Every single person in the US is suffering or will suffer from the consequences of the recent credit crunch. Regardless of any A plus credit history, everyone will be affected by this credit crunch. Therefore, checking your credit report and monitoring it on a regular basis is of utmost importance.
Financial institutions, particularly banks are looking for reasons to raise interest rates or lower credit limit. If you make any delays in making payments, your creditors may use that as a reason to increase your interest rates or lower your credit limit. So it is important that your report does not show inconsistency of any kind.
You often do not realize it but mistakes are often made by creditors while they report to the credit bureaus. There have been instances where mistakes have been made regarding personal details, payment histories and loan amounts. Any such mistake with your credit reports can deteriorate your chances of getting a loan in the future.
Checking credit reports on a regular basis is the best defense. You are entitled to get one free report from each of the three credit bureaus annually. Though it does not give you access to your credit score, but allow you to view your true credit report.
Check credit report and if there re inconsistencies, resolve them as soon as possible. The first thing you should do is contact the credit bureau. There are online forms that you can fill out, but it is better if you send a letter with your contact information, dispute details and why you are contesting and a request to correct the information.
When you send a letter to the credit bureau, you must include records that will prove your dispute. Include copies of statements or other documents and a copy of your credit report with the incorrect information circled. Send the letter certified mail with a return receipt request.
Once you have contacted the credit bureau, establish contact with the creditor. Inform them about the specifics your dispute. You should also send copies of the documents that you sent along with the request letter for correction to the credit bureau.
It is important that everyone monitor their credit report. If you are considering making a large purchase, like a home or car, you may consider opting for a credit monitoring service that will alert you if there are any changes in your credit report or score. - 15465
Financial institutions, particularly banks are looking for reasons to raise interest rates or lower credit limit. If you make any delays in making payments, your creditors may use that as a reason to increase your interest rates or lower your credit limit. So it is important that your report does not show inconsistency of any kind.
You often do not realize it but mistakes are often made by creditors while they report to the credit bureaus. There have been instances where mistakes have been made regarding personal details, payment histories and loan amounts. Any such mistake with your credit reports can deteriorate your chances of getting a loan in the future.
Checking credit reports on a regular basis is the best defense. You are entitled to get one free report from each of the three credit bureaus annually. Though it does not give you access to your credit score, but allow you to view your true credit report.
Check credit report and if there re inconsistencies, resolve them as soon as possible. The first thing you should do is contact the credit bureau. There are online forms that you can fill out, but it is better if you send a letter with your contact information, dispute details and why you are contesting and a request to correct the information.
When you send a letter to the credit bureau, you must include records that will prove your dispute. Include copies of statements or other documents and a copy of your credit report with the incorrect information circled. Send the letter certified mail with a return receipt request.
Once you have contacted the credit bureau, establish contact with the creditor. Inform them about the specifics your dispute. You should also send copies of the documents that you sent along with the request letter for correction to the credit bureau.
It is important that everyone monitor their credit report. If you are considering making a large purchase, like a home or car, you may consider opting for a credit monitoring service that will alert you if there are any changes in your credit report or score. - 15465
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