Comments on: How to Resolve Credit Bureau Reporting Errors http://frugaldad.com/2008/10/23/how-to-resolve-credit-bureau-reporting-errors/ Tips for living frugal while still having a life Sun, 21 Mar 2010 17:03:34 -0500 http://wordpress.org/?v=2.8.5 hourly 1 By: Trusted.MD Network http://frugaldad.com/2008/10/23/how-to-resolve-credit-bureau-reporting-errors/comment-page-1/#comment-10617 Trusted.MD Network Tue, 28 Oct 2008 22:50:29 +0000 http://frugaldad.com/2008/10/23/how-to-resolve-credit-bureau-reporting-errors/#comment-10617 <strong>Post Education...</strong> Sometimes I think I’ve learned more about our world by reading blogs than I did in my four years of college education (sorry, Dad). There is such a diversity of blogs that cover a wide range of my interests. Besides the obvious interest of diabetes, ... Post Education…

Sometimes I think I’ve learned more about our world by reading blogs than I did in my four years of college education (sorry, Dad). There is such a diversity of blogs that cover a wide range of my interests. Besides the obvious interest of diabetes, …

]]> By: Weekly Round Up: Carnival Preparation — Green Panda Treehouse http://frugaldad.com/2008/10/23/how-to-resolve-credit-bureau-reporting-errors/comment-page-1/#comment-10458 Weekly Round Up: Carnival Preparation — Green Panda Treehouse Mon, 27 Oct 2008 11:37:05 +0000 http://frugaldad.com/2008/10/23/how-to-resolve-credit-bureau-reporting-errors/#comment-10458 [...] How to Resolve Credit Bureau Reporting Errors [...] [...] How to Resolve Credit Bureau Reporting Errors [...]

]]> By: Jason http://frugaldad.com/2008/10/23/how-to-resolve-credit-bureau-reporting-errors/comment-page-1/#comment-10150 Jason Fri, 24 Oct 2008 10:50:20 +0000 http://frugaldad.com/2008/10/23/how-to-resolve-credit-bureau-reporting-errors/#comment-10150 When corresponding with the credit bureaus, it is important to use certified mail with a return receipt. This gives you the true start of when the 30 days begins. When corresponding with the credit bureaus, it is important to use certified mail with a return receipt. This gives you the true start of when the 30 days begins.

]]> By: Marci http://frugaldad.com/2008/10/23/how-to-resolve-credit-bureau-reporting-errors/comment-page-1/#comment-10137 Marci Fri, 24 Oct 2008 05:29:45 +0000 http://frugaldad.com/2008/10/23/how-to-resolve-credit-bureau-reporting-errors/#comment-10137 Remember that if your credit is checked and an adverse item shows up, you are entitled to a free credit report from the company showing the adverse item. You need to follow the directions on the note you receive, especially the time limit, and usually the process of correcting it can be started online, with paperwork followups if necessary. Remember that if your credit is checked and an adverse item shows up, you are entitled to a free credit report from the company showing the adverse item. You need to follow the directions on the note you receive, especially the time limit, and usually the process of correcting it can be started online, with paperwork followups if necessary.

]]> By: Aya @ Thrive http://frugaldad.com/2008/10/23/how-to-resolve-credit-bureau-reporting-errors/comment-page-1/#comment-10111 Aya @ Thrive Thu, 23 Oct 2008 20:27:09 +0000 http://frugaldad.com/2008/10/23/how-to-resolve-credit-bureau-reporting-errors/#comment-10111 I bet if people were constantly monitoring their credit card statements and status, less people would have credit card woes. Then again, few people have the time to always be on the look out or are unable to make a habit of it. There are many options out there that should be utilized that can act as a third eye and spot any problems or potential ones. I bet if people were constantly monitoring their credit card statements and status, less people would have credit card woes. Then again, few people have the time to always be on the look out or are unable to make a habit of it. There are many options out there that should be utilized that can act as a third eye and spot any problems or potential ones.

