Is What You See What You Get On Your Credit Report
There is no doubt that Americans are constantly told in one way or another that they need to check their credit report and they need to make sure that all the information on their credit report is right. It is also a well known fact that if there is information on a credit report that is false or erroneous that it needs to be reported immediately to the credit reporting bureau in which the report was obtained; however, what happens once it is reported.There are three credit reporting bureaus that are regulated by the Federal Trade Commission and the Federal Reserve and under their regulation each Credit Card Company, retail store, and bank must report their credit information from their accounts that they hold in the exact same manner. Out of 52 million credit reports there will be 11% that will have false information due to the credit reporting software that is used by the bureaus. Unfortunately the problem lies where when false information is reported; there is no exact turn around time in which the credit reporting bureau has to resolve the matter.
If you are currently fighting an error on your report, the best thing to do is gather all pertinent information in regards to the company which has hit your credit report and call them directly. Keep in mind that reporting agency which gave you the credit report can not help you rectify the situation, they can only provide you with the information. It's important to remember that in most cases, the errors or just that, but it's always wise to keep receipts, invoices or proof of payment on purchases. That way, you can contest what's on the report and have documentation to back it up. Once you have cleared up the error it's always good to check your credit report again in three to four months to make sure it's been cleared off your record.
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