|
 Rates |
Articles of Interest |
FAQ's |
About Us |
Contact Us |
Links |
Home |
You may be working hard spending wisely, and investing strategically to build a healthy financial future. But if your credit report is less than perfect, you may be unable to get reasonably priced insurance, a mortgage with a low interest rate or even at the major credit bureaus, called a consumer report, may be sold to your creditors, employers, insurers, and other organizations with which you do business or hope to do business. Each of these users may decide to work with you based largely on your credit report alone. Is your report working for you or against you? Review your credit report If you have ever applied for a credit card, a personal loan, or insurance, there is a file about you. This report contains information on where you work and live, how you pay your bills, and whether you have been sued or arrested or have ever filed for bankruptcy. The companies that gather and sell this information are called consumer reporting agencies (CRAs). The most common type of CRA is the credit bureau. You not only have a right to request a copy of your report from a CRA, you should request a copy each year to be sure its contents are accurate. This could be especially important if you are considering a major purchase, such as buying a home or a car. Checking in advance on the accuracy of the information in your credit report could speed the credit-granting process, since the process of correcting errors can be quite time-consuming. There are three major consumer reporting agencies. Because each CRA may have a file on you, you should request a copy from each one. The contact information for these CRAs is as follows: EQUIFAX P.O. Box 740241 Atlanta, GA 30374-0241 (800) 685-1111 www.equifax.com EXPERIAN P.O. Box 2104 Allen, TX 75013-2104 (888) EXPERIAN (397-3742) www.experian.com TRANS UNION P.O. Box 1000 Chester, PA 19022 (800) 916-8800 www.transunion.com The CRA must tell you everything in your report, including medical information. The CRA also must give you a list of everyone who has requested your report within the past year-two years for employment-related requests. In certain cases, you may be charged for the report; other times it is free. If a company takes adverse action against you, such as denying your application for credit, insurance, or employment, it must send you a notice of action, with the CRAs name, address, and phone number. You are entitled to request a free report from the CRA within 60 days of receiving that notice. In addition, you are entitled to on free writing that (1) you are unemployed and plan to look for a job within 60 days, (2) you are on welfare, or (3) your report is inaccurate because of fraud. Otherwise, depending on your state of residence, a CRA may charge you for a copy of your report. Correcting errors in your credit report You may be surprised to know how often credit reports contain errors. To be sure you are not denied credit based on an erroneous negative report, you should review your report periodically. If you spot errors in your report, you must contact both the CRA and the information provider in writing. In your correspondence, include copies (not originals) of documents that support your position. In addition to providing your complete name and address, your letter should clearly identify each item in your report you dispute, explain why you dispute the information, and request deletion or correction. You may want to enclose a copy of your report with the items in question circled. Send your letter by certified mail, return receipt requested, and keep copies of your dispute letter and enclosures. CRAs must reinvestigate the item(s) in question-usually within 30 days-unless they consider your dispute frivolous. After the information provider receives notice of a dispute from the CRA, it must investigate, review all relevant information provided by the CRA, and report the results to the CRA. If the information provider finds the disputed information to be inaccurate, it must notify all nationwide CRAs so that they can correct this information in your file. Here are your rights with respect to errors in your report: Disputed information that cannot be verified must be deleted from your file. If your report contains inaccurate information, the CRA must correct it. If an item is incomplete, the CRA must complete it. For example, if your file showed that you were late making payments, but failed to show that you were not longer delinquent, the CRA must show that your payments are now current. If your file shows an account that does not belong to you, the CRA must delete it. If, after a reinvestigation, an item is changed or removed, the CRA cannot put the disputed information back in your file unless the information provider verifies its accuracy and completeness, and the CRA gives you a written notice of its intent to reinsert the item If you request, the CRA must send notices of any correction to anyonw who received your report in the past six months. You can have a corrected copy of your report sent to anyone who received a copy during the past two years for employment purposes. In addition to writing to the CRA, you should tell the creditor or other information provider in writing that you dispute an item. Be sure to include copies (not originals) of documents that support your position. Many providers specify an address for disputes. If the provider continues to report the disputed item to any CRA after receiving your notice, it must include a notice that you dispute the item. If you are correct-that is, if the information is not accurate-the information provider may not report it again. Accurate negative information When negative information in your report is accurate, only the passage of time can ensure its removal. Accurate negative information generally can stay on your report for seven years. There are certain exceptions: Bankruptcy information may be reported for 10 years. Credit information reported in response to an application for a job with a salary of more than $75,000 has no time limit. Information about criminal convictions has no time limit. Credit information reported because or an application for more than $150,000 worth of credit or life insurance has no time limit. Default information concerning U.S. government-insured or guaranteed student loans can be reported for seven years after certain guarantor actions. Information about a lawsuit or an unpaid judgment against you can be reported for seven years or until the statute of limitations runs out, whichever is longer. Seven-year reporting period There is a standard method for calculating the seven-year reporting period. Generally, the period runs fro the date that the event took place. For any delinquent account placed for collection internally or by referral to a third-party debt collector, whichever is earlier, charged to profit and loss, or subjected to any similar action, the seven-year period is calculated from the date of the delinquency that occurred immediately before the collection activity, charge to profit and loss, or similar action. Worth the time it takes The process of requesting, reviewing, and ensuring the accuracy of your credit report may seem like just one more item on an already full to do list. However, when you want or need a loan for an important purchase, or wish to take any other action that depends on a healthy credit report, you will be glad you took the time to guard the health of one of your most important financial assets. Visit our other Web Sites :
http://www.HollywoodApts.com - Lomar Apartments - Apartment Rentals in Hollywood http://www.GottliebLaw.com - Gottlieb & Gottlieb - Law Offices and Title Company |
| 125 N. 46th Ave • Hollywood, Florida 33021 | Phone: 954-983-3400 or 800-940-3400 |
| © COPYRIGHT 1998-2003, Best Title Comany ALL RIGHTS RESERVED, REPUBLICATION PROHIBITED |
Webmaster: EasyTech, Inc. |