CREDIT » CREDIT REPAIR & 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.

>> To learn about credit

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.

If you have ever applied for a car loan , a mortgage , or even a credit card , you know how important it is to maintain a good credit record and a high credit score. One of the best tools at your disposal when cleaning up your credit is your credit report from each of the major credit agencies -...

Anyone who has been online recently has seen the umpteen offers for free credit scores cluttering the Internet. They all promise to be free and quick and easy, which is probably true. The only problem is, there are multiple credit score systems out there, but only one that lenders really care...

Citi Bank is now offering a high 4.07% APY cd rate - this is by far one of the highest cd rate just for an 18 month cd . The stock market hasn't done too extremely well in recent months and many people are flocking into low risk investments such as cds, so if you're one of those people this cd...

If you've got an enormous credit card bill and you're paying an ugly interest rate on it, then you may want to transfer your balance to a new credit card in order to take advantage of a low interest rate introductory offer. Many credit cards will offer zero or low interest rates on your balance...

People who have some type of credit will have some type of debt. These debts come in various forms, such as credit card balances, student loans , auto loans , mortgage loans , etc. However, there is a difference between good debt and bad debt.

Good Debt Can Keep Your Credit Healthy

When you...

Almost everyone knows the importance of having a good and solid credit history in regards to everything from qualifying for the best loan rates to searching for a new job . Yet despite your best efforts of prompt payment and open communication, companies can make mistakes within their system that...

Credit is one of life's biggest conveniences.

It can help you buy bigger items, such as home furnishings or appliances when you may not have all of the funds readily available. Some people chose to use credit cards since they offer rewards and bonuses, but also may come with an APR...

Transferring a credit card balance from one card to another is easy - if you can find the right offer . In the past, transferring a credit card balance was practically guaranteed as an option because all the credit card companies were fighting for people's business, and so offers were everywhere....