Maintaining Complete And Accurate Credit Records - CREDIT REPORT

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TODAY'S SAVING TIP Under the Consumer Reporting Act, you are entitled to a copy of all the information a credit agency has on you. Find out what these credit bureaux are telling people about you and find out who has been asking. The credit bureaux are NOT consumer ... Read more

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CREDIT REPORT: Maintaining complete and accurate credit records

Mistakes on your credit record can cloud your credit future. Your credit rating is important, so be sure credit-bureau records are complete and accurate.
The Fair Credit Reporting Act says that you must be told what's in your credit file and have any errors corrected.

Negative Information. If a lender refuses you credit because of unfavorable information in your credit report, you have a right to get the name and address of the agency that keeps your report. Then, you may either request information from the credit bureau by mail or in person. You may not get an exact copy of the file, but you will at least learn what's in the report. The law also says that the credit bureau must help you interpret the data because it's raw data that may take experience to analyze. If you're questioning a credit refusal made within the past 60 days, the bureau is not allowed to charge a fee for giving you information.
If you notify the bureau about an error, generally the bureau must investigate and resolve the dispute within 30 days after receiving your notice. The bureau will contact the creditor who supplied the data and remove any information that is incomplete or inaccurate from your credit file. If you disagree with the findings, you can file a short statement (100 words) in your record, giving your side of the story. Future reports to creditors must include this statement or a summary of it.

Old Information. Sometimes credit information is too old to give a good picture of your financial reputation. There is a limit on how long certain kinds of information may be kept in your file:
-- Bankruptcies must not be reported after 10 years. However, information about bankruptcies at any time may be reported if you apply for life insurance with a face value over $150,000, for a job paying $75,000 or more, or for credit with a principal amount of $150,000 or more.
-- Suits and judgments paid, tax liens, arrest records, and most other kinds of unfavorable information must be dropped after 7 years.
Your credit record may not be given to anyone who does not have a legitimate business need for it. Stores to which you are applying for credit may examine your record; curious neighbors may not. Prospective employers may examine your record with your permission.

Billing Mistakes. In the next section, you will find the steps to take if there's an error on your bill. By following these steps, you can protect your credit rating.