Reading Credit Reports - CREDIT REPORT

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TODAY'S SAVING TIP Yes. If negative information resulted from circumstances beyond your control, you should provide a short and to-the-point explanation. Your explanation might include reasons such as fraud, major illnesses or injuries, divorce or errors resulting ... Read more

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CREDIT REPORT: Reading credit reports

Reading credit reports on a regular basis helps you track your credit history more accurately. While reading credit reports, if you find an error, the Fair Credit Reporting Act requires credit report company and organizations that provide information to them to correct the mistake. But you have to get the ball rolling by requesting an investigation. To fix your credit report, you can file a dispute online, by phone or by certified letter. A letter should include:

Your complete name, address, date of birth and social security number
The name of the company you have a dispute with and account number of the disputed item
The reason for your dispute, any corrections to your personal information and a request for correction
Before you fire off a letter, do some research and gather documentation to back up your claim. Disputed information that can't be verified must be deleted by the credit bureau. If an investigation isn't resolved in your favor, ask the credit bureau to include your version of the dispute in your record.
Accurate negative information usually stays on a credit report for seven years - ten years if you've filed for bankruptcy. If you know the blemish on your report is accurate, you'll have to live with it. The best way to fix your credit report is to keep paying your bills on time and start building a spotless record. If you're about to apply for a mortgage or car loan, it's a good idea to check your credit history beforehand. That way you can fix any errors and point out any blemishes that do belong to you in advance.
It's common for reports to have errors. The most common mistake is an account listed on your record that doesn't belong to you. The more common your name is, the more likely this will happen.
To be on the safe side, routinely check credit reports once a year. You should get a report from all three major credit agencies because they may contain different information.