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Comment on your Credit Report and Avoid Bad Credit

By Karen Anderson
Published: Monday, September 7th, 2009

One of the most overlooked reports that consumers ignore is credit reports. Actually, many people are not even aware of the value of credit reports. Worse, these people even don’t know what information is shown in these credit reports. Actually, credit reports are very valuable in making you monitor you credit performance. Credit reports usually contain information that directly affects your credit rating. This information includes personal information, account history, payment history, mortgages, and even bankruptcy information. Knowing these kinds of information actually helps you become a more effective credit manager. It is a very pleasant situation for many a consumer when he/she would find better credit ratings. In fact, there a re a lot of credit report tips that claims to help you improve your credit rating.

It is very simple to understand why having a good credit rating is essential for credit consumers. In reality, credit ratings actually directly affect secure finances. Whenever you have a good credit rating, then it is very likely that you would not have problems when you would secure your loan in the future. Plus, it enables you to have better prospects of securing future finances. Likewise, having a bad credit rating may mean financial disaster to you. First, it may signal that you need to have your credit account closed. If not, then it may restrict or even deny chances of you securing another loan. This is a very bad financial position. This is also the reason why commenting on your credit report actually is one of the several good credit report tips.

One sad fact is that there are many cases wherein credit reports are inaccurate. Remember that the information contained in your respective credit reports actually has bearing on your credit rating. In fact, one study shows that there is a 79% chance that a credit report consists of errors on the information provided. This is where commenting on credit reports prove valuable. The very last thing that every consumer wants to witness is having a wrong credit report. This is true especially when this information results to bad credit ratings. Imagine that you have a bad credit rating due to errors in your credit reports. This also means having an unjust credit rating. Commenting on your credit report helps you greatly in correcting such errors. This is one among the important credit report tips that you must remember.

It is a good thing that there is a law that protects us from erroneous credit reports. This is the Fair Credit Reporting Act, also known as the FCRA. The FCRA mandates every concerned credit agency to ensure that erroneous credit reports are corrected. The FCRA also gives the right for consumers to challenge errors in their respective credit reports. Documentation proves to be a solid factor in proving wrong credit reports. This is where commenting on credit reports make one of several valuable credit report tips. Comments on a credit report is one good documentation that helps you prove your case, Following these credit report tips may not directly improve credit ratings, but they help you correct bad information that leads likewise to bad ratings.

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