Raise Your Credit Score-Re-Build It The Right Way And Save $$$
Every person that ever used credit or took any type of personal loan created in the process in a financial file about him known as credit report. This is a collection of many different information items about that person like his current address, his source of income, his bill payment history also any legal history like trials, arrests, bankruptcy etc. The reporting agencies maintain and manage this information than sell it in a form of a report to employers, insurance companies and different businesses trying to assess the credit worthiness of that person.
One of the key factors of getting credit and obtaining easy approvals for loans and credit is to have a good credit report. A good credit report also result in lower payments on any desired loan or credit. Recently and currently as you are reading this information the media is full with advertisements of credit repair scams that promise to remove any negative item on the credit report even if it’s true. You are promised to increase your credit score from a clean credit report regardless of the real situation and history. Watch out so you don’t loose additional money on such services. The truth of the matter is that no one can remove negative items from your credit report unless it’s there by mistake. True negative items can be only removed over time with serious efforts to pay the outstanding bills and loans and start paying new bills on time.
In order to further protect the consumer, new additional measures were recently introduced. These measures are in addition to the standard requirements that are put on the reporting agencies to ensure the information is accurate, meets the privacy standard and is fairly obtained and provided. The new measures which are now enforced by law apply to the individuals and companies sending the information to the reporting agencies as well as on the agencies themselves.
The previous and new measures of the FCRA the reporting parties (organizations, businesses or individuals) have the responsibility to make sure the information in the credit report is not partial and is correct. They have to by these new laws to take all the necessary action to correct and keep the information they sell to businesses and organizations. Every consumer can take advantage of this law and contact the reporting agency demanding them to correct erroneous information
One of the first things you can do to correct the error and increase credit score is contact the reporting agency directly in writing and tell them why you think that the information on the report is not correct. It is a good idea to attach copies (not originals) of any supporting documents that prove your point. It is extremely important that the letter has all the details that identify you and the specific item on the report you are referring to. After that write clearly the facts and the reasoning you are disputing the information on this item.
Another thing you should do is contact the provider of the specific information to the credit reporting agencies and tell them that you do not agree with the information presented on this case. Support your statement with clear reasoning and attach copies of any supporting documents that can help prove your point. According to the FCRA the provider must inform the credit reporting agency on your dispute and if they find your claim justified, ask the item be removed from your report which will of course increase credit score? .
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