who has
requested a copy of your credit report in the last six
months.
4. If the information provider finds that there was no error,
you can request that the credit reporting agency send a copy of
the disputes with any report that is requested by creditors. You
can also provide an explanation of a negative report in 100 words
or less that will be included in any reports to creditors.
Another alternative is to pay the debt, which would require the
creditor to report the debt paid.
You should also be aware that negative reports will remain on
your credit for up to seven years at which time they will be
deleted in most cases. There are some exceptions, these include,
bankruptcy, which can be reported for up to 10 years, and loans
or life insurance policies which are in excess of $150,000.00, or
criminal convictions, which can be reported at all times.
Timothy Gorman is a successful Webmaster and publisher of
Debt-Relief-Solutions.com. He provides more debt relief,
consolidation and free
credit repair information that you can research in your
pajamas on his website.
MORE RESOURCES:
Credit - Google News
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