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Disputing Credit Report

“Sometimes, it’s not easy disputing a credit report. Read these tips, as they are sure to help. Check them out now!”

Ways on Disputing Credit Report

Checking the accuracy of your credit report is important, given recent reports that 5 percent of consumers may have errors in their reports that can result in higher interest rates on a loan.

The National Foundation for Credit Counseling has developed a list of “do’s” and “don’ts” for managing your report, which tracks your individual borrowing history. The major credit bureaus — Experian, TransUnion and Equifax — use information in the reports to create a credit score, which lenders use to decide if you are a good candidate for a loan and what interest rate you qualify for. Scores can also be used to determine eligibility for other financial products, like insurance.

Here’s the foundation’s list:

Review your report for accuracy at AnnualCreditReport.com. You’re entitled by law to one free report from each of the three major bureaus every 12 months, so you can check a different one every four months. Despite the availability of free reports, few consumers check them, the foundation says. Reviewing your report at least three months before a major financial move gives you time to dispute any errors and have them corrected.

Understand your rights. The federal Fair Credit Reporting Act provides protections for the accuracy and privacy of information in your credit file. The credit bureaus have dispute resolution processes in place. But it is up to the consumer to initiate the process by submitting the dispute form, either online or by phone.

Tara Siegel Bernard, writing for The Times, found that it’s better to submit a dispute in writing, to create a paper trail in case you need it later and to submit disputes to all three bureaus.

Credit reporting companies are required to investigate the items in question, usually within 30 to 45 days of the dispute being filed. The bureau receiving the dispute must forward all relevant information to the source of the information to begin the investigation process. After the provider’s investigation is complete, the results are sent back to the bureau. If the information provider finds the disputed information to be inaccurate, it must notify all three credit reporting companies, allowing each of them to correct the information in their files.

Not all errors have an equal impact. Some mistakes are more serious because they may have a negative impact on your credit score, like accounts that don’t belong to you, or credit lines listed with lower limits than they actually have or negative information that has stayed on the report longer than allowed. Those sorts of errors should be addressed immediately. More at Tips for Disputing Credit Report Errors

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Best Credit Repair Companies: The People Decide

“What are the best credit repair companies? Let the people decide. Read more now!”

The Best Credit Repair Companies

Credit Repair Companies

Anyone with a low credit score can tell you that bad credit is no fun. It’s expensive, it’s embarrassing, and it can stand in the way of achieving your goals. Fortunately, it is possible to legally and permanently fix your credit with credit repair.

Hundreds of thousands of people have been able to improve their credit scores. By removing bad credit, adding good credit, and better managing their credit profile, people have been able to increase their credit scores from 500s and 600s all the way to 700s and even 800s.

If you have had difficulty getting reasonable loans in the past, raising your credit score through credit repair can help you qualify for lower interest payments. These lower payments can help you purchase a new car or even get into a new home.

Even if your credit score is good enough to get a loan, improving it by just a few more points can save you thousands. Using credit repair to increase your credit score from 680 to 720 can save you a hundred dollars or more per month on your mortgage payment; a savings of tens or even hundreds of thousands of dollars over the course of your loan.

You can clean your credit yourself or you can get help from a credit repair expert. This is a top five list of the best credit repair companies out there.

1. Lexington Law
I have only been with Lexington since September, 2009, already I have seen positive results. I am kept aware of all that is going on with my case, they are so helpful in answering questions. I feel very confident in Lexington Law Firm, they are very good in keeping in contact, and walking with you every step of the way. I am already seeing results. They are very professional, my experience with them has been very gratifying. I am very happy with this firm, and feel very positive in a good outcome.

2. Sky Blue Credit Repair Services
Sky Blue Credit, one of the more seasoned members of the credit repair community, has been in operation since 1989. Once a south-east regional operation with a significant following, Sky Blue now offers its powerful credit repair program nationally. Completely dedicated to producing the optimal result for each customer they utilize an impressive array of tools gathered over almost two decades of operation.

