Friday, August 28, 2020

Paper Writer Service Online ᐈ Professional Writing Services

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Wednesday, August 26, 2020

Pay Someone To Write My Paper

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Saturday, August 1, 2020

How To Fix Credit Report Errors

How To Fix Credit Report Errors How To Fix Credit Report Errors How To Fix Credit Report ErrorsAn error on your credit report could be dragging down your credit scoreâ€"and these errors are much more common than you might think!We’ve written in the past about how important credit reports areâ€"they are the tool that lenders, businesses, and employers use to determine how “risky” you are when it comes to paying back debts, like credit cards and personal loans, on time.But did you know that there can be mistakes on your credit report? That’s right, and it may be more common than you think.According to a recent report, the most common complaints received by the Consumer Financial Protection Bureau (CFPB), which has been running its Consumer Complaint Database since 2011, are related to the three major credit reporting agencies: Equifax, Experian, and TransUnion. Sixty-one percent of those complaints were related to credit reporting errors.According to a study by the Federal Trade Commission, an estimated one in five consumers has an error on at least one of their three major credit reports.Why is this an issue? Errors can impact your hard-earned credit score. You need a certain level of credit in order to get the best financing when it comes time to borrow money. Without good credit, your only options may be bad credit loans, no credit check loans, title loans, or payday loans (otherwise known as cash advances).All of these leave you at risk of predatory lending, debt traps, and sinking your credit even further. Credit reporting errors can have an even bigger impact on those who are just starting to build their credit or those with poor credit who are working to improve it.Luckily, there are ways to fix errors on your credit report. Here’s what to look for and what to do.Step 1: Check Your Credit ReportAs we’ve discussed on the blog in the past, you can check your three credit reports from the major credit reporting agencies for free once a year. All you have to do is go to AnnualCreditReport.com.You can choose to view all three at once or spread them out over the whole year. Just remember to note when you check your report, so you know when you can look again next year! As long as you look at each one only once a year, it does not impact your credit score.It’s also important to realize that each credit reporting agency does things slightly differently. It’s not unusual to see slightly different information, and it’s possible to have an error on one report and have everything shipshape on the other two. That’s why it pays to view all three!Step 2: Understand What a Credit Report Error Looks LikeWhat exactly is a credit report error anyway? According to Patricia Russell, a CFP at FinancialMarvel, a credit report error is “anything thats inaccurate.” This can be something as simple as misspelling or name or listing an incorrect home address to something more serious, such as an inaccurate hard check on your reportâ€"something that can negatively impact your credit score.According to the Federal Trade Commission study, one in four people have an error on one of their reports that could impact their credit score.When looking at your credit report, make sure to read everything very carefully. Make sure your name and all parts of your address and identifying information are correct. Verify that all of the open and closed accounts are correct and that the balances and payment histories add up.Review all of your hard credit checksâ€"you’ll see on the report, for example, if you’ve recently applied for an auto loan, credit card, phone plan, etc.â€"and verify that you recognize each one.If something looks unfamiliar, do a little research. Sometimes accounts, retail credit cards, for example, are listed by the name of a parent company, which may seem unfamiliar if your card is for a specific store. If something doesn’t add up, make a note of it.According to Russell, the most common mistakes include “credit card balances that are wrong, the reporting of any acco unt in an incorrect manner, and information for other people with the same name as you.” She notes that inaccurate information can also pop up “if someones social security number is close to yours.”But errors can also indicate that someone is trying to steal your identity or commit fraudâ€"another reason it’s important to check your report regularly. “Keep in mind that many people who have had their identity stolen have incorrect information on their credit report as well,” says Russell.Step 3: Alert the Reporting Agency of the ErrorMike Pearson, credit expert and founder of Credit Takeoff, has a five-step process for contacting credit reporting agencies with errors:Dispute the item with the right credit bureau. An incorrect item may appear on only one credit report, but not the others. Dispute the negative item only with the credit bureau where the item appears. (You can find each bureau’s contact information on the CFPB website.)Send a letter to the credit bureau req uesting that the item be deleted. Use a free letter template from the FTC website and be sure to send it via certified mailâ€"giving you legal proof the bureau received your letter.Include lots of documentation. With your letter, attach a copy of your credit report with your disputed items highlighted, and include any supporting documentation, such as payment records or court documents.Send a letter directly to the lender. If the credit bureau won’t remove the item, send another letter to the lender explaining why the item is inaccurate or incomplete.Never admit fault! Do not admit fault or guilt in your letter! Stick to the FTC template and leave your personal “story” out of itâ€"it could end up causing you more harm than good, since admitting to a late payment, for example, could give the credit bureau all the information it needs to not remove the item.“Credit companies usually have up to complete their investigation in 30 days,” says Russell. “However, if they feel i t is a frivolous dispute they wont take the time to investigate.” If the credit reporting agency deems the dispute credible, they forward your documentation to the entity in question, which is called the “furnisher.”According to the CFPB, if either the reporting agency or the furnisher decide that the claim is frivolous and that they won’t investigate, they have to notify you within five days.If the dispute is investigated, one of two things will happen. If it’s deemed an error, the furnisher will correct the information and notify all the credit reporting agencies. If it’s deemed correct information, it will not change on your report, but you can ask that a statement explaining the decision is included in your credit file. This will be sent to anyone who checks your report in the future.According to the FTC study, four in five people who filed disputes saw some change to their credit report.A Note on Identity TheftSuspicions of identity theft are treated a little bit di fferently than regular credit report mistakes. If you think you are the victim of identity theft, visit IdentityTheft.gov to report it and start the recovery process. To learn more about keeping your identity safe, check out  these other posts and articles from OppLoans:5 Steps You Can Take to Prevent Identity TheftHow to Protect Your Personal Info While TravelingWatch Out for Change-of-Address Identity Theft Scams!8 Tips to Spot an Online ImposterDo you have a personal finance question youd like us to answer? Let us know! You can find us  on  Facebook  and  Twitter.  |InstagramContributorsMike  Pearson  is the founder of  Credit Takeoff, a research-driven personal finance site for people looking to improve their credit. A proud member of the 800 Credit Club,  Mike  writes about practical steps that everyday consumers can take to increase their credit scores. His advice on credit repair and credit scores has appeared in QuickBooks, Go Banking Rates, and MortgageLoan.com.Patricia Rus sell is a Certified Financial Planner (CFP) and the founder of the personal finance blog,  FinanceMarvel, which provides free financial advice on managing credit, debit and savings. Patricia has more than 10 years experience in helping families and individuals take control of their personal finances and achieve financial independence.