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Fixing A Credit Report
Fixing a credit report starts with seeing what's on it. You
may get access for free online. Try a search for "free credit
report." Alternately, when you are denied credit based on a
report issued by a local credit reporting agency, you can request
a free credit report from that agency within 30 days.
A quick look and you'll have an idea why you were denied
credit. Now how do you fix what you see? What if you find
incorrect information on the report? What if you want to change
information that is accurate, but unfair?
First, if there is anything you want to dispute in the report,
you can write a letter to the agency. Tell them exactly what is
incorrect, and they must investigate. Send copies of any
documentation, such as canceled checks, and send it all by
certified mail.
The agency must contact the source of the disputed
information. If they recieve no confirmation within 14 days, they
must delete the item from their files, and send you an updated
report. You can demand that they send the corrected report to all
creditors that recieved your credit report in the previous six
months. This last part won't be done automatically, so be sure to
demand it.
Honestly, if the item is under $500, or is more than a year
old, usually creditors don't bother to respond. This means fixing
a credit report is possible even if it isn't incorrect. Also, if
you don't succeed on your first attempt, you have the right to
dispute the item again after 30 days.
Put Explanations On Your Credit Report
When an item can't be removed, you have the right to add a
100-word explanation permanently to your credit report. All who
recieve the report will see your explanation. For example, if you
had a valid argument with your doctor over a charge, you can
explain the details.
Fixing a credit report may take a long time if it is based on
a history of late payments and loan defaults. But even in this
case, you can correct little errors, and explain anything that
isn't fair. This will make it look a little better while you
start paying bills on time and doing the other things
necessary.
Steve Gillman has been studying every aspect of money for
thirty years. You can find more interesting and useful
information on his website; http://www.EverythingAboutMoney.info
MORE RESOURCES:
Credit - Google News
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