Q. Creditors are reporting that there is a bankruptcy on my credit report. Though my credit rating is low, I’ve never filed for bankruptcy. What steps do I need to take to get this corrected?— StumpedA. Credit report errors are not uncommon, but this one is a whopper.It’s one thing to find a name misspelled, but serious items like phantom bankruptcies need to be corrected.According to the federal Fair Credit Reporting Act (FCRA), both the credit reporting agency and the organization that provided the information are responsible for correcting inaccuracies in credit reports, said Deva Panambur, a certified financial planner with Sarsi, LLC in West New York. and adjunct professor of personal finance at Montclair State University. However, the consumer is often the one who needs to initiate the process.First, contact the credit report agency to alert them of the error, Panambur said.You can do this online or by sending a letter. Here's how to contact the credit … [Read more...] about My credit report shows a bankruptcy I never filed. What do I do?
Dispute things on credit report
More than a million young people have been refused credit more than five times, figures from uSwitch show. Overall, one person in three has been told “no” when asking for credit, but a bad credit score can affect so much more than just getting a loan . Worse, some 15 million people have never even looked at their credit report – the tool lenders use when deciding whether or not to lend money to you. And it's not just lenders. Landlords, potential employers, mobile phone companies, insurers, energy companies and more all look at your credit report before deciding to accept or refuse you. But what exactly are they, what's in them, who uses them, what for and how can you check yours to get a better chance of being accepted – we explain all. poll loading Have you ever been turned down for credit? 500+ VOTES SO FAR YES NO What is a credit report? A credit report is a record of all your borrowing, current accounts and a lot of other financial and public record … [Read more...] about Credit reports: How to check yours free, what’s in them and what do they affect
Do you know what your credit score is? Do you know what it is at all three bureaus? The numbers are not the same. Do you know what factors contribute to your credit score? Do you know how it’s calculated? Do you know what to do if you find incorrect information on your credit report? Do you even know how to get a copy of your credit report? The credit reporting industry is a mysterious and confusing beast—perhaps intentionally so—and for as much impact as it has on consumers, it does not give them the tools they need to work within its confines and navigate its rules and regulations. If Rep. Maxine Waters (D-Calif.) has her way, that could all change. The Los Angeles Times reports that Waters, who is now the chair of the House Financial Services Committee, called for a consumer-friendly overhaul of the credit reporting system Tuesday as the chief executives of Equifax, Experian, and TransUnion—the three major credit bureaus—testified before her committee. … [Read more...] about Maxine Waters Wants the Credit Reporting Industry to Be More Consumer-Friendly [Corrected]
Your credit can impact everything from your bills to your car loan to your ability to land the apartment of your dreams, so you should probably know what your credit looks like. If you’re not sure how to go about getting a copy of your score or report, we’ve got you covered. Like it or not, credit matters. It’s also complicated. In our “Everything You Need to Know About Credit” series, we’re breaking down the basics. Your Report Is More Important Than Your Score Let’s get one thing out of the way: your credit report and credit score are not the same thing. Your report is a history of all of your credit accounts, from bank credit cards to student loans to that NY & Co. card you opened when you got your first “real” job out of college and wanted some cute basics. When a lender, landlord, or mortgage company pulls a copy of your report, they see this history, which also tells them if you defaulted on a loan, paid a card late, or … [Read more...] about How to Check Your Credit Report and Score
Have you ever been in a situation where you were denied credit by a financial institution, just when you were waiting eagerly to buy an expensive gadget or appliance? With an increasing number of people applying for different forms of credit, this has become quite a common occurrence nowadays. While such a turn of events dampens the mood, not knowing why the application was rejected adds to the borrower’s frustration. In this age of high dependence on loans to meet a variety of needs, it has become imperative to understand how a financial institution assesses an individual’s creditworthiness and decides whether to accept or reject a credit application. Your credit report holds the key: When you seek a loan, the financial institution screens your credit report to evaluate the amount of credit you are eligible for and the amount that you can service. This document gives the lender an insight into your identity, your credit history (the loans you have taken in the past), your … [Read more...] about Bad credit score? Take a secured card to rebuild borrowing history