Who Are The Credit Reporting Agencies,

Thanks to the Fair Credit Reporting Act, you have the right to obtain a free annual credit report. You should always take advantage of this so you can see what's on your report and make sure there is no inaccurate information. Identity theft is also on the rise and many people have no idea that they have been a victim until they view their report. You also have the right to challenge and inaccurate or out-of-date information on your credit report by writing to each of the credit reporting agencies. They have 30 days to investigate and respond to your dispute.

When someone applies for a loan, the lender generally contacts one of these three agencies and obtains a credit score and the score helps the lender decide whether or not to make a loan. How is a credit score calculated, Until recently, that was one of life's great mysteries, but over the past few years new rules and regulations have made the information more readily available. Your credit score is a number that ranges from 300 to 900, although the exact formula for determining that number is proprietary and is not released. This is how it works in general.

When you do find a problem, it's important to have the agency correct it so that your future credit isn't threatened by faulty or missing information. All of the credit reporting agencies are eager to make sure that the information they are reporting is correct and up to date. They have their reputation at stake after all, so each provides means for consumers to report problems and request corrections.

• Don't give your credit card information to any one on telephone
• We know that Credit bureaus are still enormous corporations with enormous power
• Open mortgage balances
• Monthly payments
• Investigating credit disputes is something they are only forced to do by the law
• Credit scores

Such mediation is only possible with the help of professional credit correction experts. You would find a lot of information that teach you how to clean your credit report by yourself but none of these would ever give you the results as efficiently as a professional credit correction expert can.

All they have to do is state that the account is reported accurately.

Any item that is not verified as accurate by a creditor is supposed to be removed. However, the supposed creditors do not have to provide any supporting documentation. All they have to do is state that the account is reported accurately. For this reason, after receiving your updated credit reports, check to see what actions were taken. If you still have erroneous information listed on your credit report, you need to start the entire process over again. At this point, take stronger action both with the original creditor and with the credit reporting agencies. Copyright © 2005 Jeanette J. Fisher - All Rights Reserved.