A credit report is a powerful piece of paper. Lenders look at it closely when deciding whether or not to give you a loan. Insurance companies can use it to determine your rates or whether they will cover you at all. Employers can access it and use it as a factor in offering you a job or promotion. With that much significance placed on your credit report, it is absolutely essential that the information it contains paints you in a good light.
The most common and cheapest way to perform a credit report repair is to open a dispute directly with the credit reporting agency where the problem arose. Next, that agency will open an investigation and you will be responsible for proving your claim in a timely matter. Responsibility includes providing any documents supporting your side of the dispute, receipts and notarized letters in some cases. In most cases, the agency will recommend you send all necessary proof when filing the claim, so to speed up the credit report repair process. This method requires mailing correct forms and proof to a specific address set up at the agency to handle disputes. Full and proper credit report repair can rarely be achieved without supporting documentation which makes good financial record keeping essential.
Credit report repair companies require an installment payment in the beginning and a monthly competitive fee thereafter. Not surprisingly, Equifax, Experian and Trans Union do not approve of credit report repair companies. Acting on your behalf, the credit report repair service takes your credit report, and using the fair credit reporting act and planned strategies, dispute any negative item on your credit report history that you have selected. Some companies may even offer an upgraded service to continue monitoring your reports for other negative damage to come. This option of credit report repair is far more expensive but is not as time consuming or nerve racking as filing and handling the disputes yourself.
Handling a credit report repair yourself or using a credit report repair company will take some time. Both options require an updated copy of all three credit reports. The credit reporting agencies have thirty days to respond to a filed dispute claim. The complete process may take much longer. Whichever method you choose to pursue, the key is patience and persistence.
If you find any inaccuracies, you can have your credit repaired by requesting, in writing, that the credit bureau investigate the disputed items. If you have any supporting documentation, include it, otherwise simply state where the confusion is and request that it's looked into. This benefits you in two ways: first, if the credit bureau can not verify the information you are disputing, by default it must be removed from your file; second, if the bureau doesn't respond to your request for an investigation within 30 days, the information in dispute must be removed.
3 And 1 Credit Report
Businesses and your credit report: sometimes that is enough to make anyone shiver. When you are applying for any type of credit or loan that will require a business to check your credit report, you should first check your credit and your cashflow to determine whether or not you a) have good enough credit to get accepted; and b) have a large enough cashflow to make the payments.
The connection between businesses and your credit report isn't just luck anymore. Before, you never knew our credit rating and when you thought about businesses and your credit report, you would want to snatch it away from them and take a good long look yourself. But those days are behind us now; and everyone is entitled to one free credit report each year (or 2 if you live in Georgia.) This means that you don't have to worry about businesses and your credit report; instead, when you are applying for credit, you will already know that you will be accepted because you have seen your credit report and you know how good or bad it is.
Businesses need our credit report information to know that we can reasonably be expected to pay a given loan back; if we have not made our repayments on previous debts, then they will most likely not give us the credit for which we are applying. If your credit report contains lots of red boxes with 90 days overdue written in them, then businesses will probably not look at your history favorably.
Thinking about the connection between businesses and your credit report will only worry you if you know that you have defaulted on repayments in the past. But you know that businesses have to read your credit report because if you can't make the repayments, then they will be out of pocket at the end of it. An in-depth credit report will give them that information they need to decide whether or not you can be trusted. Businesses pulling your credit report will not get you worried anymore; after all you know your credit report--and you know that you will be accepted for this credit that you can handle repayments on the loan for which you are applying.
Both Ray Lam & Emanuele Allenti are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
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