Clean Credit Report: Easily Raise Your Credit Score 100
points
By
Vincent Dail
Clean Credit Reports, your credit report contains
information about where you work, live and how you pay your bills (On time
or not). It also may show whether you've been sued, arrested or have filed
for bankruptcy with in the last 10 years. Companies called consumer
reporting agencies (cra) or credit bureaus compile and sell your credit
report to businesses all over the world.
Clean Credit Reports, many financial advisors suggest
that you periodically review your credit report for inaccuracies or
omissions. This could be especially important if you're considering making a
major purchase, such as buying a home. Checking in advance on the accuracy
of information in your credit file could speed the credit-granting process,
clean credit is a must.
Because businesses use this information to evaluate your applications for
credit, insurance, employment, and other purposes allowed by the Fair Credit
Reporting Act (FCRA), it's important that the information in your report is
complete and accurate.
Whenever you apply for any type of credit or financing, a credit report
is pulled from at least one of the three major credit bureaus. You want a
clean credit report to be pulled. While there are hundreds of smaller credit
bureaus around the country, virtually every credit bureau is affiliated with
either Experian, Trans Union, or Equifax.
Getting Your Clean Credit Report
If you've been denied credit, insurance, or employment because of
information supplied by a credit reporting agency, the FCRA says the company
you applied to must give you the agency`s name, address, and telephone
number. If you contact the agency for a copy of your report within 60 days
of receiving a denial notice, the report is free. In addition, you're
entitled to one free copy of your report a year.
If you simply want a copy of your report, call each credit bureau listed
since more than one agency may have a file on you, some with different
information.
The three major national credit bureaus are:
Equifax, P.O. Box 740241, Atlanta, GA 30374-0241; (800) 685-1111.
Experian (formerly TRW), P.O. Box 2002, Allen, TX 75013; (888) EXPERIAN
(397-3742).
Trans Union, P.O. Box 1000, Chester, PA 19022; (800) 916-8800.
Correcting Errors For Clean Credit.
To protect all your rights under the law and to keep your credit clean
contact both the CRA and the information provider.
First to get clean credit reports, tell the credit reporting agency in
writing what information you believe is inaccurate. Include copies (please
keep your 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, state the facts and explain
why you dispute the information, and request deletion or correction. Always
keep copies of your dispute letter.
They must reinvestigate the items in question, usually within 30 days,
unless they consider your dispute frivolous. They also must forward all
relevant data you provide about the dispute to the information provider.
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
they can correct this information in your file. Disputed information that
cannot be verified must be deleted from your file, then you will recieve a
clean credit report, with that item removed.
If your report contains erroneous information, the CRA must correct
it(clean credit).
If an item is incomplete, the CRA must complete it. For example, if your
file showed that you were late making payments ( 30 days or more), but
failed to show that you were no longer delinquent, the CRA must show that
you're current.
If your file shows an account that belongs only to another person, the
CRA must delete it.
When the reinvestigation is complete, they must give you the written
results and a free copy of your clean credit report, if the dispute results
in a change. If an item is changed or removed, they cannot put the disputed
information back in your file unless the information provider verifies its
accuracy and completeness.
Also, if you request, they must send notices of clean credit report
corrections to anyone who received your report in the past six months. Job
applicants can have a corrected copy of their clean credit report sent to
anyone who received a copy during the past two years for employment
purposes. If a reinvestigation does not resolve your dispute, ask the CRA to
include your statement of the dispute in your file and in future reports.
Second, in addition to writing to the credit angency, tell the creditor
or other information provider in writing that you dispute an item. Again,
include copies (please not originals) of documents that support your
position. Many providers specify an address for disputes. If the provider
then reports the item to any credit reporting angency, it must include a
notice of your dispute. In addition, if you are correct that is, if the
disputed information is not accurate the information provider may not use it
again, thus you will have a clean credit report.
When negative information in your report is accurate, only the passage of
time can assure its removal. Accurate negative information can generally
stay on your report for 7 years.
Clean Credit: There are certain exceptions:
Bankruptcy information may be reported for 10 years.
Information about criminal convictions may be reported without any time
limitation.
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 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. Criminal convictions can be reported without any time
limit.
Credit information reported because of an application for more than
$150,000 worth of credit or life insurance has no time limit.
Adding clean credit accounts to your file:
Your credit file may not reflect all your clean credit accounts. Although
most national department stores and all-purpose bank credit card accounts
will be included in your file, not all creditors supply information: Some
travel, entertainment, gasoline card companies, local retailers, and credit
unions are among those creditors that don't report clean credit.
If you've been told you were denied clean credit because of an
insufficient credit file or no credit file and you have accounts with
creditors that don't appear in your credit file, ask the CRA to add this
information to future reports. This will help get you on the road to a clean
credit report. Although they are not required to do so, many CRAs will add
verifiable accounts for a fee. You should, however, understand that if these
creditors do not report to the CRA on a regular basis, these added items
will not be updated in your file.
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