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Keeping an Eye on your Credit Report and FICO Scores An area that is often overlooked until it is too late is our credit reports and FICO scores. Here's a suggestion that could head off any potential problems in being approved for a mortgage, refinance or any other type of loan. At least once per year (every six months if possible) click on the link below to be able to arrange a viewing of your combined credit report from the three major Credit Bureaus. Look for reported lates that need to be dealt with as well as whether closed accounts and paid off leases have been removed from the report. These things lower your FICO scores, which is what lenders look at to determine your credit worthiness. Find out more about Credit Reports and FICO scores How to Handle Disputes with Credit Bureaus If you have been denied credit, insurance or employment because of information supplied by a Credit Reporting Agency, the FCRA says the company you applied to must give you the Credit Reporting Agency's name, address and telephone number. If you contact the agency within 60 days of receiving a denial notice, the report is free. The three major national credit bureaus are (click on the links below to go to their web site):
If an error shows up on your credit report, both the Credit Reporting Agency and the organization that provided the information to the agency, such as a bank or credit card company, have responsibilities for correcting inaccurate or incomplete information in your report. Tell the Credit Reporting Agency in writing what information you believe to be inaccurate. Include copies (NOT originals) of documents that support your position. In addition to including your name and address, your letter should clearly identify each item in your report that you are disputing. State the facts and explain why you dispute the information, and request a deletion or a correction. You may want to enclose a copy of the report with the items in question circled. Send your letter by certified mail, return receipt requested, so you can document what the Credit Reporting Agency received. Keep copies of your dispute letter and enclosures. The Credit Reporting Agency must reinvestigate the items in question within 30 days, unless they consider your dispute frivolous. They must also forward all relevant data you provide about the dispute to the information provider. After the information provider receives notice of a dispute from a Credit Reporting Agency. It must investigate, review all relevant information provided and report the results to the Credit Reporting Agency. If the information provider finds the disputed information to be inaccurate, it must notify all nationwide Credit Reporting Agencies so they can correct the information in your file. When the reinvestigation is complete, the Credit Reporting Agency must give you the written results as well as a free copy of your report if the dispute results in a change. Also if you request, the Credit Reporting Agency must send notices of correction to anyone who received your report in the past six months.
Here's an additional step most people leave out. In addition to writing to the Credit Reporting Agency, inform the creditor or other information provider
in writing that you dispute an item. Again, include copies (NOT originals) of documents that support your position. Many providers specify an address for disputes.
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