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What Can You Do If Your Credit Report Is Wrong?

According to a recent report issued by the Federal Trade Commission, 26 percent of all Americans have ďpotentially materialĒ errors on their credit reports. The findings are alarming when one considers the fact that nowadays, a credit report affects everything from securing a good job to a low interest rate on a car loan.

Credit reports are compiled by the three major credit reporting agencies: Equifax, Experian and TransUnion. The three agencies use financial history on consumers to compile a report. The report contains every account ever held by the consumer, whether they paid on time or defaulted, as well as employment and residential histories.

The agencies then use the report to generate a credit score for each consumer. A credit score is a three-digit number that is generated using a mathematical algorithm which pulls data from a consumerís credit report. Credit scores range from 300 to 850 and are intended to predict the financial risk associated with granting credit to that particular consumer. Credit scores over 700 indicate the consumer is in good financial standing and a low-risk for failure to repay debt.

Consumers who generate scores in the 600-700 range generally have missed a few payments here or there, but are not consummate loan defaulters. While they are seen as a slightly higher risk category, they are not totally excluded by creditors. Individuals who have a score lower than 600 generally are considered high risk and may have difficulty securing loans and utility services.

Because a good credit report affects so many aspects of a personís life, it is best to check it regularly to ensure there are no mistakes which could affect your ability to secure loans and services.

The information revealed by the FTCís report is alarming in that 10 million Americans likely are paying more in interest on credit cards and loans due to faulty reporting. This is why it is vital that all consumers check their credit reports at least once a year.

So what do you do if you review your credit report and discover errors?

The first step to take is to file a formal dispute with the credit reporting agency which included the error on your report. Each agency provides information on how to dispute information at the time it issues a report to the consumer. Reports can be filed via regular U.S. Mail or through an online form on each of the credit reporting agenciesí websites.

Once a dispute is filed, the credit reporting agency investigates by contacting the creditor which provided the information. The creditor then reviews their records to determine if they made a mistake in their original reporting to the credit reporting agency. Once their investigation is complete, they report their findings back to the credit reporting agency. The consumer then is notified if their dispute has been validated and resolved, or if the creditor has determined their original information is correct and refuses to alter it.

In the event a creditor refuses to change information which the consumer believes to be false, re-disputes can be filed; however, unless the consumer provides supporting information to validate their claim and prove the information was incorrect, the same outcome is likely. Truly disgruntled consumers who feel they arenít getting anywhere with a creditor or the credit reporting agencies have the option of filing a complaint under the guidelines of the Fair Credit Reporting Act, which is administered by the FTC.

If all this sounds like a long and manual process, there are companies who will clear up your credit report for you. TopConsumerReviews.com has reviewed and ranked the best credit repair services available today.

Credit freezes don't stop you from being able to get a free credit report: Money Matters

Q: After the Equifax breach in September, I froze my credit reports with all four of the credit agencies. Today, I decided to get my free credit report so I went to the free credit report site, entered the requested info, and chose Equifax. I used ...

Published:  Wed, 15 Nov 2017 01:22:00 GMT



Household Debt And Credit Report: Up $116B In Q3, Another Peak

The latest household debt for Q3 2017 was up 0.9% from Q2 and currently at $12.96T and currently at its peak. Here is an excerpt from the latest press release: As a result of the housing and mortgage crisis of the Great Recession, economists have been ...

Published:  Wed, 15 Nov 2017 23:30:00 GMT



Best Car To Buy 2018; Tesla Semi, Roadster; VW e-Golf driven; electric-car tax credit: The Week in Reverse

Which vehicle did we name our Green Car Reports Best Car To Buy 2018 ... The U.S. House of Representatives "tax reform" plan kills the federal income-tax credit for buying an electric car, but the later Senate version of the tax-reform bill keeps it ...

Published:  Sat, 18 Nov 2017 00:00:00 GMT



AFBC Encourages Consumers to Check on Their Credit Report and Student Loan Accounts

Emeryville, CA, November 14, 2017 (Newswire.com) - A credit report is like a report card in the world of debt. It's important to not only stay current with debt, but also make sure that the "report card" reflects true performance. However, sometimes ...

Published:  Tue, 14 Nov 2017 12:00:00 GMT



Lloyds' Avios Reward credit cardholders report fraudulent activity

Thousands of Lloyds Avios Rewards American Express credit card customers have been targeted by fraudsters, the bank has admitted. Reports first emerged on air miles site Head for Points, where readers asked if the credit card had suffered a major data breach.

Published:  Sun, 19 Nov 2017 18:15:00 GMT



New report shows that half of the world's wealth is owned by the richest 1 percent

A new report by financial giant Credit Suisse shows that the world's super-rich have accumulated more than half the world's wealth, while the 3.5 billion poorest in the world account for just 2.7 percent. Since the financial crisis, the report states ...

Published:  Sun, 19 Nov 2017 03:49:00 GMT



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