How do I Fix my credit report?
Having good credit can mean how much you will pay for particular financial product such as mortgage, Refinancing, Home equity, credit card, Private student loan, or anything regarding” financing”. Can you fix your own credit if you have any questionable items on your credit report? The answer is simple Yes. Fair Credit Reporting Act allow you to request an investigation of any information in your credit file that you dispute as inaccurate or incomplete.
It is perfectly legal under The Fair Credit Reporting Act, 15 U.S.C. § 1681 (“FCRA”) to challenge anything in your credit bureau file and there is no charge for requesting an investigation.
The solution to the credit repair procedure is that if a credit bureau cannot verify information on your credit report within the time allowed by law, they must remove it. For instance, if a collection agency is reporting a collection on your report and they cannot verify the information, the credit bureau must delete the entry.
What if I find errors — either inaccuracies or incomplete information — in my credit report?
Under the Fair credit reporting act, both the credit reporting company and the information provider (that is, the person, company, or organization that provides information about you to a consumer reporting company better known as Furnisher of information) are responsible for correcting inaccurate or incomplete information in your report. To take full advantage of your rights under this law, contact the credit reporting company and the information provider.
How to correct inaccurate or incomplete information Step 1!
Tell the credit reporting company, in writing, what information you think is inaccurate.
Credit reporting companies must investigate the items in question — usually within 30 days — unless they consider your dispute frivolous. They also must forward all the relevant data you provide about the inaccuracy to the organization that provided the information. After the information provider receives notice of a dispute from the credit reporting company, it must investigate, review the relevant information, and report the results back to the credit reporting company. If the information provider finds the disputed information is inaccurate, it must notify all three nationwide credit reporting companies so they can correct the information in your file.
When the investigation is complete, the credit reporting company must give you the written results and a free copy of your report if the dispute results in a change. (This free report does not count as your annual free report.) If an item is changed or deleted, the credit reporting company cannot put the disputed information back in your file unless the information provider verifies that it is accurate and complete. The credit reporting company also must send you written notice that includes the name, address, and phone number of the information provider.
How do I get it removed from credit bureau Step 2!
Tell the creditor or other information provider in writing that you dispute an item. Many providers specify an address for disputes. If the provider reports the item to a credit reporting company, it must include a notice of your dispute. And if you are correct — that is, if the information is found to be inaccurate — the information provider may not report it again. If an investigation doesn’t resolve your dispute with the credit reporting company, you can ask that a statement of the dispute be included in your file and in future reports. You also can ask the credit reporting company to provide your statement to anyone who received a copy of your report in the recent past. You should not pay any fee for this service. If you tell the information provider that you dispute an item, a notice of your dispute must be included any time the information provider reports the item to a credit reporting company.
When negative information will disappear from my credit report?
A credit reporting company can report most accurate negative information for seven years and bankruptcy information for 10 years. There is no time limit on reporting information about criminal convictions; information reported in response to your application for a job that pays more than $75,000 a year; and information reported because you’ve applied for more than $150,000 worth of credit or life insurance. 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.