No matter what many credit counseling scam artists may try to
tell you, no one can legally remove any information that is
up-to-date and accurate from your credit report. They can't do
it, and you can't do it yourself. However, you CAN request an
investigation of anything you find in your credit file that you
believe to be either incomplete or inaccurate. That is perfectly
legal, and can be done at NO cost to you. In fact, anything that
a credit repair company offers to do for you can be done
yourself, generally free or for a nominal fee.
The good news is that just because you may have some negative
information in your credit report doesn't automatically mean you
can't get credit at all. Most creditors have their own
guidelines when it comes to granting credit, which means that
each company will look at your credit report in a slightly
different way. For instance, it's not uncommon for companies to
lend more credence to the most recent information in a credit
report. That way, if you experienced some financial difficulty a
number of years ago, but then were able to get back on an even
keel and have been exemplary since that time, you'll be more
likely to receive the credit you're seeking with those
companies. It might even be to your benefit to have an informal
discussion with a potential creditor to discuss how they
interpret credit reports--even before you apply for credit.
You're entitled to a free credit report every twelve months, and
it's worthwhile to take advantage of that fact, just to see what
information is contained in your file. Many financial advisors
and consumer advocates suggest that you review your credit
report periodically, because erroneous information can sometimes
get into your report inadvertently and can affect your chances
of getting a loan or qualifying for insurance--as well as how
much those will cost you, in terms of interest rates or
premiums.
So request a free credit report from one of the Big Three:
Experian, Equifax, or TransUnion, and make sure that all the
information it contains is up-to-date and accurate, especially
if you're about to apply for a major purchase, seek insurance,
or apply for employment. Checking your credit report on a
regular basis can also alert you to identity theft, which is one
of the fastest-growing crimes in the world today. Inaccurate or
incomplete information in your credit report can have a
significant impact on your chances of obtaining loans,
insurance, or a job, so it's well worth the effort to make sure
everything in your report is exactly as it should be.
If you're having trouble with your credit report and need help
finding assistance, you can contact the Federal Trade Commission
(FTC) for help. Find them on the Web at
http://ftc.gov, or you give them
toll-free at 1-877-FTC-HELP. Their TTY number is 1-866-653-4261.
They maintain an online database that lists hundreds of civil
and criminal law enforcement agencies in the U.S., and they'll
be able to steer you toward the help you need.
Copyright © Jeanette J. Fisher
About the author:
Jeanette
Fisher teaches six ways to build credit.
Free credit ebook "Credit
Tips for Mortgage Financing"
http://worryfreecredit.com
