|
|
Have you experienced errors and mistakes in your credit report and you do not what to do about them? We will tell you what needs to be done in such a case, as we understand that bad credit report can severely affect your chances of getting credit.
Credit report is prepared on the basis of your credit history, loans, employments and pending bills, etc. It might not be correct in some cases. When you bring changes in the credit report for better, it is called credit repair.
If a creditor
rejects your application, and you cannot see any justified reason behind it,
it may be that your credit report has mistakes, and it needs credit repair.
You have the right to appeal against the errors and mistakes in your credit
report, under the Fair Credit Reporting Act (FCRA). Your credit report is prepared
by Credit Reporting Agencies (CRAs), like the credit bureau. You can write a
letter to the CRA asking for the copy of credit report. Three major CRAs are:
Experian (Formerly TRW): P.O. Box 2002, Allen, TX 75013
Call 888-397-3742. Fax: 972-390-3809.
TransUnion: PO Box 1000, Chester PA 19022
Call 800-888-4213. Fax: 714-447-603 or 714-830-2449.
Equifax: PO Box 105851, Atlanta, GA 30348
Call 888-873-5392. Fax: 888-664-4535 or 888-729-0083.
The credit bureau must respond within 30 days after it receives your letter and must send you the copy of your credit report for you to identify the errors, if any. Once you receive the copy of your credit report, you can locate the errors and mistakes in your credit report and summon the credit bureau as well. The credit bureau must be given a period of 60 days to investigate into the errors. The credit bureau will contact the information provider and have a closer look at your credit report.
If the credit
bureau finds potential errors in the credit report, it must let you know and
also send the copy to creditors you have visited recently, on your request.
Once the credit repairing is done, you can freely apply for loan or jobs. However,
if the credit bureau finds that there is no error, you may ask them reinvestigate
and sort out the problem at this stage. But if you are dissatisfied at this
stage, you may also take legal action against the credit bureau, under the Fair
Credit Reporting Act.
