Credit Repair Part 3

Contact (by mail) the credit agency involved and DISPUTE the inquiry’s. Be sure to state the reason. Contact the collection agency and make payment arrangements with them. Once the account is settled, you can request them to remove the negative item from your credit report.

Free credit reports requested by phone or mail will be processed within 15 days of receiving your request. Free credit reports are available on request. Free FICO score, free 3 bureau credit report, and 3 bureau credit monitoring. Free annual credit report is an efficient document that helps a borrower to avail a loan. This can also helps you to maintain proper financial credit records. Free credit reports requested online are viewable immediately upon authentic.

Checking your credit reports will not hurt your credit score, so checking your report regularly is the best way to ensure you get the credit you deserve. Checking and keep track of your credit scores and history are the first step you can take to ensuring you have the highest credit scores possible.

Financial experts advise to check your credit report once a year for inaccuracies. Financial directors, credit managers and financial controllers can all benefit from quality data and accurate risk assessment. Each credit status report includes a sophisticated risk score which helps you identify risk and apply credit limits that manage that risk.

Lenders are free to use their own criteria for judging a credit score as either good or bad. Lenders like to see consumer debt obligations paid on a monthly basis. Lenders report on each account you have established with them. They report the type of account (bankcard, auto loan, mortgage, etc), the date you opened the account, your credit limit or loan amount, the account balance and your payment history.

Lenders, including banks, building societies and other financial service, lenders may also see the financial information relating to the associate. This allows lenders to view all the information that may be relevant to your credit application. Information about an association is held on record indefinitely.

Lenders are under a lot of pressure to lend responsibly so they look at how much credit you have access to, as well as how you have managed your accounts in the recent past. If they see you have several cards with money available they might say no when you next apply for your 0% card. Lenders want to share this 'historic' data now, but the DTI is in the process of deciding how this can be done legally.

Identity thieves may use your information to open a new credit card account in your name. Then, when they don’t pay the bills, the delinquent account is reported on your credit report. Identity Theft: You can detect the first signs of identity theft if you regularly check your credit report.

AnnualCreditReport.com, which was created by the three credit bureaus, is a centralized service for requesting your free annual credit reports. You can order all three credit reports at the same time, or order one now and others later. AnnualCreditReport.com is the ONLY authorized source to get your free annual credit report under federal law.

TransUnion and other credit bureaus store and maintain information on consumer credit and payment habits, inquiries and public records. Businesses that are members of TransUnion are able to obtain a copy of this information, if they have a legal permissible purpose or your consent, as applicable. TransUnion, Equifax and Experian all allow you to review your report online.

Otherwise, your dispute should be resolved in 30 days. However, your dispute response may be available prior to 30 days depending on the nature of the dispute and the response time from any creditors that are contacted.

Inquiries for a mortgage or auto loans are bundled within designated timeframes and treated as only one inquiry to your credit score calculation. Inquiries are classified as "hard" or "soft". Hard inquiries are "generated when you authorized a company listed to request a copy of your credit report".

Inquiries can add up, which is often interpreted as a negative by creditors. For this reason, too many inquiries can actually make getting credit more difficult. Inquiries for a mortgage or auto loans are bundled within designated timeframes and treated as only one inquiry to your credit score calculation.

Since you do not know which bureau a lender will use to base their approval decision, you should inspect your report from all three bureaus. Equifax offers a 3 in 1 report where you can view your credit report from all three bureaus in a single transaction. Since your credit score is important for obtaining credit you need to be aware of how good or bad your credit score is. It can give you crucial information like, how many payments have you defaulted on, your chances of getting new credit and whether you're a victim of identity theft. Since future creditors and lenders use your credit report to make decisions about you, there are some things you'd never want to show up on your report.

Ordering your credit report will help you catch new activity on accounts that you haven't been using, or may have closed. Ordering extra copies is possible for a small fee. Or, if you've been turned down for credit by a lender in the last 60 days, you are entitled to a free copy of your credit report.

Creditors determine whether to give you credit or a loan—and how much you will pay—based on information in your credit history. The national credit bureaus (now called consumer reporting companies) collect information from your creditors about how many credit cards and loans you have and how many accounts are late, overdue, or in collection. Creditors will view your credit report when you apply for a loan, mortgage or credit card. Employers may request your credit report prior to making decisions about your future.

Perhaps you paid a debt but the creditor failed to update their records. Perhaps they accidentally mistyped a piece of information somewhere in your past or perhaps they mistyped someone else's information but accidentally put it on your file. It happens a lot.

Accurate information, both positive and negative, cannot be removed from your credit report. In fact, most correct information stays on your credit report for seven years, and bankruptcies can stay on your credit report for up to 10 years. Most items will remain on file for 7 years although bankruptcies show for 10 years.

Request a copy of your file to ensure it is accurate. Requesting a credit report will NOT affect your credit. You have the right to look at your credit report without it affecting your credit or score.

Thank you for taking your time to read this article. Your comments on this article will be highly appreciated. To access hundreds of Gurmit’s articles please visit http://gurmittoor.blogspot.com.

Information shared here does not constitute financial, legal, or other professional advice, and no attorney-client or confidential relationship is or should be formed by use of the site. This article is intended to provide general information only and does not give advice which relates to your specific individual circumstances. Information in this document is subject to change without notice. Any link-listing or ad-listing on this site does not constitute any type of endorsement.

Gurmit loves travelling; he has been over 70 countries. He speaks fluent Cantonese, Polish, Hindi, Punjabi and English. Gurmit is an author, writer, insurance and mortgage expert. He frequently writes on various topics of interest to his readers. Gurmit Singh is a licensed mortgage expert with Dominion Lending Centres Mortgage Villa.

Gurmit Singh, mba
Mortgage Expert
M08009905
Dominion Lending Centres Mortgage Villa (11574)
Email:gurmit@gurmitsingh.ca
Website: http://www.gurmitsingh.ca