Free Credit Report
|
A free credit report is available, through the three major credit bureaus, to allow the consumer to check for errors and derogatory items. Correcting derogatory items found involves specific feedback from the consumer with any documents pertaining to the error. Providing adequate information will help the agency investigate disputed items. An informed consumer understands that it is vital to obtain free credit reports to check for identity theft and to correct any errors. With a free annual credit report one can have the opportunity to take care of any issues that need attention to improve their financial record.
The consumer who has been denied a new account funding, is unemployed, a recipient of welfare, or has reason to believe fraud has caused errors in a report, can also obtain their record. Free credit reports are designed to include medical information, personal information, charge account history, and a list of everyone who has requested the record within the past year, and they usually contain employment history, home ownership, income, and previous addresses, as well as public record information. Always obtain a copy of a free credit report before making a large purchase, such as buying a house or a car in order to help consumers to be aware of what a creditor will see when requesting their information from a reporting bureau.
One's financial history, as listed in these free credit reports, usually includes the amounts of funded balances extended and records of payments received. When working to improve financial standing, locate all inaccurate information and find all documentation that might prove the validity of a claim. In a dispute letter to the reporting agency, state all facts pertaining to the dispute and request a deletion or a correction. Keep a copy of the dispute letter sent to the agency and follow up within 30 days. They may take up to 30 days to update a credit file based upon an investigation initiated by the consumer.
An annual review of these personal records makes it possible for the account holder to identify problem areas on their report and initiate contact to make applicable changes. Usually after the reporting agency investigates a matter an updated free credit report is sent to the consumer showing the change. If a change is not satisfactory through this system, the consumer may add a statement of up to 100 words to their file, stating their side of the derogatory information. Take a proactive approach and start personal financial integrity protection by asking for copies of free credit reports. "This book of the law shall not depart out of thy mouth; but thou shalt meditate therein day and night, that thou mayest observe to do according to all that is written therein: for then thou shalt make thy way prosperous, and then thou shalt have good success." (Joshua 1:8)
|
|
|
|
