The Fair Credit Reporting Act Protects Potential Home Buyers from Mistake
Knowing What Is on Your Credit Report Can Be Helpful when Purchasing a Home
Lenders, banks and mortgage companies all use your credit report to determine whether or not you qualify for a home loan and if you do, what rate of interest you will qualify for. Several factors on your credit report have a direct influence on your credit score. Regrettably, mistakes are often made on your credit report that can be expensive or prevent you from getting the loan that you need in order to buy a home. To help consumers make sure that the information on their credit report is accurate, Congress passed the Fair Credit Reporting Act (FCRA). This piece of legislation imparts to the consumer more power over their credit report.
Be Aware that Credit Report Mistakes Happen to Anyone
Mistakes can and do happen on credit reports. With three national credit reporting agencies managing billions of entries each year, it is easy to see how a clerical error can generate a mistake on your credit report. When you do discover a mistake, it is very important to understand the regulations that the FCRA guarantees your rights as a consumer.
Homeowners Must Take the Initiative Regarding their Credit Report
When you discover that there is a mistake on your credit, or if you suspect that there might be a mistake, it is important to understand the rights that FCRA gives you as a consumer. First of all, a lender must let you know if you have been denied credit because of your credit report. Next, you have the right to know what is on your credit report anytime you what to see it. You also have the right to dispute information that is incorrect on your credit report. According to the law, any information that is not correct on your credit report must be updated immediately. You credit report can not contain outdated information, and you also have the right to dispute wrong information with the original creditor. Lenders and other financial institutions must also have your permission before they can access your credit report.
It is essential to realize that credit reporting agencies report and are not accountable for whether the information on your report is accurate. That responsibility lies on the consumer's shoulders. When you initiate a dispute with one of the agencies, keep careful records and always make sure you have a copy of the proof that you submit to them to dispute the item. Also, look into all three agencies for inaccurate information and start a dispute with all three agencies for each item that is wrong.
Persistence is the Key to Protecting Your Credit
Unfortunately, it is very true that if you do discover a mistake on your report you may have to dispute it quite a few times before it is expunged from your credit report. During this time, it is very important that you keep detailed records of the dispute and be sure to keep copies of any evidence you use to support your claim. Also, consider making the dispute with all three national credit agencies at the same time, since a mistake on one agency's report that is corrected will not be fixed on the other reports unless you make the dispute with those agencies as well. Discover the details about how long information can stay on your credit report and you will gain the reward of an improved credit score.
Relocating to the desert, consider homes with private pools in Arizona for sale. For an easy maintenance home, you may want to check out condos for sale in Gilbert, Arizona.
Lenders, banks and mortgage companies all use your credit report to determine whether or not you qualify for a home loan and if you do, what rate of interest you will qualify for. Several factors on your credit report have a direct influence on your credit score. Regrettably, mistakes are often made on your credit report that can be expensive or prevent you from getting the loan that you need in order to buy a home. To help consumers make sure that the information on their credit report is accurate, Congress passed the Fair Credit Reporting Act (FCRA). This piece of legislation imparts to the consumer more power over their credit report.
Be Aware that Credit Report Mistakes Happen to Anyone
Mistakes can and do happen on credit reports. With three national credit reporting agencies managing billions of entries each year, it is easy to see how a clerical error can generate a mistake on your credit report. When you do discover a mistake, it is very important to understand the regulations that the FCRA guarantees your rights as a consumer.
Homeowners Must Take the Initiative Regarding their Credit Report
When you discover that there is a mistake on your credit, or if you suspect that there might be a mistake, it is important to understand the rights that FCRA gives you as a consumer. First of all, a lender must let you know if you have been denied credit because of your credit report. Next, you have the right to know what is on your credit report anytime you what to see it. You also have the right to dispute information that is incorrect on your credit report. According to the law, any information that is not correct on your credit report must be updated immediately. You credit report can not contain outdated information, and you also have the right to dispute wrong information with the original creditor. Lenders and other financial institutions must also have your permission before they can access your credit report.
It is essential to realize that credit reporting agencies report and are not accountable for whether the information on your report is accurate. That responsibility lies on the consumer's shoulders. When you initiate a dispute with one of the agencies, keep careful records and always make sure you have a copy of the proof that you submit to them to dispute the item. Also, look into all three agencies for inaccurate information and start a dispute with all three agencies for each item that is wrong.
Persistence is the Key to Protecting Your Credit
Unfortunately, it is very true that if you do discover a mistake on your report you may have to dispute it quite a few times before it is expunged from your credit report. During this time, it is very important that you keep detailed records of the dispute and be sure to keep copies of any evidence you use to support your claim. Also, consider making the dispute with all three national credit agencies at the same time, since a mistake on one agency's report that is corrected will not be fixed on the other reports unless you make the dispute with those agencies as well. Discover the details about how long information can stay on your credit report and you will gain the reward of an improved credit score.
Relocating to the desert, consider homes with private pools in Arizona for sale. For an easy maintenance home, you may want to check out condos for sale in Gilbert, Arizona.
