Your Credit Report The First Step To Credit Repair

Your ability to perform various financial transactions such as obtaining a home mortgage

, credit card approval or a car loan largely depends upon the credit score that is reflected in your credit report compiled by various credit reporting agencies. Poor financial management resulting in late payment of your utility bills, loan EMIs or credit card bills can severely tarnish your credit standing and make it considerably difficult for you to obtain additional financial assistance, maybe just when you require it the most. Leveraging on economic opportunities can often be vital to enjoying life and it is imperative that you take swift credit repair action.

It is highly recommended that you do not wait for the first adverse outcome to alert you to a possible less-than-ideal report. You should make it a point to obtain the report of your credit at periodic intervals from the various credit rating agencies. The Federal Trade Commission mandates each consumer reporting agency to provide applicants their credit report free of charge once every year upon request. You can approach these agencies by yourself and get a copy of your report any time. Alternatively, you could download the Annual Credit Report Request form from the website and mail it to Annual Credit Report Request Service.

Irrespective of how you apply, you could ask for all the reports at the same time from Experian, TransUnion and Equifax, the three national credit reporting companies or individually at different times. In fact, superior monitoring and repairing of your credit is possible if you order the reports separately at regular intervals during the year. It is important to keep track of your requests as individual reports requested directly from the companies may incur charges as much as $10.50.

Note you are also eligible to a free report in case you are denied an economic opportunity due to a poor credit report. You should contact the reporting company within 60 days of receipt of the notice. You are also eligible for a free report once in a year in case you are unemployed and planning to find employment in 60 days, or if you are on social welfare or your report is erroneous as a result of fraud, including theft of identity.

After receiving your report, scrutinize it thoroughly for any inaccuracies and request for appropriate credit repair to the issuing company with adequate proof in support of your claim. The credit agencies are required to investigate and respond appropriately within 30 days; else the entry needs to be erased from the records of the agency without further recourse. Agency responses must contain explanations regarding your contentions and the required repair carried out. Complaints under investigation are marked appropriately in their records so that this may be recognized by those relying on your credit report to make assessment of your financial standing.

Continuous monitoring of your credit status may be perceived as bothersome but is vital for upholding a healthy financial existence. You need to keep one thing in your mind that you need to give time to get a credit repair to justify your credit report.

by: ron smith

POST COMMENT

10 Simple Ways To Credit Repair A Simple Plan For Credit Repair No Credit Check Faxless Loans- Get No Credit Check, No Documents Loan Fast Loans For People With Bad Credit- Boon For Bad Credit People 12 Month Loans For Bad Credit: Include No Inspection At All What Type Of Credit Card Machines Are The Best? Easy Money Backing For Poor Creditors Bad Credit Cash Instant: Instant Way To Handle Short Term Fiscal Worries 400 Loan No Credit Check Approved By Lenders Very Easily Effect Of Canadas Budget Cuts On Overseas Employment Tax Credits Guaranteed Bad Or Poor Credit Car Loans With No Credit Checks Long Term Monthly Payments Personal Loans With Bad Credit No Credit Check Loans For Bad Credit Access Funds Without Credit Check Process.