Home > Free Credit Report > What Will You Do If You Find Negative Marks On Your Free Credit Report?
What Will You Do If You Find Negative Marks On Your Free Credit Report? |
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On getting your free credit report, you need to read it the right way and understand the special coding. While credit reports don't appear identical, many of the items are the same. Check the details when reviewing your free credit report. The free credit report lists your creditors as well. Start by marking each negative details or dings in your file. Such reports usually code the information like a bank statement. Credit bureaus are required by law to explain anything on the report you don't understand. You can use the key to the coding symbols. Then find the damaging details in your report. Identify The Negative Marks On Your Credit Report Too many credit inquiries on your free credit report can be interpreted by a creditor as being in financial problems and trying for more credit for it. Creditors refuse credit if too many inquiries have been made. The number of inquiries that make too many is different for each creditor. You can tackle the problem with a 100-word, or less, statement added to your free credit report with positive explanation for the number of inquiries. You may have been shopping for the best interest rate for a loan, without realizing you were making too many inquiries. Usually applications submitted from an Internet leads to an automatic credit inquiry. Review Your Account Profile Your free credit report includes the account profile with a summary of each of your accounts. Ratings may be positive, negative or non-rated. Positive refers to good credit and timely payment. Negative indicates serious credit problems. You may have defaulted on a major debt or filed bankruptcy. Non-rated are a few late payments. Challenge The Negative Or Non-Rated Remarks Point out that the negative or non-rated details are errors and the credit bureau has to verify them. Write about each item you are challenging. A protest letter should be resorted to only when the reasons for the negative or non-rated summary are incorrect owing to problems with the creditor, factually false or due to circumstances not in your control. Should the negative details prove to be factually correct and you have justifiable reasons for the negative entry, it's best to add a 100-word statement explaining your free credit report. When writing in dispute to the credit bureau take care in listing each negative or non-rated detail you are disputing. With a separate letter for each dispute, the credit bureau may consider your requests as being frivolous and irrelevant. This gives them a legal right to ignore your request for investigation. Remember that a credit bureau is unable by itself to verify credit information. It depends on the creditor to counter you claim. This is the only procedure to verify the negative marking and allow it to remain on your free credit report. Utilize general reasons only for your dispute and not specific reasons like incorrect amount and dates. In your dispute it should only be stated that you never owed the creditor $2,000. There is no obligation to mention the amount owed. For dates, your claim should only claim to not have incurred the debt on the disputed date. If a debt is fully paid, mention it but not when it was over. The credit bureau should not be given any negative information that can be added to your free credit report. Communicate All Requests In Writing In disputes, time must not be wasted in communicating with a credit bureau whether by phone or in person, mainly due to certain information that you have to communicate. Letters originating from a credit repair company or an attorney are mostly returned automatically or forwarded to the bureau's legal department. Therefore never send a form letter to the credit bureau. Essentially handwritten letters are more effective in starting the process. A copy of your free credit report should be included to ensure that the bureau doesn't check the wrong file. Make sure you sign, date and include your address, date of birth and Social Security number as well. Keep a copy for your reference. Send by certified mail and request return receipt to prove that the bureau received it. There's a code for every negative or non-rated entry indicating the kind of problem. You should aim to protest and eventually get rid of every negative and non-rated markings from your free credit report. |
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