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Importance of Getting Regular Copy of Personal Credit Report |
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A personal credit report is the information used by lending institutions to make decisions that determine your access to loans, low interest rates, and credit cards. Having access to your personal credit report will provide you with the knowledge needed for sensible financial planning. A personal credit report is a trustworthy document that can forecast your future performance. That's why financial institutes evaluate your personal credit report before they grant your applications for credit, insurance, and other purposes. In your personal credit report, you find four types of information: --Identifying Information: Your full name, any known aliases, present and previous addresses, social security number, date of birth, details of current and past employers, and, if need be, similar information about your spouse. --Credit Information: The accounts you have with banks, retailers, credit-card issuers, utility companies, and other lenders. --Public Record Information: State and county court records on bankruptcy, tax liens, or monetary judgments (some consumer reporting agencies list non-monetary judgments as well). --Recent Inquiries: Details of all those who have asked for copies of your credit report within the past one year. If your personal credit report is good, you can easily buy a car, get a mortgage or go on a vacation to your dream destination. But if your personal credit report is not good or has errors, your credit rating will go down and you may not be able to enjoy these advantages. So, try to get your free copy of credit report once a year to avoid any further trouble. There are several ways to get your personal credit report. The most popular and effective method is to call the repositories and then write to them for any correction. If you are turned down for any credit, you can ask for a free personal credit report from any of the three major credit reporting bureaus, Experian, Equifax and TransUnion. If you really find any kind of error in your personal credit report, don't be depressed. Keep your nerves tight and try to stay calm because the errors can be corrected. Take the following procedures to dispute the errors on your personal credit report. --Try to make a copy of your personal credit report and circle every item that you think is incorrect. --Write a letter to the reporting agency explaining every dispute. Also request the agency to resolve the issue. If you have supporting paperwork, send it along. But do not send the originals. --Send a similar letter of dispute to the creditor with whom you disagree regarding your credit report. Don't forget to send a copy of your present address, place of employment and your driving license. --Send all of your materials by certified mail only. When the reporting agency gets the letter and the related documents, it would initiate an investigation, contacting your creditors to verify the accuracy of the information. Once the error is corrected, you can go back to the lender with your personal credit report and ask him to reconsider. In fact, the Fair Credit Reporting Act says that the onus is on the credit reporting agencies to correct the inaccuracies in your personal credit report. Second, write to the information provider who made the error in your personal credit report. Send to them any documentation that supports your case. But the bottom line is that you should review your personal credit report at least once a year. Per the Fair Credit Reporting Act, you have the right to see a copy of your report, which is maintained by the three national credit bureaus and may also be collected by local credit agencies. If you have been denied credit in the past 60 days, you are entitled by law to receive a free copy of your report from the credit bureau that issued it. |
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