Keep Your Credit History Clean - Remove A Negative Credit Record From Credit Report
The three major credit bureaus, Experian, Equifax and Trans Union are similar and feature a "Credit Score", which is created from credit report data submitted to them about you.
But very often your credit report includes inaccurate, wrong or incomplete information (credit records).
In this situation you have to prepare and send letters to each of the credit bureaus. Also learn your credit rights by familiarizing yourself with the Fair Credit Reporting Act (FCRA).
The FCRA gives you the right to dispute inaccuracies or omissions, and it requires credit bureaus to investigate your complaint (generally within 30 days), send you a prompt response and correct any errors. The law also requires the source of inaccurate information (such as a bank) to correct the record at the credit bureaus to which it initially provided the erroneous information.
Consumers working on their credit reports say many times their letters are ignored by the credit bureaus. Consumer's say even with proof a credit record is not theirs; its removal from their credit report can take three or four challenge letters, because the credit bureaus may have only verified it in their computers and not on the credit report.
Send your dispute letter by CERTIFIED RETURN RECEIPT MAIL. This should not be done with the first attempt.
Keep a record of when you sent the dispute letters and what date you should expect a response.
If you have received no answer to your dispute after 30 to 37 days, send a certified return receipt letter requesting an updated credit report demanding the disputed credit record be deleted.
If the bureaus do not reply within the 30 days, it must be that the information was either inaccurate, or it could not be verified. In either case, according to the Fair Credit Reporting Act, the credit record must be immediately deleted from credit report.
Some consumers have eliminated negative marks on credit reports simply by going through this process of disputing credit records several times. Since some creditors will not take the time to respond, you may be able to win by default.
In addition, some consumers working on their credit report have seen another negative credit record or two disappeared. Usually some progress is made each time you challenge. Remember, the credit bureau would like you to quit bothering them because if you aren't disputing the credit report, they can legally continue selling it as profitable information.
To obtain the excellent credit report service, correct your credit, get FREE online Credit Report, make your Credit Score higher or avoid becoming a Victim of Identity Theft visit Legal Helper website ( http://www.legalhelper.ws/credit-report.aspx ).
Your credit score is important for obtaining credit. Your credit score is important to know, whether you need a new credit card, an auto loan, or a mortgage. Lenders use your credit scores to decide whether you are a good credit risk. If you have a high credit score, you are more likely to obtain the best rates.
About The Author
Jeffrey Broobin is a free-lance writer on family and finance issues; his main goal is to help people during their complicated period of life.
Website: http://www.legalhelper.ws
MORE RESOURCES:
 GulfNews | Bush: US will work with partners on credit crisis The Associated Press - WASHINGTON (AP) — President Bush says world's wealthiest industrial countries will work together to attack the credit crisis spreading around the globe. ... World Leaders Offer Unity But No Steps To Ease Crisis Bush vows coordination with world powers on financial crisis Time to Act |
 Boston Globe | Without real leadership, we face disaster guardian.co.uk, UK - There is a combination of a worldwide bank run, seizure of credit markets and collapse of asset values that could plunge the globe into a depression. ... Video: Overseas Markets Fall on Financial Turmoil Fears Asian credit default costs soar to record - traders Stocks rally fades on credit market worries |
 The Associated Press | US will work with partners on credit crisis: Bush CBC.ca, Canada - It was the 21st time in 26 days that the president has spoken publicly about the credit crisis gripping financial markets and dragging down stock markets. ... Video: Bush: 'We Must Work Collaborately to End Crisis' |
Is my credit union safe? Los Angeles Times, CA - By E. Scott Reckard, Los Angeles Times Staff Writer The government-run National Credit Union Share Insurance Fund insures most deposits at credit unions, ... Credit unions alternative to banks Got Your Money in a Credit Union? You Too Are Safe In tumultuous financial times, credit unions might be an option to ... |
 China Daily | Lehman Credit-Default Swap Payout Could Climb as High as $365 Billion Washington Post, United States - By Heather Landy NEW YORK, Oct. 10 -- In what may shape up to be the most expensive payout ever in the credit-default swap market, sellers of insurance ... STOP FINANCIAL WMD'S: Credit Default Swaps Lehman Credit-Swap Auction Sets Payout of 91.38 Cents (Update1) Insurance on Lehman Debt Is the Industry’s Next Test |
 BBC News | Credit crisis should not hurt poor, ministers urge Reuters - By Lesley Wroughton WASHINGTON (Reuters) - Major economies should not use the global credit crunch as an excuse to renege on aid promises to poor countries ... Video: IMF: Timing right for G7 Credit CRISIS ALERT IMF endorses plan by rich countries to fight credit crisis |
 Los Angeles Times | Fears Grow That Tight Credit Could Crush GM, Ford NPR - Standard & Poor's downgraded the credit of both companies and their financing arms this week. AFP/Getty Images Ford F-150 trucks sit at a dealership in ... Video: Money Minute: GM, GE, Oil CREDIT WATCH HITS GM, FORD GM, Ford too big to fail? |
Is the era of easy credit over for the long haul? International Herald Tribune, France - For Clark, and for a nation of consumers heavily dependent on credit, there are growing signs that those rough times could prove to be more than just a ... |
 WNCT | Anatomy of the American Financial Crisis: How It is Turning into a ... Center for Research on Globalization, Canada - Its failure created a domino effect among other international banks that had lent to each other in the international credit chain. ... Where did all that 'lost' money go? Credit freeze sees small cracks Market news this week for strong stomachs |
Financial troubles spread to credit unions Los Angeles Times, CA - By E. Scott Reckard, Los Angeles Times Staff Writer It's not just giant banks on the brink these days: Losses are clobbering nonprofit credit unions that ... |
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