Credit Information

How good for your health is your accept - accept


There's only one way to ascertain the "health" of your credit. You need to analyze your accept report. Your acclaim article is your "consumer identity" that ability lenders will use to judge your credit worthiness.

Use these tips to give your accept profile the "tune-up" it needs for 2004.

Tip #1- Check for Errors Your belief bang or profile is more than just a collection of who your creditors are and how much you owe them or have paid them.

The first thing you need to do is cautiously check that your belief account is accurate. Near 70% of belief reports control errors.

These errors may be as clear-cut as an flawed middle early or address. Or it could be as critical as a creditor treatment that you were late with a payment when in fact you were not late at all.

This error might not seem like a big deal to you. However,to a forthcoming lender like a credit business it makes a big differentiation !

Carefully appraise your accept bang and if you find an error associate your creditor and the acknowledgment bureaus. Catch and adjust these errors now ahead of it hurts your chances of securing acknowledgment in the future.

Tip #2 - Correcting Errors The two most customary errors limited in belief gossip are:

1) wrong balance information

2) faulty copy of late payments.

If you find an bank account reported that does not go you, you need to acquaintance the acclaim grantor or issuer immediately. Remember, conclusion the books that you have not for my part opened is a sign of likely individuality theft.

Hopefully you'll detect that this error is nonentity more than an failure to notice and not an individuality theft problem. Most often this occurs when they bang an bill belonging to a children appendage or a big cheese with a analogous name on your acknowledgment report.

If your conundrum is an error in treatment a late payment you will need proof to back up your case beforehand this error can be corrected or removed. The most communal error occurs when a payment is reported as "late" when it was in point of fact a flow or "on time" payment.

In each case, the badly behaved can and be supposed to be corrected. You will need to adjust the error in writing. Keep a journal or log of all calls and correspondence.

The Fair Accept Treatment Act (FCRA) requires the acclaim bureaus and the bureau exposure the in a row to the credit chest to acceptable inaccurate in rank in your credit report. Therefore, it is chief that you associate both the accept department and the creditor whose in sequence is in dispute.

A appraise dispatch is built-in here to help you in correcting your belief profile. Make sure that you openly categorize the in rank that you dispute, consist of copies of revenue or papers that assistance your position. Then apply for that the in a row be corrected or deleted from your file.

Send your epistle by licensed mail and appeal a come back receipt from the recipient. Keep all correspondence that you mail out. Give the agencies caught up 30 days to begin their investigation. You can call them but be aware that phoning them does not defend your consumer rights! You must alert them in journalism to defend your rights.

They must give notice you of the fallout of their investigation. Although the course of action will take time, it's central to do it. This is your acknowledgment profile, your "consumer identity" that is at stake. Don't be expecting an error to accurate itself.

At your request, the acclaim bureaus must send notices of corrections to your accept profile to any person who has requested your arrive in the last six months. If you functional for a job and were bowed down for the reason that of inaccurate in a row in your acknowledgment report, you can have the corrected account mailed to any person who acknowledged a copy in the past two years.

++++++++++++++++++++++++++++++++++++ Sample Dispute Letter Date

Your Name Your Address Your City, State, Zip Code

Complaint Department Name of Belief Treatment Agency Address City, State, Zip Code

Dear Sir or Madam:

I am characters to dispute the subsequent in order in my file. The items I dispute are also enclosed on the close copy of the arrive I received. (Identify item(s) in doubt by name of source, such as creditors or tax court, and ascertain type of item, such as accept account, judgment, etc. )

This item is (inaccurate or incomplete) as (describe what is inaccurate or imperfect and why). I am requesting that the item be deleted (or application a new detail change) to acceptable the information.

Enclosed are copies of (use this decree if applicable and illustrate any enclosed documentation, such as payment records, court documents) behind my position. Choose reinvestigate this (these) matter(s) and (delete or correct) the dubious item(s) as soon as possible.

Sincerely, Your name

Enclosures: (List what you are enclosing)

Originally Posted at http://www. ftc. gov/


Tip #3 - Financial plan Planning You can also use your accept arrive to help you plan and implement a own budget. Your belief arrive will show you where you are payments your hard earned dollars. While the acclaim card balances may not be finally current, you'll still see which of your cards has the peak compare outstanding.

If you have more than one major accept card you ought to compare the twelve-monthly percentage rate (APR) you are paying on each account. If you are running on a financial plan to "pay down" your accept cards, start by paying down the one with the main APR or interest.

Once that acknowledgment bank account is paid off, move en route for paying off the checking account with the back up main APR. Using this method you will be able to concentrate your labors en route for paying down your outstanding acclaim obligations.

You must also check with your acclaim card business to see what's the best once a year percentage rate (APR) they can offer you. If you are a good customer, you can often become certified for a lower rate than what you are now being offered.

Caution: Ask if the new rate you are receiving is a "promotional" rate or a "contract" rate. A promotional rate will expire at the end of the promotional term, for case 6 months. A agree to rate does not have an "expiration" as long as you carry on to meet the terms outlined by your creditor for that rate.

Tip #4 - Creation a major purchase If you are in view of a major asset such as a car or a home, inspection your accept account gives you the ability to see what a ability lender sees and uses to judge your acclaim worthiness.

You want to make sure that your acclaim article is correct before you apply for that sports car or new home. Errors or tribulations can be corrected ahead of your lender can use those adjacent to you and deny your accept request. You'll also have a develop idea of what type or rate of acknowledgment you be supposed to be expecting from a aptitude lender.

Tip #5 - Check your acknowledgment account regularly Check your acknowledgment article regularly. Guard your "consumer identity" as you would no matter which else you treasure. Use your acknowledgment wisely, along with these tips, and you will enjoy the reimbursement that your good acclaim and your good name deserve now - and for years to come.

2004, www. yourfreecreditreportnow. com
Author: James H. Dimmitt.
James is editor of "TO YOUR CREDIT", a weekly free newsletter. Subscribe to the newsletter by visiting http://www. yourfreecreditreportnow. com.

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