Errors do happen, but when it comes to your credit score, you don’t really want to pay the cost of those errors. A survey conducted by the United States Public Interest Research Group in 2004 across 30 states revealed that 79% of the credit reports they sampled contained an error of some kind. 25% of the reports had errors that were serious enough to cause rejection of credit applications. Since credit scores are used by financial institutions in judging consumers’ credit worthiness, you have to make sure that you are being assessed fairly and that the information they use for calculating this statistic are accurate.
The Fair Credit Reporting Act recognizes the consumers’ correct to accurate information and facts on their credit reports. As portion of its provisions, you could avail of free copies of one’s credit reports from the three key credit bureaus, Equifax, Experian, and TransUnion, as soon as every single 12 months. You could access their frequent Web-site, annualcreditreport.com, to request for these copies. If ever you have experienced any adverse action associated to your credit inside the last 60 days, you could also avail of these reports for free.
Once you get your copies of one’s credit report, go over all of the data, specially the negative details, and verify if they are accurate. For those who have difficulty distinguishing the negative from the positive reports, the negative items are notated with the following labels: Late payments; Charge off; Collection; Write-off; Repossession; Foreclosure; Settled; Included in bankruptcy; Court accounts which include liens, judgments, divorce, bankruptcy chapters 7 or 13; Inquiries. Equifax and TransUnion use the characters either prior to or soon after the negative reports. Experian, on the other hand, marks all negative items with an asterisk.
Some typical errors that have been spotted consist of accounts that belong to one more particular person and inaccurate delinquency reports. Make sure you also be on the look-out for duplicate accounts or balances traceable to identity theft. Some reports failed to present facts on important loans that could produce positive reports on the account owner’s credit-worthiness.
For any inaccuracy which you obtain, write a dispute letter to each of the credit bureaus. Clearly identify the erroneous item in your report and explain your reasons for believing the items to be inaccurate. You deserve a clean credit score. Just don’t forget to workout your proper to accurate credit info.
Many find themselves wanting credit report repair for a credit score of 700+, but don’t know what is necessary to achieve this goal. Disputing negative items on your credit report can be the first step to How to repair bad credit. Negative items on a credit report must be validated, and those that aren’t must be removed. The end result is a credit report repair for the consumer. For more information on legal and efficient ways to repair credit, visit the following link: improve your credit score
