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"Your Credit"

Articles:

How is your credit calculated?

The Fair Credit Reporting Act

What is a good credit score?

How to fix common credit report problems.

How to raise your credit score.

Where to get your credit report online.

How to Fix Common Credit Problems?

     When it comes to your credit report, making sure that the information it contains is correct may be the difference in the home or car of your dreams and the inability to obtain credit altogether. When you apply for any type of loan, the lender will look at your credit file in order to determine your creditworthiness. This is why fixing common credit report problems is one of the single most important things that any consumer can do in terms of credit management.

     If you notice inaccurate information in any one of your credit reports, including those obtained from either Equifax, Experian and/or TransUnion, the first thing that you need to do is to contact the credit bureau and alert them to the incorrect information. In order to protect your rights, the best way to do this is in writing. You can either file a dispute through the mail or fill out a convenient form on the company’s website as listed below:

Equifax - http://www.equifax.com
Experian - http://www.experian.com
TransUnion - http://www.TransUnion.com

     While the first step to correcting any problem is detecting it, the second involves notifying the parties that can help to resolve the issue. In addition to notifying the credit bureau, you should also call the creditor that has been reporting the incorrect information to the credit bureau. During the conversation, you may simply choose to ask why the information isn’t being reported correctly and request that they send an updated report as soon as possible. In many cases, the creditor will invite you to file a dispute with the credit bureau. It is important, however, that you do both.

      With identity theft becoming a growing problem in today’s world, many consumers will want to pay special attention to their previous and current address as listed on each of their three credit reports. If there is an address that is incorrect, a notification should be made immediately to the reporting credit bureau. This, too, can either be done online or through the mail.

     It is important to note that, in some instances, a credit bureau can accept disputes over the telephone. In order to accomplish this, however, consumers must already have a copy of their current credit report and may use the telephone number listed inside. For reasons of security, credit bureaus do not accept disputes via e-mail.

     Once a dispute has been launched, the credit bureau will contact the creditor and in an attempt to resolve the issue. The results of the investigation will be mailed to consumers within approximately 30 days of their filing a dispute. If the dispute is in reference to a judgement, bankruptcy, account settlement or other matter that may require documentation, consumers should have this paperwork on-hand incase the credit bureau requests proof of the discrepancy.

     In an effort to remain abreast of the information contained in each credit report from the three credit bureaus, consumers should make it a point to check their credit report every six months. This will help to aid in fast correction of any incorrect information and will also help in the early detection of identity theft.