Credit problems and low credit scores can cause a person great problems. Higher interest rates, bigger deposits, denial of credit applications can all cause great difficulty in your life. So how can you help yourself and repair what you can in order to simplify your financial life?
Make sure that you receive a new credit report from each of the three big credit bureaus, TransUnion, Equifax and Experian. Each year you are entitled to one report free of charge. You can also pay a fee and get a combined report that you may find helpful.
There are reports that claim that as many as 79% of all credit reports are inaccurate so make sure to check your report for incorrect information. It may be just the errors that are causing you problems.
You should be aware that the credit reporting agencies are paid to gather information and sell that information. They don’t care if the information is accurate and truthful or not. It doesn’t matter because they get paid for the information period and to them the accuracy of that information is immaterial. In fact the only person who has any concern if the information on your report is correct is you!
You do have rights as a consumer. The Fair Credit Reporting Act was enacted to help consumers. You have the right to dispute any information that shows on your credit report. In fact in the face of a dispute, the only information that can stay on the report is what can be proven to be correct. And you don’t have to prove anything but the creditors and collection agencies must prove that what they are reporting is accurate.
You have the right by law to dispute any information that is showing on your credit report. You will simply be asking the creditors and collection agencies to prove that what they are reporting is accurate. If they can’t provide proof then the information must be deleted.
The advantage that you have as a consumer when you dispute credit report information is that while dispute resolution is a required cost of doing business for the credit bureaus and collection agencies, regardless of any outcome they cannot make a profit from that activity. Therefore they do not like to handle disputes and a wise consumer will use that to his benefit.
It is your responsibility to make sure that your credit report is accurate and as positive as possible. It is smart to repair problems and delete inaccurate information on your reports. You can hire a credit repair company or do it yourself but the crucial thing is to do it.
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