Under federal law, you are entitled to a free
report more than just once a year if application for
creditor employment is denied and you
make a request for the report within 60 days. the denial of credit report lists name, address, and phone number of
the consumer reporting agency issuing the credit report which caused the denial of credit.
Also, if you are unemployed and plan to look for a job within
60 days; if you're on welfare; or if your
report is inaccurate because of fraud, including
identity theft, you are entitled to free credit report under the new law.
Otherwise, a consumer credit reporting
agency can charge you up to $9.50 for another
copy of your report within a year.
It is advisable to get a report from all three credit bureaus because they obtain credit information from different sources
Correcting Errors on Your Credit Repout
If an investigation doesn't resolve your
dispute with the consumer reporting agency,
you can ask that a statement of the dispute
be included in your file and in future reports about the dispute-- you get to tell your side of the story and it becomes part of your credit report.
Be sure to ask the consumer reporting
agency to provide your statement to anyone
who received a copy of your credit report in the
recent past. they are allowed to charge you a free for this service.
Consumer credit reporting agencies report most negative credit information for seven years and bankruptcy information for 10 years. Information about a lawsuit or an unpaid judgment against you can be reported for seven years or until the statute of limitations runs out, whichever is longer.
There is no time limit on reporting
information about criminal convictions;
information reported in response to your
application for a job that pays more than
$75,000 a year; and information reported
because you've applied for more than $150,000
worth of credit or life insurance.
those which you authorizer and creditors,
insurers, employers, and other businesses
that use the information in your report
to evaluate your applications for credit,
insurance, employment, or renting a home
are among those that have a legal right
to access your report.
A Few Comments On Credit Repair Companies
Over the past fifteen years or so, many "Credit Repair Companies" or "Credit Clinics" have opened up across the nation. Their main purpose is to help the individual remove incorrect and negative items from their credit report. Unfortunately, some of these outfits are scams from the word "GO" and have given the whole industry a bad name. They take the consumer's money and then tell them it will take month s to get results, then disappear without a trace. With the information we have provided you with here, you have no need to take that chance. If, however, you decide to hire one of these companies, check them out!
First, if the sales person or company uses the word "Guarantee" or "Delete", Run and don't look back! There is no way to "Guarantee" that ANYTHING will be removed from the credit report! Think about it for a minute. Unless he or she is going to "hack" into the credit bureau's computer, how can he guarantee anything? The Clinic is NOT the one that "deletes" the information!
Ask to see their license, get a copy of it, and then contact your State's Secretary of State to make sure that the company has obtained and maintained the necessary license and/or bond. In the State of Nebraska all companies, organizations, or individuals that provide credit services MUST (with NO exceptions) obtain a "Credit Services Organization License". If they charge a fee BEFORE they provide the services they promise, they MUST also maintain a $100,000 Surety Bond for TWO YEARS after they cease doing business in the state. While you are on the phone with the Secretary of State's office, ask if there have been any unresolved complaints against the company. Find out how long they have had their license as well.
There have been a number of credit clinics that guarantee to remove any derogatory items from consumer's credit report.
Contact the Attorney General's office in your state as well, see if there have been any complaints and find out if they are under any kind of investigation. The Better Business Bureau is also another good organization to check. My company wasn't just LISTED with the BBB, we where actually members of the organization as well.
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