By David Maillie
Your credit report is becoming more and more important every day. It not only determines what your interest rates will be on a loan, but if you will even get financing in the first place. It is used by car insurance companies to better tier your rates (if you have a bad credit score you will pay much higher insurance premiums as they consider you to be a higher risk). Even jobs and employers are now becoming increasingly dependent upon credit reports, history and scores. Any negative entry can leave a devastating impact on your life, finances and future. A bankruptcy or judgment can be completely devastating. Most people think that bankruptcies, judgments and most negative entries from creditors (credit card companies, banks, etc…) are permanent entries that cannot be removed and will stay on your credit report for 7 to 10 years. Well, you can legally dispute any and all entries – it’s your legal right! This is important as it has now been disclosed in a congressional hearing that over 30% of credit reports contain an error that will affect credit in a negative way. This means that the odds are there is probably already an error in your credit report. So, step one is to go online and search for a credit reporting agency (the big three are Experian, Equifax and Trans Union) and actually pull your credit. Make sure you pull all three with scores so you really know where you stand (some entries can be worse than others and so it is best to have your credit scores to see what effects you and how). Now take and circle any and all negative entries. These are the ones you will want to fix. Now I am not recommending that you dishonestly dispute current and correct negative entries, I am just stating how to go about fixing your credit report. Write a letter to each credit reporting agency disputing each negative entry (they can be bankruptcies, judgments or other) and send return receipt requested. The credit reporting agencies have 30 days to respond and look into and make sure the entry is valid and verified. If the entry can not be verified than it must be erased from your credit report. The key here is that over 50% of entries right or wrong cannot be verified in those 30 days and will end up being erased (per Newsweek) – this means that every entry you dispute has a 50% chance of going away permanently! So is this worth doing? Definitely! Repair and restore worn, yellowed and ugly, cloudy headlights to new again with the New Lite headlight restoration and cleaning kit from MDWholesale.com. Specifically formulated and guaranteed for your car.
Every time a entry is removed or deleted the credit reporting agencies must reissue a free credit report to you showing the changes that were made. Most judgments and bankruptcies are public knowledge and can be verified at your local courthouse, but only in person and definitely not by phone, fax or digital methods like email. So the secret here is to dispute these and the credit reporting agency will never go in person to the courthouse in question to verify so it must be dropped.
If they refuse to drop an item which they cannot or will not verify (as in the case of some bankruptcies and judgments) then you have the legal right to file a lawsuit and sue them for violating the FCRA (Fair Credit Reporting Act) under which you are entitled to seek up to $1000 for actual damages and more for punitive damages and attorneys fees for willful noncompliance. Usually the credit reporting agencies will make the necessary corrections when they are reminded of the FCRA and the possibility of a lawsuit filed under it. So, there you have it – how to remove basically any negative entries to even include bankruptcies and judgments from your credit report. Just keep in mind, items that are correct should not be dishonestly removed. If you found this article to be helpful please link back to us so that others may also benefit as you have.
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