Getting Accurate Information From Credit Reporting Agencies
Getting Accurate Information From Credit Reporting Agencies
Whether you are aware of it or not, information about you is being collected, kept in a database, and used by certain institutions. There United States government has a statutory regulation in the Fair Credit Reporting Act or the FCRA with regard to the collection and sharing of information about consumer's credit and other financial activities. There are three major credit reporting agencies in the United States. These are Equifax, Experian, and TransUnion. Creditors and employers often turn to these credit reporting agencies to find out what kind of credit history you have. The information that is contained in your credit report is used by these credit reporting agencies to compute for your FICO score and any other scoring method they might have to indicate the kind of dependability your creditors and employers might expect from you. This underscores the importance of having only accurate information in your credit report. Unknowingly being reported as a loan delinquent would cause you to have a lower credit score and consequently be slapped with higher interest rates on a loan that you are applying for. You do not want to pay the price for something that should not be in your credit report in the first place.
These top three credit reporting agencies in the US have their own dispute reporting and resolution procedures. However, they are mandated by law to respond to a dispute within thirty days. While this is so, the person who filed the dispute is not really assured of a resolution to his favor. The long wait does not guarantee him a response either as there are disputes that actually get lost on their way and are not processed at all. The common response also that people who file disputes to credit reporting agencies get is that there is a lack of substance to their dispute and therefore the agency cannot act on their request. If you are ever met with this kind of treatment, you might want to try to contact a legal credit repair company. They can help you find ways in order to clear out your credit record of any inconsistencies or erroneous entries that could be drastically affecting your credit.