The hands-on approach utilized by Sky Blue insures that each customer gets the personal attention that makes it possible to produce truly dramatic results. Sky Blue provides their complete range of services for a single low monthly fee without requiring any upgrades or costly program options.

3. CreditRepair.com
When I signed up for CreditRepair.com, I was a little skeptical. I’d heard bad things about credit repair scams and I didn’t want to be a victim. But I needed help. It only took a few weeks before I got my first notice of positive results. I know the process might not work that fast for everyone, but I was thrilled. The funny thing is, I had been sitting in church when I got the alert via text message and I just about stood up and shouted! I’ve found the people at CreditRepair.com to be really helpful and empathetic. It’s the one company that doesn’t treat me like a second-class citizen because of my poor credit history.

4. CreditFirm.net
We (my wife and I) were looking for a trustworthy credit repair company. Along with the reasonable price, credit Repair Company had to be registered with BBB. We found CreditFirm.net website and were pleased to find out Credit Firm is registered with Better Business Bureau (you can see the link on their website) and offers VERY reasonable price for the service. We signed up: 90 days later my score is 695 and my wife’s credit score is 708.

5. Ovation Credit
This is a very nice company, highly focused on your account and getting results. They are careful and diligent and will not set off alarms with the credit reporting agencies. Ovation Law will not rush in, instead they take a strategic course of action to clean up your credit reports. There is no such thing as a quick fix for damaged credit, only careful and concise action over time will work. Ovation Law will clearly explain the process, time frame and expected results up front for you. I recommend this firm for your credit repair needs. More at Best Credit Repair Companies

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What is a Credit Bureau

“What is a Credit Bureau? Most of us are still wondering what it does and why it’s important. Let this article help. Read more now!”

Credit Bureau Definition

Credit Bureau

A credit bureau is an organization that tracks the credit histories and related information of individuals. Whenever someone applies for credit, housing, employment, or anything else that their credit history could have an impact on, their potential creditor, landlord, or employer can check the information on file. If the bureau shows less-than-satisfactory information in its report on the person, it may affect the person’s chances of receiving the credit, lease, or job. A poor credit report can also result in higher interest rates on a loan or credit card.

There are three major US credit reporting agencies: Equifax, Experian, and TransUnion. Although the three companies share information, each maintains its own report and credit score on each individual. When someone applies for a line of credit, housing, or employment, the creditor or employer may look at the report and score from all three. For this reason, if an individual is monitoring his or her credit report for fraud or false information, it is a good idea to request a copy of the report from each agency.

A credit bureau gets the information for their reports from the individuals’ creditors. For example, if someone has a line of credit with his bank, that bank will report information regularly to the credit agency — good or bad. If the individual is always on time with payments, that fact will show on the credit report; however, if the individual has been more than 30 days late on one or more payments, the report is sure to reveal that, as well.

A variety of information gets reported to each agency. They all have personal information for each person who has gotten credit or opened a bank account on file, including their name, date of birth, Social Security number, current and previous addresses, and employment history. All of this information is collected by tracking people via creditor reports and Social Security numbers.

Account information is listed on the report, including the business handling the account, the date the account was opened, the credit line limit, the current balance, and the payment history. Even if an individual closes an account or the account becomes inactive, the report will still show this information for seven to 11 years. The accounts that each bureau includes on a credit report can be anything that is credit related, such as checking and savings accounts, credit cards, loans, and leases.

Each agency also reports any inquiries made into a person’s credit report. The report will show the type of inquiry and who made it. If too many inquiries are made within a certain period of time, the person’s credit rating can be negatively affected.

A credit bureau also includes public records on an individual’s credit report, if they are deemed related to a person’s credit worthiness. For example, if a person has declared bankruptcy, he or she will not be considered reliable, and companies may be hesitant to give him or her a line of credit. Bankruptcies are included on credit reports as a result. Even unpaid child support is considered to pertain to an individual’s dependability. This sort of information typically remains on a credit report for seven years. More at What is a Credit Bureau?

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