The Exact Action To Take When You Find Errors In Your Credit Report

There are times when you may be turned down for credit and you do not understand why.

According to the Fair Credit Reporting Act you are entitled to a free copy of your credit report if you have been denied credit because of negative items on your credit report within 60 days of the request for credit, if you are unemployed but looking for work, are on state benefits, or believe that your credit report is incorrect because of fraud.

You may also receive a copy of your credit report for a small fee at any time in which you want to review the information contain therein.

If you dispute any of the information on your credit report, there are steps that you, the credit reporting agency and the information provider must take to have the information corrected or deleted form your report.

1. You should contact the credit reporting agency and request that the inaccurate information be taken off. To do this you will need to send a letter of request and enclose a copy of the report with the incorrect information highlighted. Send your request certified mail and indicate that a return receipt is requested.

2. The Credit reporting agency will forward the request to the information provider at which time they will review and investigate the request. If the information cannot be verified, then they must remove it. They can either correct or deny the request to change the information. They will then send their findings to the credit reporting agency.

3. If the information provider finds that their was an error they will provide written proof of the change and send a copy of the report to you, the credit reporting agency and anyone who has requested a copy of your credit report in the last six months.

4. If the information provider finds that there was no error, you can request that the credit reporting agency send a copy of the disputes with any report that is requested by creditors. You can also provide an explanation of a negative report in 100 words or less that will be included in any reports to creditors.

Another alternative is to pay the debt, which would require the creditor to report the debt paid.

You should also be aware that negative reports will remain on your credit for up to seven years at which time they will be deleted in most cases.

There are some exceptions, these include, bankruptcy, which can be reported for up to 10 years, and loans or life insurance policies which are in excess of £80,000.00, or criminal convictions, which can be reported at all times.

Michael Sherriff has authored a number of best selling eBooks covering a range of topics. He is best known for the UK hot selling "UK Credit Secrets" which is revised and updated each year to ensure consistent accuracy.

If you ever wanted to know the legal, quickest and easiest route to repairing your own credit file without having to pay someone hundreds of pounds to do it for you then you must check out his web site at http://ukcreditsecrets.co.uk If you're quick you may still find the special offer he is running for the ebook. http://ukcreditsecrets.co.uk

---

Credit Card Disclosure Table ? Do You Understand It All?

In addition to the APR (annual percentage rate) and the finance charges, most credit cards have a number of 'fees' associated with their use. Some fees are... Read More

Credit Cards and How To Choose Them:

It may seem like a simple question but its important to take into account a few factors when choosing your credit card. If you are in the... Read More

7 Surefire Ways To Repair Bad Credit

Do you have a poor credit rating? If so, you are one of tens of thousands of Americans with the same problem. In fact, it seems that... Read More

Two Things You Need To Know About Prepaid Debit Cards

According to the September 2004 issue of the Nilson Report, around $588 billion dollars worth of debit cards were bought in the United States in 2003. By... Read More

Which Credit Card?

Bewildered by the sheer variety of debit cards and credit cards? Here is a breakdown of some of the main types of debit and credit cards available:Debit... Read More

Identity Theft - Dont Think You Are Immune

As identity theft becomes more prevalent, the need to regularly check your credit report is very easy to see and understand. Two big headlines in the news... Read More

What is Credit Card and Debit Card Blocking?

Have you ever been told you were over your credit card limit, or had your debit card declined, even though you knew you had available credit or... Read More

Comprehending a Credit Report

Obtaining a credit report is an excellent way to begin taking control of your financial future. It's recommended that you review your credit report once a year,... Read More

How Do I Establish A Good Line of Credit?

A line of credit, roughly defined, is the amount of credit that can be given to a borrower from a lender. Usually a contract or note of... Read More

Bounced Checks - Straight Talk On Dealing With Bad Checks (NSF)

A check can be considered bad if it is bogus or the NSF checks (non sufficient funds check), also referred as bounced check.The issuance of a NSF... Read More

The Three Largest Factors In Your Interest Rate

There are three major factors that affect how much you pay for a loan. Understanding these factors can save you time, money and frustration.1. The Federal Reserve... Read More

Credit Scores and Loan Applications

Keep Your Credit History Clean - Remove A Negative Credit Record From Your Credit ReportIt can make a difference of up to 18% in loan repayment costs.... Read More

Good Credit Is a Necessity for Everyday Living

Most of us want a good credit report to obtain vehicle financing, credit cards for emergencies and luxuries, and to finance a home mortgage. However, beyond these... Read More

A Cure for an Ailing Credit

Credit has become a much-used word, thanks to the various connotations that it is being used in. Transactions in which the payment is deferred to the near... Read More

5 Things Your Credit Card Company Keeps Quiet About

Credit Cards can bankrupt you if you let them run away from you. The various Credit Cards companies are in it for profit so they will not... Read More

Credit Card Entrapment - The Secrets are Out

Have you ever wondered why your credit card bill is so high and you can't seem to pay off the balance? Well you are not alone in... Read More

Inflexible Friends and Plastic Assets, Why Money isn?t Buying Love Anymore

Consumers reject financial advice in favour of financial frivolityIt would appear that even though their "friends" aren't as flexible as they used to be, consumers are still... Read More

What You Need to Know About Credit Reports

You hear people talk about credit reports all the time but do you know what they are really all about? Well, if you have ever been turned... Read More

Watch Out For Credit Repairs

It is very easy to find a site that is neat, professional-looking, and one that offers a free three-agency credit report and free credit report without a... Read More

Good Credit -- Essential for the Prospective Home Buyer

Credit is a funny thing. It can be a useful tool in the hands of an informed individual, or a weight of burden to the unsuspecting. One... Read More

Can You Acquire Good Credit Overnight? You Bet

Your credit file may not reflect all your credit accounts. Although most national department store and all-purpose bank credit card accounts will be included in your file,... Read More

What To Look For In A Credit Card

When you are deciding what type of credit card to get it is important to compare credit cards to each other and find the best deal for... Read More

Collection Agency Secrets for Collecting on Bad Debt

Getting worried that one of your clients, customers or patients will never pay? Have you given up on a customer who's essentially said he won't pay? Congratulations--being... Read More

Some Truth About Credit

Credit is currently and has been historically an integral component of our economy. Credit contribute a person's net worth, and financial power. No matter who you are... Read More

Maximizing Credit Card Rewards

We spend money every single day on many different types of products and services and the banks' newest offer is that of saving when spending if you... Read More

Commercial Collections: Business Finance Booster Shot

Commercial collections: fixture of the new B2B cultureIf you're in the business-to-business field, or even if you're a consumer products business that works through third-party distribution channels,... Read More