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Legal Steps to Improve Your Credit Report
You have a right to inspect your credit report and have any errors corrected. To obtain a credit report you can contact each of the credit agencies and request a copy. There is a nominal fee for this service. You will need to provide your full name, your current and most recent past addresses, date of birth and your social security number. This can be done by mail (address below) or by using the website. If you use the credit agency website you will be asked further information to confirm your identity. This may include the question regarding credit card companies, payments make to a specific lender such as your monthly mortgage payment.To buy a copy of your report, contact: Once you receive a copy of your credit report, you can verify the personal and credit information. If you find errors you can contact the credit agency that has the errors to resolve the issue. As long as the credit agency is not able to confirm that data that is in your report, they MUST remove it within 30 days of your letter. This is where I suggest contracting with a law firm to reduce your liability and also to improve the odds that the information is removed. If an item is not removed then the agency will give you the opportunity to give your side of the story. This information does not affect your credit score and may negatively impact you in the future. Affiliate that I have talked to do not recommend adding comments to your credit report. If you request, the consumer reporting company must send notices of any correction to anyone who received your report in the past six months. A corrected copy of your report can be sent to anyone who received a copy during the past two years for employment purposes. I have tried to fix my credit reports in the past and it is very difficult and time consuming. I suggest contracting with a reputable Law firms that will take aggressive action on your behalf. It is not very expensive and may save you thousands of dollars in interest payment once your credit score has improved. Reputable Law Firms will guaranty their services; but be skeptical of ones that guaranty to remove all bad ( derogatory) comments. Below is a list of pre-screened firms that I have personally worked with and have very high rating by the Better Business Bureau and their national accrediting organizations.
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How will your change in credit card interest rates impact you?
If you happen to miss a payment on your credit card or any other loan it may impact your credit card interest rate. If you owe about $1,000 at 11% interest it will take you 73 months (6 years) to pay it off and $320 in interest. but when your credit card company increases your interest rate due to a late payment, even if the late payment is not that credit card, they can increase your rate to a penalty rate. Let's say that rate is 19.9% (some states allow up to 29.9%). It will now take you 100 months to pay off your balance (8.3 years) and $860 in interest.
It pays to pay your minimum payments on time.
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FREE Credit Scores for Prospective Borrowers or NOT.
September 5, 2011
It has been just over a month since the new Federal credit score disclosure law went into effect. Lending institutions have already found loopholes to keep from disclosing your credit score when you are denied credit, loan, or if you received less desirable terms because of your score. According to SmartMoney.com there are time you may not get a credit score. These are usually when banks use their own in-house credit scoring system. There are other ways to get your credit score that will not impact your credit rating by going to MyFICO.com Click here for more information.
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