Credit Reporting And Your Bottom Line
Below is a MRR and PLR article in category Finance -> subcategory Credit.
Credit Reporting and Your Bottom Line
How Credit Reports Impact You and How to Improve Your Score
If you've ever had a credit card, personal loan, mortgage, or job, there's likely a file on you detailing how you handle your finances, lawsuits, and bankruptcies. These files are maintained by Consumer Reporting Agencies (CRAs), like Equifax, Experian, and TransUnion.
Understanding Your Credit Report
The Fair Credit Reporting Act mandates CRAs to provide accurate and comprehensive information to businesses evaluating your credit, employment, or insurance applications. Only those with a legitimate business need can access your report. Typically, negative information is reported for seven years, except for bankruptcies (ten years) and lawsuits or judgments, which last seven years or until the statute of limitations expires.
For jobs paying over $20,000 or credit/life insurance exceeding $50,000, there's no time limit on reporting credit data.
Stay Informed
You have the right to know the contents of your credit report and its sources. You can also find out who accessed your report in the past six months. If a credit application is denied based on your report, you can request a free copy within 30 days. Otherwise, a small fee may apply.
To get a copy, contact:
- Experian: P.O. Box 2002, Allen, TX 75013, 888-397-3742
- Equifax: P.O. Box 740241, Atlanta, GA 30374-024, 800-685-1111
- TransUnion: Two Baldwin Place, 1510 Chester Pike, Crum Lynne, PA 19022, 800-888-4213
Correcting Errors
If you spot inaccuracies, notify the CRA immediately. They are obligated to reinvestigate and, if necessary, correct errors. Upon your request, corrected reports can be sent to anyone who received your report in the last six months. If disputes remain unresolved, you can add your statement to the report at no cost if you request it within 30 days of denial notification.
Improving Poor Credit History
There's no quick fix for poor credit. Time is the best remedy. Be wary of credit repair companies charging $50 to over $1,000 to "fix" your credit; they can only alter incorrect entries, which you can amend yourself for free.
Credit Counseling
If you're facing financial challenges, organizations can help address issues like inflation, credit overuse, poor planning, or money management. Non-profit credit counseling agencies offer specialized services for over-indebted individuals and may charge a small fee. Note that these agencies aren't lenders, charities, or government/legal bodies.
By understanding and managing your credit report, you can make informed decisions that positively impact your financial future.
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