Credit Reports Galore - denied free experian equifax

Rayven Perkins asked:


There are multiple credit myths and rumors that surround the realm of credit reporting. Some are urban legend, and have become so widely disseminated that they are taken as gospel; others are deliberately encouraged by lenders to terrorize or cajole debtors into compliance.

The following is a compilation of the most common credit myths concerning your credit file, and the reality that all consumers should be aware of.

Myth: Credit reporting companies are subsidiaries for or working on behalf of the federal government.

This belief is fostered by the fact that creditors make such a big deal about “registering” you as a debtor with a credit reporting agency that the power of the agency itself becomes inflated. In fact, credit reporting companies are nothing more than mega businesses and their true subsidizers are the banks and finance companies.

Myth: If you pay a bad debt, the negative report will automatically be removed from your credit immediately.

This is a tactic used by unethical bill collectors to get you to pay your debt, and 9 times out of 10 it is a flat out lie. You can occasionally make an agreement with a creditor to pay a debt on the condition that it be removed or marked paid as agreed, but this should always be in writing, and they must put in writing that they will contact the credit reporting agency, request the update, and follow through until it is done.

Myth: You have to sign up for a credit monitoring service to get a free credit report.

This one is just ridiculous, and has been picked up by hundreds of companies trying to sell “credit protection” packages. They offer you a free credit report through their website and then sign you up for a monthly automatic charge for an overpriced, basically useless “credit alert” program that you can duplicate simply by taking reasonable precautions. Don’t be fooled. You are entitled by law to a no strings attached, once a year, completely free report from each of the three major credit reporting companies.

Myth: Trying to get stuff removed from your credit report is illegal.

Again, this is just not true. There are illegal and unethical ways to tamper with your report, but many people have incorrect or outdated items on their report and it is perfectly legal to try to have those removed or updated. The steps to accomplish this are easy, and you can do it yourself so don’t waste money on a “credit repair” company that claims it can restore your credit for a huge fee.

Myth: Credit Reporting agencies are required by law to keep negative items on your report for at least seven years.

Actually, the Fair Debt laws state that after 7 years credit reporting companies are required to remove adverse reports - and nowhere does it say that these can’t be taken off earlier. The credit reporting agencies perpetuate this myth themselves so people will not ask them to remove stuff.

Myth: Credit reporting agencies strive to keep accurate reports.

In what alternate universe? Again, a credit reporting agency is not an agent of the government, and has little interest in helping anyone out or motivation to be accurate. They are in business to make money, and they make it from the lenders.

They have a vested interest in reporting whatever the creditors tell them because the creditors pay them to, and they double dip by selling this personal and private (and often inaccurate) information to other lenders and agencies as well. They have no vested interest in removing items, or in helping you at all.

Now that you know what credit myths to watch out for, you can take steps to review your credit and begin to correct any discrepancies. Unfortunately, credit reporting agencies do hold a lot of power over the average American citizen, and it falls to you personally to make sure that you are not being taken advantage of or wrongfully portrayed.



OMAR

Danny Thompson asked:


Because of a new federal law passed in 2005, you can now get your credit report free from all 3 of the major credit bureaus (Equifax, Experian and TransUnion).

Thanks to this legislation, credit reporting agencies are required to provide you with a free copy of your credit report on an annual basis upon your request using the established method. Basically, this boils down to requesting your free reports using from each bureau using the centralized system that was designed for this very purpose. If you contact any of the three bureaus directly they will charge you for the report. This is one great example of where following directions actually pays off!

In previous years one would have to pay as much as $19 or more for just one credit report. Now monitoring your credit is easier thanks to this new federal law. The only problem is that the new law only provides you access to one free credit report per year from each of the three credit bureaus.

Why Credit Monitoring Matters

If you want to keep good track of your credit (as you probably should) you will have to check your credit on a more regular basis. Many financial planners recommend that you check your record on a monthly basis. The easiest way to do this is to sign up for a credit monitoring service that will do the work for you. You can also request your credit report on your own from time to time to check it. You can do this for free by taking advantage of one of the many free credit report promotions available online.

Remember, effectively monitoring your credit is crucial to your financial health because outdated or inaccurate negative information on your credit could potentially cost you a new job, a rental apartment or money in the form of higher interest rates when you borrow from a financial institution — that is assuming you get approved.

If you are not concerned about being a victim of identity theft and only want to check your credit report on a yearly basis, be sure to take full advantage of your rights under the new law and order your free credit report from each agency using the Annual Credit Report centralized system.

