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Credit Repair Report, What Is It?What the heck is a "credit repair report"? This is the same thing as what is widely known as a "credit report". Have you ever been driving somewhere, knew where you were going, but ended up somewhere entirely different from where you were headed? (Men, of course, have been accused of this over the centuries. The point here is that you should arm yourself with knowledge about your credit standing and the ways to dispute any "inaccurate" credit reporting entries. So, let's review our roadmap...I mean, arm ourselves with some knowledge! There are three major credit reporting agencies which provide credit reports. These agencies are TransUnion, Equifax and Experian. As a consumer, you are entitled to one free credit report from each of these three reporting agencies each year, for a total of three free credit reports per year. You might ask why this is important. This is advantageous because it allows you to keep an eye on what is happening with your credit standing. To obtain a free credit report, you can contact the three reporting agencies at the following addresses: TransUnionPO Box 1000Chester, PA 19016-1000 EquifaxPO Box 105069Atlanta, GA 30348 ExperianPO Box 2104Allen, TX 75013-2104 Once you receive your credit repair report, you should review it for any reporting inaccuracies. You have the right under Federal law to repair credit report inaccuracies. How to repair credit reports? To do so, you should contact the reporting agency and provide an explanatory letter and documentation which substantiate your request for bad credit report repair. Once the reporting agency receives your request for investigation of the inaccuracy, it has a "reasonable period of time", usually considered to be 30 days, to investigate and record the current status of the disputed entry. The credit reporting agency will contact the creditor who reported the negative information and request that they review their file. If the credit reporting agency has not heard back from the creditor within the "reasonable period of time", the credit reporting agency must delete the negative information. Likewise, if the disputed entry cannot be verified, the credit reporting agency must delete the negative information. Additionally, if the investigation does not resolve your dispute, you have the right under the Fair Credit Reporting Act to file a statement of explanation containing 100 words or less to explain your reasoning. This statement must be included with your credit report each time the credit reporting agency provides your credit report to a third party. It is also good to remember that all "true"information may not be erased from your credit file. Any entry which is "true" may remain on your credit report for seven years. In the case of a bankruptcy, the entry may remain on your credit report for ten years. Only time will erase "true" information from your credit file. However, the credit reporting agency may report negative information indefinitely if the request for evaluation is for: - a life insurance policy with a face amount of $50,000 or more; - the review of an application for employment where the job pays $20,000 or more; and, - the evaluation of a credit application where the requested amount is $50,000 or more. Evaluating your credit repair report on a regular basis is important. A credit repair report is your road map to successful credit management!
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