You Must Request Your Report Within 60 Days Of Receiving Notice Of The Action

Category: Finance.

There may be times when you get a negative report from the credit reporting agencies. If this happens to you, there are some things that you can, but you must first know the law.

This can have a huge impact on whether or not you get a loan or even a particular job. First of all, all consumers must understand that they cannot legally remove or demand to have removed any negative information that is actually true and accurate. According to the Fair Credit Reporting Act( FCRA) : You are legally entitled to a free copy of your report if a company takes adverse action against you. You may, ask that an, however investigation of information that you believe to be inaccurate or false be conducted on your behalf. Adverse actions include such things as denying your application for credit, or employment, insurance. This notice will contain the name, and phone number, address of the consumer reporting company that you should contact.

You must request your report within 60 days of receiving notice of the action. You are entitled to one free report a year if you are unemployed and plan to look for a job within 60 days, or if you are on some form of welfare, or if your report is inaccurate because of fraud, including identity theft. These companies have set up a website, a toll- free telephone number, and a mailing address that you can use to order your report. The nationwide consumer reporting companies( Equifax, and TransUnion, Experian) are required by law to give you a free copy of your credit report, once every 12, at your request months. You are allowed to dispute mistakes that are on your report or have outdated entries fixed for free. Whenever you are dealing with your credit report be sure that you are dealing with the right company. Under the FCRA, both the consumer reporting company and the information provider( that is, company, the person, or organization that provides information about you to a consumer reporting company) are responsible for correcting inaccurate or incomplete information in your report.

There are many websites and companies that are offering so- called" free credit reports" . There is no good reason to work through these companies when you can get what you need straight from the three reporting agencies. These companies should be avoided as they often require you to buy into something other than your credit report before they deliver your report to you. It may take some time to get your disputed information corrected but this is time well worth the effort. Make sure your information is correct to avoid these problems. The last thing you want or need is inaccurate information on your credit reports as these are used to determine your credit score as well as for other uses including( in some cases) the amount of premiums you will have to pay for auto insurance.

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