A Free Credit Report Is What You Need

Technology makes everything easy – from electronic appliances to information technology for easy communication and connection with other people. Technology is also the one responsible for the easy purchases you make through the internet with just your credit cards.

Then billing time comes. Your credit report arrives bearing credit statements that are erroneous and completely untrue. Do not fret just yet. Hold your temper and take a deep breath. Surveys say that as many as 70% of all credit reports have had gone through the same thing. Big deal, eh?

But, there is just one fact that might interest you. Did you know that these credit bureaus are keen on keeping their records clean? This means that the errors you encountered will be given enough attention because the law has a say in it. According to the Fair Credit Reporting Act, negligence on their part in correcting your credit entries entitles you to actual and punitive damages set by law.

So how do you get your concerns through to them? Experts say that you take action – the legal way. The first thing to do is to write the credit bureau responsible a letter. You must bear in mind that they only report what was reported to them by your creditors. Do not forget to enclose your credit report in your letter. It will help if you will highlight all the errors you saw. The credit bureau will then investigate with the creditor about the concerns that you submitted. Investigations usually take 30 days.

If the investigations go well and your creditors agree to your claim, the credit bureau will then correct the entries. However, anticipate more problems and that is the second advice. The thing is, your creditors might disagree with your statement. What you can do is write another statement explaining your side.

Here is the list of errors that can be removed from the list: a purchase made by someone who used your account without you knowing it or a purchase that you did not really make yourself; a purchase that was undelivered or something you refused to accept upon delivery; and a purchase price that does not match the price and date of your actual purchase. These errors are usually caused by mistakes in data entry, wrong computation and the actual math, missing payments and other similar circumstances.

In order for you to avoid instances like this, credible credit monitoring companies can help. Check out credit monitoring facts so you will know how to deal with your finances.