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Disputing Incorrect Information on Credit Reports
Reading credit reports can be confusing. Before you assume there is an error, make sure you are interpreting the information correctly. The good news is that you can effectively dispute errors. Keep records of all your telephone conversations and correspondence. Get the name, title, and telephone/extension number of the person with whom you are speaking. All three of the large credit bureaus offer tools to register free online credit report disputes. The Federal Trade Commission (FTC) also offers a publication called “How to Dispute Credit Report Errors” for free on its Web site.
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Protecting Your Credit & Identity
Credit monitoring services can be found all over the Internet. Does that mean you should use them? Not necessarily. The service is a good one, but in this day and age, with identity theft one of the crimes that has skyrocketed over the last few years, it cannot be all you do.
Credit report monitoring essentially does just that: it monitors your credit report for any unusual entries or activity. But the fact is, identity theft is not just about people illegally opening credit card or cell phone accounts. It is much more than that.
It is much safer to go with identity protection services from Identity Guard. They monitor and provide you with credit reports from all three major bureaus: Experian, Equifax and TransUnion. But they also go the extra mile.
With Identity Guard®, you can be protected on several levels. For one, up-to-date anti-virus software protects all the personal and sensitive information on your computer and Web-enabled phone that an identity thief would try and steal. Second, they regularly monitor Internet sites where identity thieves are known to trade and sell stolen information. And third, they use a patented scanning technology that alerts them if your social security number, credit card or bank information is being used over the Internet without your authorization.
Monitoring your credit report is a good first step, but if you want comprehensive protection, you need to go that extra mile.
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Disputing Credit Report Errors
Consumers should check online credit reports on file with Experian, Equifax, and TransUnion regularly to ensure that the information the reports contain is accurate. The Fair and Accurate Credit Transactions Act, or FACTA as it's called, makes it easier to dispute incorrect information in your credit report. Consumers can deal directly with the credit bureaus to dispute errors. Each of the big three credit bureaus offers online, telephone, and mail channels through which to pursue disputes. You can visit the company Web sites for more information. Regardless of whether you choose to deal with the credit bureau or directly with the business, you should dispute incorrect information in writing, and you should keep copies of everything. And remember, fixing an error at one credit bureau does not mean it will be corrected at the others. If the incorrect information is included in more than one bureau's database, you will need to pursue your dispute with each bureau individually. For more information on how to dispute inaccuracies in your credit report, visit www.privacyrights.org. There are links to government publications and other resources that will help you iron out any problems.
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Credit Reports & Business Partnerships
If you are considering a partnership or working relationship with another business, you need to consider a host of criteria. One of the most important things to look at is the business’s credit report. This report will show exactly what risks are involved in working with a particular company.
You can see what their credit history has been, including whether or not they make their payments on time, have had accounts referred to collection agencies, have filed bankruptcies and more.
By having all this information on hand you can make an informed decision about the stability of the company, how it is being run and whether or not a partnership or working relationship is beneficial or too much of a risk.
Before you shake hands or sign on the dotted line, get a 3 in 1 credit report and see if the light at the end of the tunnel is success or an oncoming train.
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Checking Your Own Credit Report
Not only can you check your own credit reports, you should check them regularly. You can order directly through Equifax, Experian, TransUnion, or any number of online credit report companies. Checking your own credit reports will not negatively impact your credit score. Keep in mind, though, that if you order directly, you will be charged a fee. If you'd rather receive a free credit report, you can order an annual credit report from each of the three big credit bureaus at www.annualcreditreport.com. When you check your credit reports, make sure it is error free. Sometimes information from other individuals can be inserted into the wrong record.
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Address Credit Report Errors Immediately
Mistakes can happen. Not just on your part, but on the part of creditors and reporting agencies. That's why it is important to request regular credit reports and to address any inconsistencies or errors immediately.
The longer incorrect information is present on your credit report the more damage it can do. It can cause you to be denied for a line of credit or a loan, result in higher interest rates if you are approved, or even stop you from renting an apartment or getting a mortgage.
As soon as you have a credit report dispute that needs to be addressed, notify the reporting agency in writing. Be very specific and detailed about the nature of the error so it can be handled properly.
It is also important to get your report from all three major bureaus: Equifax, Experian and TransUnion. Just because a mistake is corrected with one agency does not mean that it is corrected with the other two. You will have to notify each separately of the mistake and make sure that credit bureau disputes are taken care of on all fronts.
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About Credit Reports
A credit report is a compilation of information that serves as a persistent record of how you use, abuse and manage your credit responsibilities. It includes basic information about you, such as your name, address, telephone number, Social Security number, date of birth, and employment history. It also includes information on your credit payment history as well as public information such as tax liens, court judgments, and bankruptcies, if any. Credit reports are used by potential businesses and lenders to help determine your creditworthiness. If your credit report is generally positive, you will most likely qualify for better terms on any credit for which you apply. The federal government recently enacted legislation allowing consumers access to a free credit check once every 12 months from each of the three main credit bureaus. For more information, or to get information on an free instant credit report, visit www.annualcreditreport.com.
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Knowing Where You Stand
Credit reports are not just something to be used by creditors to see if you are a reliable person. Requesting your report from credit report agencies can be a valuable tool for you. By finding out what your score is and what creditors will see if they make inquiries, you will know where exactly you stand.
If you see that your credit score is not very strong, you can make a focused effort to change it. By requesting these reports every six months you can track the progress you make and see what has positively and negatively impacted your credit standing. This will show you what is working and what is not.
Knowing what is contained in these reports can also give you a better idea if you are going to be approved for a loan, credit card, mortgage or other line of credit. Then you can plan your finances accordingly.
Make sure to request your report from all three reporting agencies: Experian, Equifax and TransUnion.
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About Credit Scores
A credit score is a numeric value that most commonly ranges from 300 to 850 and that is calculated based on a number of different factors. The single-most important factor in determining your credit score is your past repayment history. Credit reporting data is maintained by the credit bureaus on more than 170 million Americans. Credit scores are calculated directly based off current credit data, then subsequently pulled by lenders. A score does not exist until they are ordered by a lender or consumer. Since there can be errors in the information contained in a credit report and the corresponding credit score, personal finance and identity theft experts recommend that you check your credit scores all three credit bureaus at least three to six times a year. Federal law entitles consumers to a free credit report and score from Equifax, Experian, and TransUnion once every 12 months.
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Credit Cards and Identity Theft
Credit card companies recognize the threat that identity theft poses to consumers and do take steps to protect their customers. For example, many credit card companies monitor usage patterns by consumers. If unusual charges appear on the account, the company may temporarily freeze the account and contact the cardholder to see if the charges are legitimate. Examples of unusual charges include charges at vendors outside the geographic region in which you normally use the card or a big-ticket purchase when you normally use the card for smaller purchases. Most companies also offer other credit card fraud protection services, such as issuing virtual numbers for online purchases. Your credit card company's Web site should include a full description of the identity theft protection services it offers.
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