Are
you tired of getting turned down for bad credit? Do you feel
powerless over your credit reports? Good news for you: you don't
have to wait seven years to get your good credit restored.
If you are unsatisfied with your credit report, there is hope.
Under the fair Credit Reporting Act, consumers are allowed
the option of disputing any information in their credit file.
By law, the credit reporting company must accept your dispute
and investigate it. If the information is unverifiable or
incorrect, the credit-reporting agency must remove or change
the information within thirty days of your dispute.
How do you go about this? Write to each credit-reporting agency
and request a copy of your report. Call before you write and
find out how much they charge per report. If you have recently
been turned down for credit, you are also entitled to get a
free copy of your credit report. However, don't make the mistake
of getting turned down for credit just so you can get a free
report! Inquiries into a fair to bad credit file affect your
credit score, and are not easily removed. In this case, it's
better to be safe than sorry. You can get in contact with the
"Big 3" by calling and writing to them at the addresses
below.
Equifax, P.O. Box 740241, Atlanta, GA 30374-0241;
(800) 685-1111.
Experian (formerly TRW), P.O. Box 949, Allen, TX
75013; (888) EXPERIAN (397-3742).
Trans Union, 760 West Sproul Road, P.O. Box 390,
Springfield, PA 19064-0390; (800) 916-8800.
Once you get your credit reports, check for ANY errors on
it, including beginning dates of delinquency, dollar amounts
of debt, or accounts that you don't remember having. You can
write a letter disputing any items that are inaccurate. When
you decide to dispute an item, make sure to keep a copy of
the letter you send them as well as send it certified, return-receipt.
It is best to dispute one item at a time; credit reporting
companies become suspicious if you're disputing your whole
report! Some people also find it helpful to use a lawyer to
write the letters. If you can't afford to do this, you should
also check our Pre Paid Legal plans in your area. For a flat
fee of 16-27 dollars a month, you can have access to top-quality
lawyers in your area that will write letters and make phone
calls on your behalf. Look in your yellow pages for your closest
distributor of these plans.
Once you have some information removed from your report, you'll
be on the tight track. There will be some negative information
you simply can't get removed or changed. Don't be disheartened;
if the information is truly inaccurate, you have the right to
take the agency to court. There are plenty of consumer-oriented
lawyers who can help you make your case. (Pre Paid legal plans
help here too; they give you representation in any state!)
Lastly, if all else fails, you are allowed to add a 100-word
statement to your credit reports. If illness, a job loss,
or divorce caused you a bumpy financial time, don't be afraid
to talk about it. Your statement should reflect your recognition
of past problems and working toward the future with new credit
insight. |
