February 14, 2009

How to repair your credit


Now a day we can see the advertisements in the media, even we are getting calls for offering credit repair services. All of them offering the same claims like, ‘Erase your bad credit — 100% guaranteed’, ‘Legally create a new credit identity’ etc.

There are lots of credit repair service companies, but none of them can legally remove 100% accurate negative information from a credit report. You can repair your credit by yourself at no for little cost. As per the Fair Credit Reporting Act your rights are –

1. You get a change for a free report if a company is denying your application for credit, insurance, employment. You need to ask for your report by sixty days of receiving notice. . The notice will provide you the name, address, and phone number of the consumer reporting company. Even you are also able to get one free report a year if you’re unemployed and plan to look for a job within 60 days.

2. The three nation wide (United States) companies are TransUnion, Equifax and Experian. They will provide you free copy of your credit report once every 12 months as per your requirement.

3. If you want, you can order reports from each of the three consumer reporting companies at the same time. Otherwise you may order one from each company throughout the year from the central address. Remember do not contact all these three companies individually or at another address. Because you may stop for getting a report that you are already entitled to get for free. Moreover each consumer reporting company may charge you up to 10.5 USD to purchase an additional copy of your report within one year period of time.

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