By: Arthur Cooper
Submitted: 2010-10-07 15:57:47 | Word Count: 664
It can be disconcerting and upsetting to be denied a loan or a credit line due to a bad credit score. Know what your credit history looks like on paper before you apply, and avoid embarrassment and potential denial of credit with just a few simple steps. You can take care of this matter on your own for the most part, with a little help from credit professionals like Credit Elves, who supply credit report dispute letters to get your credit in shape.
The first step is to request a copy of your credit report from each of the three major reporting agencies: Experian, Equifax and TransUnion. These reports are free once a year to you; additionally, if you have been denied credit, you may receive a free copy of the report immediately following the denial. Look over the reports carefully, because you will be submitting a credit report dispute letter for each erroneous transaction. Look for items that should have been removed because the statute of limitations has expired (usually seven years) for charge-offs, collections, repossessions, inquiries, judgments and late payments. Do a little research as to the statutes for bankruptcies and tax liens in your state. Also look for items that are marked as late, but you can prove you paid on time, and items that might not be yours. At any given point, you might have been a victim of identity theft, so make sure each charge is yours, each account is yours and each date and payment are recorded correctly.
Should you find errors, a credit report dispute letter will need to go to the reporting agencies, stating your name at the time of the account, your account number, your current address (and your address at the time of the account, if different), and which items you are disputing and why. Youll need to attach copies of any supporting documentation (not originals) and make a copy of the dispute letter for your records.
In 30
[ advertisement ]
days, the credit reporting agency must make investigate the claims, make a decision and notify you of their action. If they agree that it is erroneous, be sure to double check your credit report and make sure it has been removed. If it has not, youll need to contact them again to make sure it happens. If you were unable to have an item removed as erroneous, you might need to work with the original creditor directly to see about either paying off the original debt, or how they might be able to reduce the debt to something more manageable for you, or write it off altogether. However you resolve the matter, make sure that once the transactions are complete, your credit report reflects the new information. You are the person who is affected by this situation, and no credit reporting agency is going to take the initiative to do follow-up. So stay vigilant and youll see positive impact on your credit report before you know it.
