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July 1, 2010 Marks Start Of More Accurate Credit Reports

By Faye Mergel
Published: Tuesday, June 1st, 2010

CRTS-00086591-001Starting July 1, consumers can be assured that their credit reporting agencies will be more careful in filing different financial information under people’s report. Recent legislation made this improvement possible because of the growing concern over disputing wrong information.

Passing the Free Credit Report Rule, the legislation calls for more accurate financial reports in order to lessen the number of complaints against the three credit bureaus. More conscientious reporting is the concern of those who passed this in the legislative department. Acknowledging the gravity of the information contained in a credit report, all information contained in each report must all, or at least mostly, be accurate. The consumers insurance premiums, mortgage, car loans and other financial obligations are dependent on their credit information so it is important to keep it is accurate as possible.

Many creditors are insistent that wrong records being placed under their name jeopardize their opportunities for employment, for securing a home or auto loan, and for receiving student financial aid. Not to mention correcting the information will take some time, the Federal Trade Commission thus wants the bureaus to be more careful and considerate of the wrong information’s impact on the lives of the borrowers.

Consumers who suspect that they have credit information under their credit report that they did not incur must go to the Federal Trade Commission’s website and download a dispute form. The FTC and the three credit bureaus advice that disputes must be made in writing. Proceed with accomplishing the form and submitting it as soon as possible to the concerned credit reporting agency. The sooner that you detect discrepancies in your credit report, the faster it will get fixed.

Also, FTC also advises that consumers must not wait for them to get denied in loan applications before they get tot check their credit reports. Among the most common complaints in credit bureaus is that people get denied for their credit application because of the wrong information in their reports such as bad credit. Although this is the fault of the credit bureaus, the consumers still have the responsibility of checking their reports regularly in order to correct any mistakes they will encounter. This is advisable approximately a month before any loan applications are filed.

Come the month of July, most consumers will be more confident that their credit reports are more accurate than ever. But even if the credit bureaus 100% accuracy, people can never be sure. Checking credit reports is still the best way to avoid unnecessary trouble in credit-related applications.

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