How To Deal With Negative Information In Your Credit Report
By Edward French
Negative information related to your credit card use can be kept in your credit report for 7 years. A bankruptcy can be kept for 10 years, and unpaid tax liens for 15 years. Lawsuit or unpaid judgement information can be reported for 7 years or until the statute of limitations is over, whichever is longer. Inquiries are kept for two years on your credit report.
If anyone denies you credit, housing, insurance, or a job because of a credit report, he must give you the name, address, and telephone number of the Credit Reporting Agency (CRA) that provided the report. The Fair Credit Reporting Act gives you the right to request a free report within 60 days if a company denies you credit based on that report.
If you find that there is inaccurate or incomplete information in the report:
You should immediately contact the credit reporting agency and the company that provided the information to the CRA.
You should tell the CRA what information is inaccurate in writing.
The Fair Credit Reporting Act requires the information provider to investigate and report the results to the CRA. If the information is indeed incorrect, then it must notify all nationwide CRAs to correct your file.
If the investigation does not solve your dispute, ask that your statement concerning the dispute be included in your file. This means that a notice of your dispute will be included when the CRA reports the negative item.
If the information is accurate, only time, hard work, and a personal debt repayment plan will improve your credit report. There are credit repair companies that advertise they can erase bad credit for a certain fee. Don't you believe it.
The Credit Repair Organizations Act states that credit repair companies can't require you to pay until they have completed their promise. The credit repair company must also give you:
A copy of the "Consumer Credit File Rights Under State and Federal Law" before you are asked to sign a contract.
A written contract that spells out your rights and obligations
A period of three days within which you can cancel without having to pay anything.
Some credit repair companies promise to help you make a new credit identity.
You can actually be charged with fraud if you use the mail or telephone to apply for credit with false info. Be aware that making false statements on a credit application, giving a false Social Security number, or getting an Employer Identification Number from the Internal Revenue Service under false pretenses is a federal crime.
If you've lost money to a credit repair scam, you should contact your state or local consumer affairs office or the National Fraud Information Center.
If anyone denies you credit, housing, insurance, or a job because of a credit report, he must give you the name, address, and telephone number of the Credit Reporting Agency (CRA) that provided the report. The Fair Credit Reporting Act gives you the right to request a free report within 60 days if a company denies you credit based on that report.
If you find that there is inaccurate or incomplete information in the report:
You should immediately contact the credit reporting agency and the company that provided the information to the CRA.
You should tell the CRA what information is inaccurate in writing.
The Fair Credit Reporting Act requires the information provider to investigate and report the results to the CRA. If the information is indeed incorrect, then it must notify all nationwide CRAs to correct your file.
If the investigation does not solve your dispute, ask that your statement concerning the dispute be included in your file. This means that a notice of your dispute will be included when the CRA reports the negative item.
If the information is accurate, only time, hard work, and a personal debt repayment plan will improve your credit report. There are credit repair companies that advertise they can erase bad credit for a certain fee. Don't you believe it.
The Credit Repair Organizations Act states that credit repair companies can't require you to pay until they have completed their promise. The credit repair company must also give you:
A copy of the "Consumer Credit File Rights Under State and Federal Law" before you are asked to sign a contract.
A written contract that spells out your rights and obligations
A period of three days within which you can cancel without having to pay anything.
Some credit repair companies promise to help you make a new credit identity.
You can actually be charged with fraud if you use the mail or telephone to apply for credit with false info. Be aware that making false statements on a credit application, giving a false Social Security number, or getting an Employer Identification Number from the Internal Revenue Service under false pretenses is a federal crime.
If you've lost money to a credit repair scam, you should contact your state or local consumer affairs office or the National Fraud Information Center.
Posted by Oriflame Indonesia at 1:40 AM
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