Complete Credit Report

Complete Credit Report

How To Dispute Your Credit Report Errors

Your credit report contains important information about you. It
generally includes facts about your identification data, your
bill-paying habits, inquiries and public record information.

Credit Bureaus compile and sell your Credit Information to
businesses, which use it to evaluate your credit applications.
Therefore, it is important that your credit report contain
complete and accurate information.

Under the Fair Credit Reporting Act, you have the rights to
dispute the completeness and accuracy of information in your
credit files.

If you find information in your credit record that you believe
is inaccurate, what you need to do is to complete the special
investigation request form that comes with your credit report.
Follow the form's instructions to fill out all of necessary
information.

You may also want to attach a letter to your completed form,
dated and signed by you, and along with copies of any
documentation you have that helps prove the error in your credit
report.

The documentation might include copies of canceled checks, sales
receipts, account statements, or previous correspondence between
you and the creditor involved.

Attaching a letter to the investigation request form is always a
good idea if you don't think that the Credit Bureau's
investigation form gives you enough space to explain why you
think there is error in your report.

Keep a copy of your completed investigation request form,
letter, and backup documentation. They provide you with the
records of what you said and when you said it. Also, the date on
letter will let you know when you should have heard back from
the credit bureaus.

Once you have completed the investigation request form, mail it,
along with your letter, and copies of any documentation. Send it
by certified mail with a request for a return receipt. When you
get the signed receipt back, file it with the rest of your
credit record information.

When A Credit bureau receives a dispute, it must investigate and
record the current status of the disputed items within a
"reasonable period of time," -- between 30 and 45 days, unless
it believes the dispute is "frivolous or irrelevant."

If the credit bureau cannot verify a disputed item, it must
delete it.

If your report contains erroneous information, the credit bureau
must correct it.

If an item is incomplete, the credit bureau must complete it.

If a investigation does not resolve your dispute, the Fair
Credit Reporting Act permits you to file a statement of up to
100 words to explain your side of the story.

The credit bureau must include this explanation in your credit
report each time it sends it out. Credit bureau employees often
are available to help you word your statement.

Be aware, however, that when negative information in your report
is accurate, only the passage of time can assure its removal.

Credit bureaus are permitted by law to report bankruptcies for
10 years and other negative information for 7 years.

Also, any negative information may be reported indefinitely for
use in the evaluation of your application for:

- $50,000 or more in credit;

- a life insurance policy with a face amount of $50,000 or more;

- consideration for a job paying $20,000 or more.

© 2005 Bruce Liu. All rights reserved.

About the Author

Bruce Liu is the author of the ebook "Insider's
Guide To Credit Repair".

His bi-weekly newsletter "Credit Secrets & Tips" provides all
new, latest tips and secrets for Repairing Credit and managing
debts! Plus, subscribers receive a 5-day mini-course instantly.

For subscription visit

http://www.insiderguidetocreditrepair.com/subscribe.html

Has anyone had inaccurate accounts deleted From Credit Report? How long before scores changed?

I disputed some negative accounts on My Credit report. The investigations have just been completed in the last few days. Most of the accounts were deleted, but my scores haven't changed.

Has anyone had accounts deleted from their credit? Did your scores go up and how long did it take? I thought once some of these came off, my score would go up.

I work with credit everyday for a mortgage lender, but I don't deal with credit repair, so I'm new to this part of it. I'm trying to get my scores up so I can get 100% financing on a mortgage. I just need my scores to go up a little bit and was told getting these accounts off of my credit would help raise my scores.

Any advice from someone who knows about this would be greatly appreciated.

They should be updated within 30-60 days. It is dependent upon how old the accounts were. If you had a negative account that was 5 years old, it may have little impact. However, if it was only 5 months old, it will have a much more significant impact for increasing your score.

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