We all know for a fact that our credit score plays a very important role in our lives. With the credit reporting agencies, it makes it possible for lenders to determine whether a person is risky to approve for a loan or credit card application or not. This is why it is important for us to maintain a good credit report in order for us to have good credit score, which in turn will provide us with more financial freedom.
With a good credit, you will see that getting loans and applying for new credit cards will be easier and a lot faster. By having a good credit rating, lenders will see you as a good payer or as a person who is responsible with their finances and is less likely to become delinquent when it comes to repaying their loans. In fact, even landlords take a look at their prospective renters credit score in order to make sure that they are not the type of people who does not pay their rent on time.
However, there may come a time where you may question your credit report and your credit score. You know that you pay off your bills and loans on time but if you think that there are any irregularities in your credit report, you have to remember that you have every right to dispute it.
The Fair Credit Reporting Act entitles people to repair their own credit. This means that you have every right to dispute or to challenge any information in your credit report that you think is inaccurate.
You have to remember that bad credit may also be caused by mistakes within the credit reporting bureaus. They may have made a mistake to put a credit card purchase made by another person.
Another cause would be identity fraud. This is one of the most destructive forms of crime today as someone may use or steal your identity, apply for new credit cards in your name, and max out the credit card they applied for in your name.
And, the most disturbing thing about it all is that you may never know about it until it is too late.
This is why it is important for you to check your credit report every once in a while. By doing so, you will not only be able to become updated with your very own credit report and credit score, but you will also be able to see any irregularities with the report that you can challenge.
For example, if any company rejects your application for a loan, insurance, or employment, you will be able to ask for a credit report within 60 days of refusal. The credit report will be provided to you for free and this is all under the Fair Credit Reporting Act. Also, you have every right to know which credit reporting company that they used to get the report.
Basically, the three companies are Equifax, Experian, and TransUnion.
You have to remember that almost 80 percent of all credit agencies contain errors. And, you have to remember that it is considered to be mandatory for all three credit reporting bureaus to correct any inaccurate information that made its way to the credit report.
All you need to do is that after finding th e error, you have to write to the credit bureau about it, and together with the letter, you need to send proof to verify your claims. It is important that you should be specific about your claims and should be in detail.
Always keep in mind that you are protected by the Fair Credit Reporting Act when it comes to inaccurate credit reports.
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