Credit Reports

As foreclosures rise in the wake of the bad credit mortgage industry collapse, American consumers are learning a painful truth: making uninformed financial decisions can have devastating consequences. People who have turned to credit card debt consolidation, debt management companies and debt consolidation/bad credit loans are encountering similar crises. At Debt Harmony, our debt negotiation program has helped many of these individuals to avoid bankruptcy, reduce their debt by as much as 50% to 80%, and even achieve debt freedom within 36 months. Call today for your free debt consultation.

Credit reports are an important tool for tracking the success of our debt settlement program. The Credit Reports article below offers further details.

Reporting Information
Accurate negative information generally can be reported for seven years, but there are exceptions:

Bankruptcy information can be reported for 10 years;
Information reported because of an application for a job with a salary of more than $75,000 has no time limitation;
Information reported because of an application for more than $150,000 worth of credit or life insurance has no time limitation;
Information concerning a lawsuit or a judgment against you can be reported for seven years or until the statute of limitations runs out, whichever is longer; and
Default information concerning U.S. Government insured or guaranteed student loans can be reported for seven years after certain guarantor actions.

Checking Information
Even if you don't have a poor credit history, its a good idea to conduct your own credit check-up, especially if you're planning a major purchase, such as a home or car. Checking in advance on the accuracy of the information in your credit report could speed the credit-granting process.

You're entitled to one free report a year if you can prove that:

You're unemployed and plan to look for a job with 60 days;
You're on welfare; or
Your report is inaccurate because of fraud.

Disputing Information
No one can legally remove accurate and timely negative information from a credit report. But the law does allow you to request a reinvestigation of information in your file that you dispute as inaccurate or incomplete. There is no charge for this. Everything a credit repair clinic can do for you legally, you can do for yourself at little or no cost. According to the Fair Credit Reporting Act:

You are entitled to a free copy of your credit report if you've been denied credit, insurance or employment within the last 60 days. If your application for credit, insurance, or employment is denied because of information supplied by a credit bureau, the company you applied to must provide you with that credit bureaus name, address, and telephone number.

You can dispute mistakes or outdated items for free. Ask the credit reporting agency for a dispute form or submit your dispute in writing, along with any supporting documentation. Do not send them original documents. Clearly identify each item in your report that you dispute, explain why you dispute the information, and request a reinvestigation.

If the new investigation reveals an error, you may ask that a corrected version of the report be sent to anyone who received your report within the past six months. Job applicants can have corrected reports sent to anyone who received a report for employment purposes during the past two years.

When the reinvestigation is complete, the credit bureau must give you the written results and a free copy of your report if the dispute results in a change.

If an item is changed or removed, the credit bureau cannot put the disputed information back in your file unless the information provider verifies its accuracy and completeness, and the credit bureau gives you a written notice that includes the name, address, and phone number of the provider.

You also should tell the creditor or other information provider in writing that you dispute an item. Many providers specify an address for disputes.

If the provider then reports the item to any credit bureau, it must include a notice of your dispute. In addition, if you are correct --that is, if the information is inaccurate-- the information provider may not use it again.

If the reinvestigation does not resolve your dispute, have the credit bureau include your version of the dispute in your file and in future reports. Remember, there is no charge for a reinvestigation.

Request Your Free No-Obligation Debt Consultation Today