Fixing A Credit Report: What You Can Do
The first step in fixing a credit report is to read it. You can get a free credit report online (just look up free credit report). You can get a free copy of your report once a year, as well as when you are denied for credit " you can request a free copy of your credit report from the credit agency which supplied the report to the prospective creditor who turned you down.
One look at your credit report should give you the answers you need on why you were turned down for credit. However, how can you set things right again? Is there items on the report which are inaccurate, or ones which are correct but that you feel to be unfair?
If you want to dispute anything on your credit report, then you can do so in writing to the credit agency. They are required to look into any disputes within 30 days. Be sure to send your dispute by certified mail and include copies of any supporting documentation you may have.
The credit bureau will contact the organization which reported the item in dispute; they will then have 14 days to respond with proof. If they do not do so, then the credit agency must remove the item from your credit report. Afterwards, they will send you an updated copy of your report and if you ask them to do so, they will also send a copy to any creditor who has asked to see your report in the last six months. However, if you want this done, ask the bureau to do so " they will not do this unless you ask.
If the item is over a year old or amounts to less than $500, many creditors will see it as not worth their time and will not respond to the credit reporting bureau. Fixing a credit report can be done, even if the items contained are accurate. If you dont manage to have the item removed the first time, you can submit another dispute in 30 days.
If it is impossible to remove an item that you have disputed, you are permitted to add a brief explanation, which will be visible to anyone who pulls your credit report. This explanation can be up to 100 words in length.
Fixing a credit report can take some time if it contains a lot of late payments or defaults on loans. However, you can often have some items removed and add explanations of others, which will make your credit report a little more positive while you begin the process of getting current with payments and fixing your credit rating.
One look at your credit report should give you the answers you need on why you were turned down for credit. However, how can you set things right again? Is there items on the report which are inaccurate, or ones which are correct but that you feel to be unfair?
If you want to dispute anything on your credit report, then you can do so in writing to the credit agency. They are required to look into any disputes within 30 days. Be sure to send your dispute by certified mail and include copies of any supporting documentation you may have.
The credit bureau will contact the organization which reported the item in dispute; they will then have 14 days to respond with proof. If they do not do so, then the credit agency must remove the item from your credit report. Afterwards, they will send you an updated copy of your report and if you ask them to do so, they will also send a copy to any creditor who has asked to see your report in the last six months. However, if you want this done, ask the bureau to do so " they will not do this unless you ask.
If the item is over a year old or amounts to less than $500, many creditors will see it as not worth their time and will not respond to the credit reporting bureau. Fixing a credit report can be done, even if the items contained are accurate. If you dont manage to have the item removed the first time, you can submit another dispute in 30 days.
If it is impossible to remove an item that you have disputed, you are permitted to add a brief explanation, which will be visible to anyone who pulls your credit report. This explanation can be up to 100 words in length.
Fixing a credit report can take some time if it contains a lot of late payments or defaults on loans. However, you can often have some items removed and add explanations of others, which will make your credit report a little more positive while you begin the process of getting current with payments and fixing your credit rating.
About the Author:
About the Author: iFixCreditReport is your source that helps fix credit reports. If you are trying to fix your credit report, please check out all sorts of informative articles and tips that are posted on this website.
posted by Credit Counseling at
1:52 PM
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