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Credit Report

Credit report is like a personal diary of a person. It�s like your financial condition, provide information about where you live, work, your pay, how you pay bills. If you pay bills on time of after due date. Your past information like if you have filed for bankruptcy, have been arrested or sued over last 10 years. All your information is complied by these companies called Consumer Reporting Agencies (CRA) or Credit Bureaus, and sold to businesses on request.

You should periodically review your credit report for omissions or inaccuracies from CRA. Most financial advisors usually advice their clients to review credit report from time to time. Specially when you thinking of buying a Home, you should make sure your credit reports are accurate and clean which is must to speed your credit-granting process.

Fair Credit Reporting Act known as (FCRA) allows businesses from every occupations evaluates your applications for insurance, employment, credit and other purposes, so complete and accurate information on report is very important.  If you apply for any type of Credit or financing, your credit report are viewed from at least one of the three major Credit Bureaus. Many of the small or medium credit bureaus are their around country, and they are affiliated with any of the three Major Credit Bureaus i.e. Experian, Trans Union or Equifax. You should make sure your credit report when pulled from any of these agencies is clean credit report

Getting Your Clean Credit Report.

If there is a case where you have been denied insurance, credit or employment based on the information provided by credit reporting agency. TheFCRA rules say that you should take the agency�s name, address and telephone number who has given your credit report. When contacted to the credit report company, you should get the free report within 60 days of denial notice. You are also entitled to get one free copy of your report each year.

You can call each credit bureau listed for your copy since more than one may have your file, some might have different information. The three major National Credit Bureau are:

Equifax, P.O. Box 740241, Atlanta, GA 30374-0241; (800) 685-1111.

Experian (formerly TRW), P.O. Box 2002, Allen, TX 75013; (888) EXPERIAN (397 3742).

Trans Union, P.O. Box 1000, Chester, PA 19022; (800) 916-8800.

Correcting Errors for Clean Credit

You should always contact your CRA and information provider to protect all your rights under the laws and keep your credit clean. We have tried to list some positive points to keep your Credit Report clean.

To get clean Credit Report, ask your credit report agency to write information what you believe is accurate. Always include copies (original should not be given) of documents that support your information. You should always provide your complete name and address. Clear identification of each item should be stated in your report of your dispute, explain in detail why you need deletion or correction of dispute information providing facts. Remember to keep dispute letter copies for future reference.

With in 30 or unless day any consideration for dispute of all items in question must be investigated by them. Relevant data of yours about the dispute information should be provided after a notice is received by information provider from CRA. All the information should be reviewed, investigated properly provided by CRA and reported back to CRA for any differences. If information found is inaccurate then you must report to all CRA�s nation wide. This will help them to correct information about your file. And if some information you found is disputed and not verified , ask then to delete, this will help you receive a clear and clean credit report.

If you have clean credit but receive erroneous report from CRA, you should ask then to correct it. Also if your report shows an account belonging to some other person, you can request CRA to delete the said error from your file. Incomplete items must be completed by CRA. It should show current record for example In your report it should that you were failed to clear dues by over 30 days, but it failed to mention that you are no longer offender.

A free copy of your credit report with written results should be provided to you after all the reinvestigation is completed. Unless information provider has verified for any disputed or deleted item, they should not put it back in your file.

On your request a notice should be send of your corrected clean credit report to anyone who has asked for your credit report in past six months. If you are a Job applicant you can send your clean corrected credit report to who ever have received in past 2 years for employment purpose. You can ask CRA to include in your file your statement of dispute I in all future reports for any item which is still under dispute or investigation.

You can also provide in writing any disputed item in addition to writing of CRA credit report. Include copies (not originals) of documents to support your disputed cause, a provider can also provide an address for disputes. A notice of your dispute should be included if a provider reports any item to CRA. If disputed item is corrected and the information provider is satisfied, provider will not include disputed information again, thus you can have a clean credit report.

If your negative information is accurate, then it would take 7 years in general to remove negative information from your credit report.

Clean Credit

Exceptions for Clean Credit Report.

Your bankruptcy information usually appears in your credit report of at least 10 years.

Criminal conviction is reported in the credit report with no time limitation. Any lawsuit or unpaid judgment against you may be reported for 7 years or after certain period.

For a job applicant whose salary is more than $75,000 or more or has life insurance has no time limit.

How to add clean credit accounts to your file:

Most of the national banks, departmental stores, credit card accounts are included in your credit report file. Some creditors like travel, entertainment, gasoline card companies and credit unions do not report clean credit which will reflect in your file and this may not reflect clear credit report.

In case you have been denied clean credit due to no credit file or insufficient credit files. If you have accounts with creditors whose record does not appear in your credit file, on all future reports you may request CRA to add this information. Many CRAs will require fee to add verifiable accounts. But you should understand about this creditors. If this creditors do not report to CRA on regular basis, then your credit report will not be an updatefile.

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