Disputing Info for Your Credit Repair Needs

Credit reporting agencies are usually reliable. However, in some cases they might produce some errors. If you ever come across any errors on your credit report you should look into getting them disputed with a credit reporting group that created the problem. This is one of the best things that you can do for your credit repair needs.

If you ever come across an error on a credit report you should write a letter to the credit reporting bureau that you got the report from. A typical report should have instructions attached to it on what you should be doing if you want to dispute something. Remember, you will have the right to dispute anything on your credit report.

You will need to write a letter to the bureau. You should explain what the error involves and why you are disputing this problem. It will be best for you to send a copy of your report with the item in question highlighted. This is so the bureau will have an idea of what you are debating.

The best thing that you can do in this process is to send in copies of information that supports your case. These include any receipts or checks that you worked with in the past. Having plenty of data can help you to be more successful in your argument.

After you send this data the credit reporting bureau will have to review it. The credit bureau will have thirty days to look over the data. During this time period a decision on whether or not the item can be removed will be made.

If the item is removed you can expect your credit rating to improve quickly. This makes disputing info on your credit report one of the best things that you can do for your credit repair needs.

Handling Past Due Accounts is Important for Credit Repair

Sometimes the best thing that you can do for your credit repair needs is to simply take care of your past dues. Past due accounts can cause your credit rating to be substantially harmed. If you take care of these accounts you can repair your credit rating over time.

Past due accounts are things that involve debts that you have not fully paid off. If you do not pay off these debts your credit will be harmed. This comes from how your payment history is a vital part of your credit rating. About thirty-five percent of your credit score is going to be determined by your payment history. When you make your payments on time your credit rating can improve.

The best thing to do is to get current on all of your accounts. When you are current on an account you will be seen as someone who no longer owes anything to a certain account.

The main goal that you should use is to keep from getting your past due accounts from getting into charge-offs. A charge-off occurs on credit cards and other things that you might owe money on. When this happens you will not be able to use a certain credit card or other financial instrument until you get your debts for it handled. This generally occurs in cases where you have not been able to make your minimum payments on something over the course of about six months. A charge-off can be very harmful to your credit rating.

If you can get a charge-off removed you will be able to repair your credit with ease. The best thing that you can do here is to focus on accounts that are close to getting into charge-offs. You should work to pay those off and to also eliminate any charge-offs that you already have.

admin | Disputing Credit Reports | 07 9th, 2010 | No Comments »

rightYour credit report is a record of your credit activities. It lists all of your credit card accounts and loans, the balances as well as your payment history. It also shows if any action has been taken against you because of unpaid bills such as a lawsuit or bankruptcy filing. Because businesses use this information to evaluate your applications for credit, insurance and employment, it’s important that the information in your report is complete and accurate, especially if you plan to make a big purchase like a home.

The Fair Credit Reporting Act (FCRA), enforced by the Federal Trade Commission (FTC), is designed to promote accuracy and ensure the privacy of the information used in consumer reports. Under the FCRA, both the credit reporting agency (CRA) and the organization that provided the information to the CRA (usually the credit card company) must correct any errors or incomplete information in your report.

If you do encounter a mistake on your credit report, several steps need to be taken to correct the matter:

1. The first thing to do is get a copy of your credit report from each of the three major CRAs: Equifax, http://www.equifax.com; Experian, http://www.experian.com; and TransUnion, http://www.tuc.com.

2 In a written letter, tell the CRA what information you believe to be inaccurate. Include copies (not originals) of documents that support your position. Provide your complete name and address, identify each item in your report you dispute, and request deletion or correction. Be sure to make copies of your dispute letter and enclosures.

3. Send your letter by certified mail, return receipt requested, so you can document what the CRA received.

4. The FCRA mandates that all CRAs reinvestigate the items in question — usually within 30 days — unless they consider your dispute frivolous. They also must forward all relevant data you provide about the dispute to the credit card company. After the credit card company receives notice of a dispute from the CRA, it must investigate, review all relevant information and report the results to the CRA.

5. If the disputed information is found to be inaccurate, the credit card company must notify all nationwide CRAs so they can correct this information in your file. Disputed information that cannot be verified must be deleted from your file.

6. When the reinvestigation is complete, the CRA must give you the written results and a free copy of your report if the dispute results in a change. If an item is changed or removed, the CRA cannot put the disputed information back in your file unless the credit card company verifies its accuracy and completeness, and the CRA gives you a written notice that includes the name, address, and phone number of the credit card company.

7. In addition to the CRA, you should also write to the credit card company about the error. Again, include copies of documents that support your dispute. If you are correct — meaning the information you disputed is found inaccurate — the credit card company cannot use it again. Further, at your request, the CRA must send notices of corrections to anyone who received your report in the past six months.

admin | Disputing Credit Reports | 02 15th, 2010 | No Comments »