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Credit Information in your Instant Credit Report |
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If you apply for credit, the company that you applied to will check your credit report to see you creditworthiness. And, it is on the basis of what's on your instant credit report that the terms and conditions of your loan are fixed. According to the Fair Credit Reporting Act, you are entitled to a free copy of your instant credit report if you've been denied credit, insurance or employment within the last 60 days. The company that you applied to for credit must then supply you with the name, address and telephone number of the credit bureau that gave them the credit information. Sometimes there might be negative or inaccurate information on your instant credit report, which will damage your creditworthiness in the eyes of new creditors. But no one can legally remove accurate and timely negative information from an instant credit report. However, the law gives you permission to request a reinvestigation of information in your instant credit report that you think is inaccurate or incomplete. And you can dispute mistakes or outdated items on your instant credit report for free. Ask the credit reporting agency for a dispute form or submit your dispute in writing, along with any supporting documentation. But don't send them original documents. Clearly identify each item in your instant credit report that you dispute, explain why you dispute the information, and request a reinvestigation. You should send the letter by certified mail with return receipt requested, so that your efforts are fully documented. If after a reasonable period of time (usually 4-6 weeks) the credit bureaus have not responded to your letter, you should write again reminding them of their obligation under the law to investigate your challenged item(s). The credit bureau must investigate the items that you challenged within a reasonable period of time, defined as 30 business days from the date the credit bureau received your challenge. If they fail to do so, the Fair Credit Reporting Act gives you the right to have the disputed item removed from your instant credit report. However if the new investigation reveals an error, you can ask that a corrected version of the instant credit report be sent to anyone who received your report within the past six months. Also, job applicants can have the corrected report sent to anyone who received one, for employment, purposes during the past two years. However, if the agency verifies that the information in your instant credit report is accurate, it must provide you with a written notice, including the name, address, and phone number of the provider. If you still disagree, you can initiate another investigation. And, if the reinvestigation does not resolve your dispute, you can request the credit bureau to include your version of the dispute in your instant credit report and in future reports. Unfortunately, in the real world the reporting agencies often try to sidestep that requirement, giving you standard, computer-generated information rather than the facts. When the reinvestigation is complete, the credit bureau must give you the written results. And, if the dispute results in a change, the credit bureau must also give you a free copy of your instant credit report. If an item is changed or removed, the credit bureau needs can't put the disputed information back in your file unless the information provider verifies its accuracy and completeness. Also, the credit bureau must give you a written notice that includes the name, address, and phone number of the provider. But everything that a credit repair clinic can do for your instant credit report legally, you can do for yourself at little or no cost. Many people believe that it is possible to eliminate many of the negative information, by simply disputing them. This misconception is because credit bureaus may fail to reinvestigate the challenged information within the time limit, for whatever the reason, and therefore had to remove it. Another reason could be human error. Due to human error, information might have inadvertently been deleted. |
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