Ten Top Credit Cards » credit report errors

What to Do About Credit Report Errors

Credit Guru — Wed, 30 Dec 2009 07:49:42 +0000

See How To Fix Credit Report Errors. Not everyone can prevent errors in their Consumer Credit Report. Either it’s a clerical error, human error or computer error. So since there is already an error, all you have to do is to correct the error and you have to participate in correcting the error by sending documents which the Credit bureau will need.

Here are some of the more common sources of errors:

* You: Due perhaps to incorrectly filling out form or other omission.

* Lender: This may include not properly recording transactions or showing inaccurate balance information.

* Person making the Credit Score And Report

* Computer errors

* Mistaken identity: The Credit bureau in question has you confused with someone else.

Here are some tips to avoid errors on your Credit Score And Report:

* Review or read everything carefully after filling it out.

* If there is anything in which you cannot understand, when filling out financial forms call or ask someone.

* Pay your debts and bills on time, every time.

* Be sure that nothing is omitted in your original files.

* Monitor your Credit Score And Report on regular basis.

The Credit bureaus should see to it that the information on your Report is accurate. If you find any errors, call the bureau immediately so they can correct it. Don’t wait to be denied Credit due to an error and instead be proactive.

If you find some mistakes or errors, you should send the Credit bureau a copy of the relevant document you have which is correct as evidence or proof that there is an error and write your explanation on it. You may also have to contact the other Credit bureaus as well if they have the same error.

You should always keep your original files and send copies. If you have paid your loan, ask for statement of account that you are already fully paid. Keep them in a place, that you will not forget where you put them. As much as possible, it must be visible to your eye and should never be hard to find.

Be sure that your Credit record is kept confidential. Don’t give out information to just anyone. You can get a No-cost annual Consumer Credit Report as mandated by the government from AnnualCreditReport.com. However, if you want extra protection you may also want to consider paying for a Credit monitoring service.

Keep your own Consumer Credit Report or file. If you need to forward some documents to the Credit bureau which you think they need, then give them a photocopy. Always keep the original copy with you. As long as you pay your bills or loans on time, errors should be minimal. Most of the errors on Credit Reports occur when people pay after the stated due date. Discipline starts in yourself and one must know how to live within ones means.

For more see fix my credit report and fixing your credit report.

Correcting Errors on Your Credit Report

Credit Guru — Wed, 16 Dec 2009 15:36:16 +0000

Your Credit Score Really Does Matter

Your credit score – those three, little, seemingly insignificant numbers – has a major impact on your life. It not only determines the interest rates you pay for credit cards or loans, more companies use credit score to grant or deny amenities, like cell phone contracts or life insurance policies.

If you haven’t ever checked your credit report now is a good time. Errors that you’re unaware of can prevent you from getting good rates on a wide range of services.

In fact, this situation is more common than you might expect: It’s estimated that as many as 80% of credit reports contain errors. Errors range from the minor (misspelled name or former address) to the serious (accounts marked mistakenly as past due or in default). Fortunately, you can correct these errors though it is going to involve you doing some paperwork.

Step One: Identify the Errors

As you might expect, the first step in correcting errors on your credit report involves finding them. Legally, you’re entitled to a free copy of your credit report from each of the three credit bureaus – Equifax, Experian and TransUnion – once every twelve months. To request them, visit www.AnnualCreditReport.com. This is the only site that offers legitimate free copies of your report. Other sites, including those run by the bureaus themselves, will charge you either by the report or for ongoing credit-monitoring services.

Step Two: Notify the Credit Bureau

If you find a mistake any of your credit reports, the next step is to notify the bureau in writing. When submitting your dispute, be sure to include any background materials that support your claim, in addition to your written explanation of the situation. The agency must investigate your dispute within 30 days of receiving it and notify you in writing of its decision. If the agency decides in your favor, it is also required to correct the report and send you a copy of your revised credit history.

Step Three: Add a Consumer Note to Your Credit Report

Depending on the nature of your dispute, the credit agency may decide against your claim. This can occur if the agency doesn’t have sufficient evidence to support your claim, or if there was a genuine mis-communication between you and the lender. Whatever the reason, you aren’t entirely out of luck. Consumers are allowed to add brief statements to their credit histories to explain their versions of disputes. For example, if a late payment was due to a job loss or an unforeseen medical bill, a note explaining the situation may be enough to convince a lender of your creditworthiness.

To submit a consumer note to one of the credit bureaus, follow the same procedure described above for disputing items on your report. Draft your statement (be sure to keep it short – most of the bureaus will print a maximum of 100 words) and send it in writing to the bureau. The bureau is required to send you an updated copy of your credit report with your consumer note added. Review the updated version to make sure everything is accurate and up to date.

Do It Yourself Credit Repair

Credit Guru — Sat, 04 Jul 2009 02:08:35 +0000

Let no one fool you into believing that you need to get the services of a credit repair company for credit repair. Do it yourself. Truth be told; everything a credit repair company promises to do for you, you can do even more yourself. Truth be told, when you repair your credit yourself, you can pay attention to minute details. On the contrary, credit repair companies won’t. Most credit repair companies have hundreds or even thousands of clients. There is no way they can do as much as you can considering the amount they charge and the number of clients they have. Let me show you how to repair your credit yourself. So roll up your sleeves and let’s begin.

Order Your Credit Reports

Begin by ordering your credit report from the top three credit bureaus – Equifax, Experian and TransUnion. Do not expect the three reports to contain the same data. This is because creditors need not report to all three. You do not have to pay to get your credit report. Order your credit report for free once in a year through annualcreditreport.com

Search for Errors

The credit reporting system is not perfect, so expect to find errors. The truth is that if you find no errors, it is very likely you are not looking thoroughly.

Watch out for incomplete and outdated information, incorrect account histories, outstanding balances on loans that you have completed paying, and charge-offs and late payments that aren’t yours. When you spot such errors, make sure to contact the credit bureaus instantly and dispute the errors. This will significantly boost your credit score.

Don’t forget to document everything when disputing an item. Make sure to keep a record of all letters and forms you send to the credit reporting agencies. Take note of the dates you send out every document. The credit reporting agencies have the responsibility to investigate all relevant disputes in 30 days. When an item is not verified by the creditor, the credit reporting agency removes it.

Prioritize Your Bills; Pay Them Off

When you are down financially, making the wise decision as to what bill to pay off first is very important. Otherwise, you would end up paying less important bills while necessities will suffer.

Create a list of preference. Food and medical expenses as well as other family necessities should top the list. Following this closely is the paying off of secured debts like mortgage payment. Then pay utilities, car loan and child support. Unsecured debts like credit card debts should have a low priority. Although unpaid unsecured debts could still hurt your credit score, the good thing is that you have not pledged any collateral for them. Paying off secured debts first not only prevent a loss of property, it also helps boost your credit score while putting you in the right frame of mind to pay off unsecured debts later.

Rebuild Credit By Adding Positive Information

You want your on-time payment to reflect in your credit report. When securing a loan, don’t forget to ask lenders if they report monthly payment history to a credit reporting bureau. Not all lenders do this. So ask them to report your on-time payment since this can boost your credit score.

Make it a point to pay on time, every time. You build your credit score faster this way.

In summary, do not waste your hard-earned money getting the services of a credit repair company. If you are serious about credit repair, do it yourself.

What if I told you that you can repair your credit yourself in just 37 days? To learn how to do this, read my 37 Days To Clean Credit ebook review.