Money Roots

By: George Burns

There are many advertisements on TV, radio, in news papers as well as on Internet that they can clean up your bad credit statement. But most of these companies turn out to be fraud. Instead of believing in their claims, one can improve his/her credit history easily. Here are some tips on how it can be done:

STEP ONE Inform the consumer report agency the information thought to be inaccurate, in writing. Enclose copies of the original credentials that support the situation. The letter should provide clearly the consumer’s full name, address, and identify every item that is disputed and also why.

Next, sincerely request that the items in dispute to be removed from your credit file. It is a good idea to send this document by certified mail.

Consumer reporting agencies are required to consider and forward those items in dispute, in about 30 days. Then, when the information contributor receives notice concerning the disagreement from the reporting agency, it examines and evaluates the pertinent information and finally reports the outcome back to the consumer agency.

In the next step, the company has to provide the client with the results along with the contact name, phone number and the address of the information provider. The company cannot return doubtful information back into the credit file unless the information provider confirms it to be accurate.

STEP TWO Some times the company is determined that the disputed information is accurate and timely. If anyone feels differently, that would be the time to turn the attention towards the source of reporting- the creditor, the one to be able to remove the negative spot. To be safe, inform other information providers or the creditor, by sending proper documents, about your disputed items.

Do not forget to include photocopies of the original documents. Majority of the providers have specific addresses for disputes. If the provider reports the item to a consumer reporting company, it must include a notice of your dispute.

Check out yourself

It is recommended by some consumer advocates to occasionally review your credit statement for the following reasons:

1- The influence that credit reports have on percentage points when getting a loan.

2- For making sure that the information is correct and advanced before applying for loans to buy a house, car, even applying for jobs and insurance.

3- To prevent identity theft. Identity thieves will use your information to commit fraud. It is important to be careful with your credit information.

Bad credit and inaccurate credit reports affect your chances of getting insurance, credit and sometimes even a job.

That is all, to some extent about credit repair. It is very important to have patience; credit agencies sometimes act very uncooperatively. Nothing to worry, just be a little careful, and hope you’ll be able to handle credit problems yourself.

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This entry was posted on Friday, April 18th, 2008 at 12:32 am and is filed under Personal-Finance. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.