Posts Tagged ‘credit history’
If you have been experiencing problems with credit there are a number of ways in which you can improve your credit score and in turn improve the lenders view of you. Are you a Registered Voter? Not on the Electoral Role? It you are not listed it is most unlikely you will get any type of credit. Go and register without delay. If you are a Foreign National you should provide credit reference agencies ‘Proof of Residency’ and apply for this to be attached to your credit information. Don’t forget to ask the credit reference agency to
verify this.
How many credit applications have you applied for? If you are apply for many different types of credit in a short period of time may hurt your credit score. If you are applying for a Credit Card, Mobile Phone Contract and a Mortgage all at the same time … Don’t. Space your applications out over a sensible period of time.
Other Information
If you are moving house, about to take time off work or about to be made redundant make sure you note this on any credit application if asked. If you lie on an application not only will you not get credit it will seriously harm your chance in the future.
No one can legally remove accurate negative information from your credit history. The law allows you to request an investigation of information in your credit report that you dispute as inaccurate or incomplete. There is no charge for making this investigation. Everything a credit repair clinic can do for you legally, you can do yourself for a low cost. From as established by the Fair Credit Reporting Act:
- You are entitled to a free copy of your credit report if 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 reporting agency, the company with which you filed the application must provide the name, address and telephone number of the credit reporting agency that provided the information.
- You can dispute erroneous or outdated items for free. Ask for a dispute form to the credit reporting agency or submit their written submissions, together with any documentation supporting its contention. They do not send original documents, keep the originals and send copies.
Clearly identify each item in his report 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 your credit history will be sent to anyone who received a copy of its report within the past six months. Job seekers can request corrected reports sent to those who received the incorrect report for employment in the past two years.
When the reinvestigation is complete, the credit bureau must give you written results and must give you a free copy of your report if the result of the dispute involved a change. If something has changed or is out of his report, the credit reporting agency can not put the disputed information back in your file unless the information provider verifies its accuracy and completeness and that the credit bureau will give a warning writing containing the name, address and telephone number of the supplier.
You should also tell the creditor in writing that you are disputing something on your credit history. Many providers of information assigned a specific address to which disputes should be sent. If the provider reports the matter to any credit bureau must include a notice of your dispute. Also, if you are correct “information is incorrect” information provider can not re-use that information. If the reinvestigation does not resolve your dispute, have the credit reporting agency to include its version of the dispute in your file for future reports. Remember that there is no charge for a reinvestigation.
Accurate negative information generally can stay on your report for seven years but there are exceptions:
- The Bankruptcy information may appear on your credit history for 10 years.
- Credit information reported in response to a request for a job with a salary of $75,000 or more have no time limit.
- Credit information reported because of an application for credit or life insurance valued at an amount exceeding $150,000 has no time limit.
- Information about a lawsuit or a trial against him can be reported for seven years or until the deadline of the statute of limitations reported, whichever occurs later.
- The default information concerning student loans insured or guaranteed by the Government of the United States can be reported for seven years after certain actions that the company guarantees the loan to take.