This new centralized system offers consumers the opportunity to order credit reports online, via mail, or by phone. Ordering online is of course by far the fastest and easiest way to get a hold of your credit reports from all three agencies. Depending on the information you provide, you may even be able to have instant access to your free credit reports online.

Where to Order your Free Annual Credit Report

Individuals without access to the Internet can request their free credit reports using either the toll-free line or by sending a written request to the the following mailing address:

Annual Credit Report Request Service

P.O. Box 105281

Atlanta, GA 30348-5281

Get Your Credit Report Free Without Delays

When you get ready to request your free reports online, make sure you have all the information you need to request your report handy. Typically they will ask to verify your identity by providing information that only you would have. This is done to protect you and your credit. Having the information you need ready will avoid a delay in receiving your credit report free by mail.



CARMELO

Liz Roberts asked:


Whenever somebody applies for credit or financing, his or her credit report will be pulled electronically from any of the three major consumer reporting agencies (CRA). These CRAs are Experian, Trans Union, or Equifax - companies that are responsible for maintaining correct and up-to-date credit information around the country. Everyone is probably aware that these three nationwide credit bureaus have to monitor billions of data records therefore it is not inevitable to find errors with the reports. A majority of consumers would have at least one omission or inaccurate detail on their credit report.

It is for this very reason that as a consumer, the responsibility of checking your own credit information falls on your shoulders. Make sure that you get a copy of your credit report from each of the three Credit Reporting Agencies. You should contact each credit bureau and ask for your free credit report (you are entitled to 1 free copy every year). If you have been denied credit within the past 60 days, you are also entitled to a free credit report.

Here is a list of each credit bureau. Make that call and start checking your credit info.

Equifax, P.O. Box 740241, Atlanta , GA 30374-0241;(800) 685-1111.

Experian(formerly TRW),P.O. Box 2002, Allen, TX 75013; (888) EXPERIAN (397-3742).

Trans Union , P.O. Box 1000 , Chester , PA 19022 ; (800) 916-8800.

Using The Internet To Obtain Your Credit Report

You can also use the internet to obtain your credit report. Many companies offer instant access to your credit report online and will offer you a free credit report if you try their credit monitoring service for 30 days. Credit monitoring services are a great way to keep track of your credit and stop potential identity thieves. As soon as you or someone else applies for credit using your name and social security number, these services will alert you via email. If you did not request this new credit you just need to log into your account and start the process of alerting the credit bureaus of potential fraud activity.

How is the information found on your credit report used

The credit information that is reported on your credit report will be used to evaluate you when you apply for credit, insurance, employment, and other purposes allowed by the Fair Credit Reporting Act (FCRA). Therefore it is crucial that you review your credit reports for accuracy from at least annually.

Why is it important to monitor your credit report

By monitoring your credit report you will save yourself a lot of problems or unpleasant surprises when you have to get that credit card or if you’re considering buying a home. You will also be aware of any potential problems that may stop the credit grantor from approving you for the credit you seek. Knowing exactly what a lender will see when they pull your credit will allow you either try to dispute the items and have them removed from your report or prepare explanations for the credit problems and discuss them with your potential lender BEFORE you apply for that line of credit.

What to do if you find inaccurate information

- Be meticulous in examining your credit information. If you see any discrepancies, verify them as soon as possible. The law says that the credit bureau should examine the matter within a reasonable amount of time, usually 30 days.

- Dispute inaccurate information your credit report. Some credit repair specialist suggests you dispute items one at a time. Some say do it all at once. I have had clients that have done both, and there was never any one way that was more successful then the other in our case. I truly believe it depends on the agent you get at the credit bureau.

- Write an ORIGINAL dispute letter. Don’t just copy a form you found online. If you found it, then so did potentially hundreds if not thousands of other people. The agents at the credit bureaus in the disputes area have probably seen any freely given online dispute letter hundreds if not thousands of times. They will not take your request as seriously as they should if you do this.

The credit bureau is required to investigate and if that item cannot be confirmed within a reasonable amount of time, that credit record must be removed from the credit file. They must provide you with a free copy of your corrected credit report. Send your dispute letter to the credit bureau via certified mail, return receipt requested. If you are using a credit monitoring system you can do this online. Just make sure they send your dispute to all 3 agencies. If the credit bureau completes its investigation and decides that the negative information should remain in your file, you can add a letter of explanation to your credit report to refute the claim.



STERLING