Are you considering a major purchase such a home or a vehicle? It would be best to verify that you have an accurate credit report first. Pull your credit report now. You can get a copy of your credit report for free at www.annualcreditreport.com. You need to see what is on your credit report before a potential creditor does. The Fair Credit Reporting Act provides that consumer reporting agencies ensure standards that follow maximum possible accuracy in reporting your credit history. Your credit report is a listing of credit transactions, payment histories, public records, and so on. A negative tradeline on your credit report can impact your ability to get credit or cause you to pay a higher than optimal interest rate. It is best to check for accuracy before you look to buy on credit. If there is an inaccurate adverse item. If so you can dispute the adverse tradeline and possibly have removed. There are several common types of credit reporting errors. One of these is what is called a Merged File. This is where your credit file has been mixed or transposed with someone else’s file. Another possibility is always Identity Theft. Yet another common issue is stale or Re-aged debt. The law provides that all debt should fall off of your credit report 7 ½ years after the initial delinquency. Also, the public records section of your report may not be current. Maybe you have been sued, but have since won the lawsuit or have received a judgment against you, but then paid it off. You have the right to have accurate, up to date information on your credit report. If you have incorrect information on your credit report the first step is to dispute the inaccuracy. The dispute should be in writing. The dispute should be sent directly to the credit bureau, and should be sent via certified mail. The dispute triggers investigative duties on both the reporting agency and the furnisher. Please call me if you need help in drafting a dispute letter or have any questions about your rights regarding the accuracy of your credit reports. I offer a free consultation.
