Fixing Your Credit History by debtconsol


When a person suffers from bad credit history, the reason could be flaws or inaccurate information contained in one’s credit report.

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									Fixing Your Credit History – A Personal Guide When a person suffers from bad credit history, the reason could be flaws or inaccurate information contained in one’s credit report. However, consumers are not left unprotected. Under the Fair Credit Reporting Act, all consumers have the right to dispute errors in their reports. This right gives consumers the chance to correct errors or discrepancies in their credit report. Below is a short and simple guide on what you should if you discover false information in your report. Send a letter of dispute to the credit bureau that issued your report. Your letter should contain a clear explanation on why you think the information are incorrect. It would also help if you include copies (NOT originals) of documents that support your claim such as receipts and letters from your creditor. You can also include a photocopy of your credit report with the items in dispute clearly marked or encircled. Send your dispute via registered mail with a return receipt request and notification that the letter has been received. Upon receiving your mail, the bureau will conduct a 30-day investigation on the matter. Afterwards, you should be able to receive a response to your complaint. If the issue has been corrected, a new and updated copy of your credit report would also be included free of charge. The bureau that issued your report should also alert all the major bureaus about the corrected information. You may also request the credit reporting agency to include a notice of correction to anyone who has inquired about your credit report for the past six months. Nevertheless, if the issue hasn’t been resolved, you can ask the credit bureau to include your personal note with the copy of your credit report. This service is not free but it can help eliminate unnecessary doubts with potential lenders. You should also send a letter of dispute to the creditor who reported the incorrect information. Take note that if your report contains unauthorized charges with your credit card account, you should send the dispute to your credit card company, instead of the credit reporting agencies. In this case, your credit card company would be the one to conduct the investigation. If you’re not sure of how to write a dispute letter, you can check out sample dispute letters online. However, you should not use the exact sample letter, with your personal details obviously inserted on the letter. The credit bureaus receive thousands of such letters that they usually don’t treat preformatted letters seriously. If you want to get a positive response from a credit bureau, you should write your own personal letter and explain the problem in your own words. But what if the negative information or the unpaid charges in your report are accurate? There is no way you can erase accurate details in your report. The only way to improve bad credit is to pay off your debts and be consistent with your payments. If you’re having a hard time keeping up with your payments, speak with your creditors and try to arrange for a modification or adjustments in your repayment terms. Resources for

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