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Improve Your Credit Rating: Document Credit Report Errors

By Andy Snyder
Published: Saturday, September 5th, 2009

One of the major factors that determine credit ratings is information found in your credit report. A credit report usually holds such information like account history, account histories, and personal information among others.

The important thing here is that this information is valuable to every credit consumer. This data actually may determine one’s financial status, as well as his/her financial responsibility. Following that logic, having a bad credit report follows with having bad credit Rating. This is because credit rating is directly related to account information and history. Usually, people ask for credit report advice to interpret properly such information.

However, the sad fact here is that credit reports having wrong information is a usual occurrence. Actually, a study shows that there is a 79% chance that a credit rating consists of false information. Also, most of the erroneous information on credit reports is reasons why credit ratings fall. This is double jeopardy for consumers. Given such a background, many people actually suffer from bad credit ratings unjustly. Having bad credit ratings ignored is a big mistake. This normally leads to a very insecure financial situation. The most common credit report advice here is to challenge and report erroneous credit information on respective credit reports. Doing otherwise may result to dire consequences.

However, many people are not confident enough in reporting errors on credit reports. This is because these people are wary about the factors involved in reporting such. Many people think that it takes a very complicated process to report erroneous credit reports. Plus, many a times these people are also not confident about their credit standing.

One important fact to remember is that the law sides for fair credit reporting. There is a certain legislation called the Fair Credit Reporting Act. This act, popularly known as FCRA, is made to defend consumers from unjust credit reporting. FCRA requires concerned agencies to ensure that fair credit reporting is always followed. In addition, it requires creditors to be responsible in correcting errors in credit reports. In short, consumers must be confident in reporting errors in their respective credit reports. However, following this credit report advice also requires responsibilities. One of the main tasks for you is to document these errors.

Documentation is one of the most effective ways of having evidence to be presented in any case. False credit reports included. Remember that evidence is required by any case for it to become credible enough. Therefore, proper attention must be appropriated in documenting errors in credit reports. This is never an easy task. However, patient documentation may in the end reverse bad credit fortunes. Whenever one contacts his/her respective credit agency to report erroneous credit reports, written documents is always a prerequisite. In addition, a letter is actually necessary to forward your case. This makes documentation most important. A dispute letter often involves correspondence and transactions to all concerned credit agencies, so documentation must be made accurately. Documentation is actually worth a credit report advice – especially when you are now ready to report credit errors.

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