CREDIT » CREDIT REPAIR & REPORTS

Posted in Credit, Credit Reports

Disputing a bad item on your credit report can be very gratifying since you know it will eventually be removed. However, the question is: how long will it take? You probably have already been briefed that if you want a legitimate debt to be removed, it can take 7-10 years depending on what that debt is. And removing a bad debt is a little bit different ...

What is Considered a Bad Debt On a Credit Report?

A bad debt is an item that you find on your credit report that offers incorrect information. For instance, if you find that you have an item on your report that you never were associated with, this is a bad debt. Though you never actually charged this bad debt, your credit score is being negatively affected by it. So your job is to make sure that it's removed so that your score can return to an accurate state.

How Can You Remove It?

Once you've found your bad debt, your job is to contact the relevant credit bureau(s) to make sure that the item is removed. This requires that you send a written request with your full name and address, as well as the item you would like to have removed, and proof that the item shouldn't be there, to the bureau. Once they receive the request, they will conduct an investigation to determine the validity of your dispute.

When Will It Be Removed?

If the credit bureau determines that the item should be removed, it normally will take between 30 and 60 days to have it all resolved. However, it could take longer.

Typically, credit bureaus will not act on removing items on their own. Very often, you have to do the legwork to get it done yourself. So be prepared to check your report from time to time to make sure it's accurate.

Being aware of the status of your credit report is important, especially if you are planning to finance big ticket items, such as a car or a house. So it is important to monitor your credit report, because having even one bad item on your credit report can really hurt your credit score; and may hurt your chances of getting a good low interest rate on your loans. To keep this from happening to you, you should use a identity protection monitoring service. With identity protection monitoring services you can always monitoring how your credit report is doing and keep your credit report from having any errors that will hurt you.

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Posted in Credit, Credit Checks

Typically, it's illegal to obtain someone else's credit report without their permission; however, there are a few exceptions to this rule. Also, there are circumstances where you can obtain their report with their consent. Let's look at this more closely ...

When You Need Their Consent

Usually, you can obtain someone's credit report with their signed, written permission when they are prospective tenant. For instance, if you own an apartment building and the person wants to rent from you, you have a right to determine whether they are likely to keep up with their payments. In this case, you have them sign a release form then you can legally check their credit. You just have to include in your request why you intend to check their reportso that the bureaus can confirm its validity.

When You Don't Need Consent

There are a few instances where you don't need consent before requesting a credit report. They are:

  • When you're checking up on a business. Suppose you're trying to work out a major business deal with a company and need to know that they are in good standing credit-wise. In this scenario, you have the right to check up on the corporate entity without permission. You simply visit a bureau site and get to searching.
  • When you're checking on your child. Another instance where it's okay to check a credit report without prior consent is if you're checking on your child's welfare. If you suspect that someone is trying to steal your child's identity and is using his or her credit maliciously, you can request a copy of the report from all three credit bureaus. In order to do so, you need to have a copy of the social security card, birth certificate, and proof of your relation.

Remember, there are only a few instances that it's appropriate to check someone else's credit. Any attempts outside of this are illegal.


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Free Credit Report

From the time you open your first credit account, the three major credit bureaus – Experian, Equifax, and Transunion -- keep an invisible paper trail of all of your account activity when it comes to credit and loans. Up until recently, many consumers did not know what information was contained in their credit report unless they were turned down for credit, and requested a copy from one of the major credit bureaus.

However, in 2005, the federal Fair Credit Reporting Act (FCRA) mandated that consumers were entitled to one free credit report a year from the three credit bureaus. You can get your free credit report by going to www.annualcreditreport.com, a free website that was set up jointly by the three major credit bureaus.

If you have ever applied for a credit card, mortgage, or auto loan, then you probably know that your credit history, as reflected in your credit report, makes a big difference it the interest rates you qualify for, or whether you qualify at all. Get your free credit report and make sure your credit profile is the best it can be.

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