Credit Report News, Tips & Advice
Website CertifiedPrivacy Protected
Credit Report News, Tips & Advice « Credit Reports > Credit Report Tips > Credit Report Errors Should be Disputed and Reinvestigated

Credit Report Errors Should be Disputed and Reinvestigated

By Karen Anderson
Published: Wednesday, October 14th, 2009

If you lack action upon stumbling on a credit report error, you will end up with nothing no matter how many credit report tips you read. Your credit report is crucial when it comes to the future of your financial status. There will always be a point in your life when you may need to open a credit line, apply for loan or apply for mortgage. All these situations will require you to have your credit report prepared by a credit bureau. Your credit report will be used by a potential lender to evaluate whether or not you are creditworthy.

Although your credit report will be prepared by a credit bureau, credit report tips will advise you to make your own investigation. This means that you should also inspect the report that the credit bureau makes. Negative information can stay in your credit report for seven years except for some cases. Bankruptcy information can stay reflected on your credit report for ten years. If you are reported to have applied for a job with a salary of more than $75,000, it will stay as information in your credit report with no time limit. This is also true with information reported due to an application for more than $150,000 worth of credit or life insurance.

There are also areas of concern that credit report tips will advise you to check because any negative information on these areas can be detrimental to your chances of having your loan or credit line approved. Lawsuits and judgments against you can stay in your record for seven years or until the statute of limitations is over, depending on which of the two is longer. Default information on your being U.S. Government insured or guaranteed student loans will also be reflected on your record for seven years after certain guarantor actions.

As you can thus observe, it can hurt your chances to have your loan granted at the soonest possible time due to the length of time where negative records can be reflected on your credit report. This is where credit report tips can provide much help. You will be advised by all credible tips to check for any errors on your credit report and if you see one, dispute it. There are researches that testify that credit bureaus make mistakes in your credit report 76% of the time. This means that there is also big chance that they have entered inaccurate information on your credit report.

If the negative information on your credit report is accurate and timely, you cannot legally remove it. However, you are also legally allowed to request for a reinvestigation if you find an error on your credit report. Only few credit report tips will tell you that a reinvestigation is for free but it truly is. You can verify this information by looking at the Fair Credit Reporting Act: “You can dispute mistakes or outdated items for free.” This is only one of the provisions of the act and you can find many more. Should you not succeed in your dispute, have the credit bureau include your own version of the dispute for future references.

No Comments

No comments yet.

RSS feed for comments on this post.

Sorry, the comment form is closed at this time.