]]> By: DavidK http://frugaldad.com/2008/10/23/how-to-resolve-credit-bureau-reporting-errors/comment-page-1/#comment-10107 DavidK Thu, 23 Oct 2008 19:48:03 +0000 http://frugaldad.com/2008/10/23/how-to-resolve-credit-bureau-reporting-errors/#comment-10107 As Sam Li states, it is definitely worth it to check on your credit report as often as you can. In the U.S., you may get a free credit report from each of the reporting agencies once per calendar year. I would suggest getting a report from one of the three every four months on a rotating basis so that you can actively monitor your credit history. See the information here: http://www.annualcreditreport.com Do not go to those places like "freecreditreport.com" and others like you see on TV. Those are pay sites and not affiliated with the government-run site that is free. If you want to get your credit report more often than what the U.S. law allows, then you will have to pay for it. Credit scores are not free either. If you are shopping around, it definitely helps to know your credit score and I personally have used www.myfico.com as it is the only one run by the company that created FICO. With online coupons, you can get all three reports and scores for about $20 or a little more. Their site is also good at putting into plain words what items on your report mean and what your debt ratio does to your credit score. This isn't a plug, just my experience. There is a slightly more economical way to get your credit scores when shopping around. Ask the person who ran your credit to tell you what they got when they ran it. Using this method is just an estimate. Keep in mind though that different companies use different scoring agencies and methods AND that getting your credit checked (unless by a credit bureau or MyFICO.com) will show up on your credit report and drop your score a bit. As Sam Li states, it is definitely worth it to check on your credit report as often as you can. In the U.S., you may get a free credit report from each of the reporting agencies once per calendar year. I would suggest getting a report from one of the three every four months on a rotating basis so that you can actively monitor your credit history.

See the information here: http://www.annualcreditreport.com

Do not go to those places like “freecreditreport.com” and others like you see on TV. Those are pay sites and not affiliated with the government-run site that is free.

If you want to get your credit report more often than what the U.S. law allows, then you will have to pay for it. Credit scores are not free either. If you are shopping around, it definitely helps to know your credit score and I personally have used http://www.myfico.com as it is the only one run by the company that created FICO. With online coupons, you can get all three reports and scores for about $20 or a little more. Their site is also good at putting into plain words what items on your report mean and what your debt ratio does to your credit score. This isn’t a plug, just my experience.

There is a slightly more economical way to get your credit scores when shopping around. Ask the person who ran your credit to tell you what they got when they ran it. Using this method is just an estimate. Keep in mind though that different companies use different scoring agencies and methods AND that getting your credit checked (unless by a credit bureau or MyFICO.com) will show up on your credit report and drop your score a bit.

]]> By: Sam Li http://frugaldad.com/2008/10/23/how-to-resolve-credit-bureau-reporting-errors/comment-page-1/#comment-10106 Sam Li Thu, 23 Oct 2008 19:28:28 +0000 http://frugaldad.com/2008/10/23/how-to-resolve-credit-bureau-reporting-errors/#comment-10106 It’s a good idea to check your credit bureau report regularly at least twice a year and not only when you are looking for financing. With identity theft increasing on daily basis your credit bureau report is the first stop to check if some is trying to get money using your information. It’s always easier to prevent than repair after the damage is already done. It’s a good idea to check your credit bureau report regularly at least twice a year and not only when you are looking for financing. With identity theft increasing on daily basis your credit bureau report is the first stop to check if some is trying to get money using your information. It’s always easier to prevent than repair after the damage is already done.

]]> By: Joanne http://frugaldad.com/2008/10/23/how-to-resolve-credit-bureau-reporting-errors/comment-page-1/#comment-10089 Joanne Thu, 23 Oct 2008 14:19:35 +0000 http://frugaldad.com/2008/10/23/how-to-resolve-credit-bureau-reporting-errors/#comment-10089 My simple suggestion is get rid of your credit cards COMPLETELY. Most of my problems were due to my credit cards and my infatuation with using them to buy shoes. My simple suggestion is get rid of your credit cards COMPLETELY. Most of my problems were due to my credit cards and my infatuation with using them to buy shoes.

]]> By: DavidK http://frugaldad.com/2008/10/23/how-to-resolve-credit-bureau-reporting-errors/comment-page-1/#comment-10085 DavidK Thu, 23 Oct 2008 13:34:19 +0000 http://frugaldad.com/2008/10/23/how-to-resolve-credit-bureau-reporting-errors/#comment-10085 Having done a lot of research myself into FICO records and scoring, I've found that almost never will they actually remove a record from your credit history. Only in cases where it is 100% provable that it wasn't you who mishandled your credit (i.e.- someone who opened an account in your name but in a completely different area) do they actually remove the entry. They usually just add an addendum to the entry stating that it was disputed along with the related documentation that you sent it. It is ultimately up to the creditor to determine if the entry should be taken into account or not when extending you credit. FYI - the 30 day limit is from when the item was reported and the supporting information sent in. Once they receive the information, it could take them up to 30 additional days for the bureau to remove the entry. Having done a lot of research myself into FICO records and scoring, I’ve found that almost never will they actually remove a record from your credit history. Only in cases where it is 100% provable that it wasn’t you who mishandled your credit (i.e.- someone who opened an account in your name but in a completely different area) do they actually remove the entry. They usually just add an addendum to the entry stating that it was disputed along with the related documentation that you sent it. It is ultimately up to the creditor to determine if the entry should be taken into account or not when extending you credit.
FYI – the 30 day limit is from when the item was reported and the supporting information sent in. Once they receive the information, it could take them up to 30 additional days for the bureau to remove the entry.

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