Here are Some Quick Tips to Remove Common Errors off Your Credit Report

 By: Pete Glocker
As most consumers know or have experienced, inaccurate information on credit reports is more common than you think. Having these errors cost you thousands of dollars in higher interest rates then you should have on when applying for loans and credit cards. According to TheCRAGroup.com, in 2004, the U.S. Public Interest Research Group found that 79% of credit report surveys contained errors made by either a creditor or the credit bureau.

Many common errors include:

- Incorrect reporting from the creditor to the credit bureaus of a nonpayment or late payment of a loan or debt.

- Misfiling by a department store credit line.

- A mix up between family members with the same name: For instance, Bob White Sr.'s irresponsible bill paying could be added on Bob White Jr.'s credit report.

- Accounts opened without your approval by someone committing identity theft (watch out for accounts that you do not recognize and/or weird addresses listed on your report such as P.O mail boxes). Ways of correcting these common errors include the following:

- First go to AnnualCreditReport.com. This is the only site where you can download a free credit report from each of the three credit bureaus: Experian, Equifax and TransUnion. Be weary of other sites offering free credit reports. There is usually a catch.

- Write a letter to the credit bureaus detailing the inaccurate information and state that you want it removed.

- Make a copy of that letter and mail it to the creditor who reported the inaccurate information. (Tip: Send both copies of the letter as certified mail with return receipt requested to the three credit bureaus and your creditors).

- Monitor your credit reports carefully to make sure the information you wanted taken off was removed.

- Maintain records for everything! Keep copies of all mail relating to the situation. Write down names and phone numbers.

- Make sure you remain patient. The dispute process can take months. The credit bureaus deal with millions of disputes.

- Consider a lawyer or a legitimate credit repair company to help you if you are unable to fix the issue.

If you have any questions or issues with your credit reports, check out the Fair Credit Reporting Act at http://www.ftc.gov/os/statutes/031224fcra.pdf.

Finally, if you are planning a large purchase and know that you will be applying for credit, order a copy of your request at least six months in advance in case there are errors. And remember, your credit score will not be affected if you request a copy of it. Conversely, when a creditor pulls your credit report, your score will be negatively affected.
loading...
Author:
Artice Source: http://www.articlesphere.com

Related Articles in Credit Reports


People interested in the above article are also interested in the related articles listed below:

If you're in fact determined to improve your credit ranking, then you are supposed to check your current status with all three of the foremost credit rating firms, Experian, Trans Union, as well as Equifax at least once in a year. Since hard as it might be to consider, more than one third of all credit report in the U.S. includes errors and many of them are most important ones. When you demand your credit reports, be sure to spell out that they must as well include enclosed credit scores, as without them, they will be more or less useless, and as well be conscious that six hundred and ninety-four is an average score and that below six hundred means that you have a less than superior credit rating.
If your credit worthiness has taken a big drop as many others have because of surprising state of affairs in a horrific financial system, all is not lost. Now is the moment in time to pick yourself up and begin rebuilding your low credit standing. Many people put it off for a very large amount of time until most choose to do something in relation to it. Throughout the world women are in the search in lieu of credit repair aid. At the moment more, brand new businesses are arriving on the scene of the wood work manufacturing bold claims that can never be be substantiated.
Many of us take a good credit score for granted. Are you doing the same principle? When is the last occasion you ripped apart your credit score report? It is suggested that you assess the correctness of your credit data at least one per year.
loading...

More in Credit Reports

Excellent, Larry. Thank you for taking the new article directory technology and making it work to the max. I encourage everyone to keep contributing and contributing regularly. I can attest to the fact that this site is already a strong directory in a field of many. Kudos to Larry!

Matthew C. Keegan
The Article Writer

 

I find it a delight to use both as an author and a publisher. It is full of nice little surprises that make the whole process of writing, reading and publishing articles a complete delight. This is one that comes out tops and beats the rest hands down.

Eric Garner
Managing Director
ManageTrainLearn

 

I did a Google search and came across your site. It was exactly what I was looking for and was elated to find such a broad range of articles. As I am launching a free magazine in a small town in Florida, I wanted to be as resourceful as possible while still being able to provide some content that is interesting and well written. Your site has all the variables in the mix. Excellent Site hitting all the notes in the scale sort of speak.

Mo Montana
Florida, USA

Article Topics

 
Copyright © 2005 - by Larry Lim, Singapore - Article Search Engine Directory at ArticleSphere.com™
All Rights Reserved Worldwide. All Trademarks and Servicemarks are the property of the respective owners.
ArabicBulgarianCatalanChinese (Simplified)Chinese (Traditional)CzechDanishDutchEnglishEstonianFinnishFrenchGermanGreekHaitian CreoleHebrewHindiHungarianIndonesianItalianJapaneseKoreanLatvianLithuanianNorwegianPersianPolishPortugueseRomanianRussianSlovakSlovenianSpanishSwedishThaiTurkishUkranianVietnamese