How to Use the Credit Bureau For Effective Credit Repair
In today’s world, a good credit rating not only allows you to obtain loans and credit cards, it can also affect your insurance premiums and interest rates. There are three major credit bureaus that collect and compile your information in order to determine your credit rating. Creditors report information to them every time an inquiry is made into your credit. Things such as an application for a new credit card or a late bill payment can trigger such an inquiry and affect your credit rating. Bad credit is becoming more difficult to live with. It is often possible to repair a poor credit history, if you know how. Learning how to work with the credit bureaus is the first step toward improving your credit rating.
If you have recently applied for credit and have been denied, you are legally entitled to a free copy of your credit history. The only time that you should pay for a credit report is when you want to view it instantly online, although you should be aware that the credit bureau may try to tell you otherwise. You should have received a letter notifying you of your credit denial. The bureau that provided the rating in response to your credit application will be indicated on that letter. This is the bureau that you will need to deal with in order to repair your credit rating.
When you request a copy of your credit report from a credit bureau, it is always in your best interest to provide only the legally required personal information. By law, you are only obligated to supply your name, your social security number and your legal address in order to obtain a credit report. You may need to send the credit bureau a copy of your social security card and a document showing your current address. Although you may a be asked to send a copy of your driver’s license, it is better to send a copy of a recent bill in order to verify your address. You should be aware that credit bureaus are in the business of collecting and selling information. They also own collection agencies. In the event of credit trouble, you don’t want to unwittingly assist them in tracking you down and harassing you.
Once you have received your report, you’ll need to review it carefully. If you find any items that you believe to be in error, you will need to send a written request for an investigation to the credit bureau. The bureau is legally required to document anything on your report within 30 days. If they are unable to do so, the item must be removed.
Companies that claim to be able to fix your credit, charging high fees for the service, often work their “magic” by challenging older negative information that the credit bureaus will have difficulty verifying. By learning how the credit bureaus work and about their legal obligations, you can keep your money in your pocket and do your own credit repair quickly and cheaply.
Article by Michael DeMarkks
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