Keeping Your Credit Report Accurate
The necessity and importance of a good credit report is well known to everyone. In order to get a mortgage or a car loan, or any other loan for that matter, it is essential that your credit rating is good. This is because you’d be offered a loan without any fuss and would also be offered low interest rates. This is why you should know your rights where your credit is concerned. The Fair Credit Reporting Act allows you to make any corrections in your credit report in the case of a mistake. You should not tolerate any inaccuracies in your report that are detrimental to it.
Negative information about your credit is legally on your credit report for a maximum of seven years. The one exception to this is bankruptcy, which stays on it for ten years. Although, if you’ve recovered very well and feel as though your credit report should not contain the previous negative information, you can ask the bureau to remove it even before seven years are over. Of course, this may not be granted to you, but you are legally permitted to do so.
A problem that you should be aware of is that of dealing with collection agents who cross the line. Collection agents have to work with tight rules and are given a strict code of conduct. The FCRA mandates that no collection agent can call your place of work if you have asked them not to. Also if they do call, and identify themselves as a collection agent, you can take action against them since they are not permitted to do that. They are only to give your secretary their name so that you can get back to them. An even bigger blunder by a collection agent would be if he actually disclosed the amount you owe to someone at your work place, or anywhere else for that matter. This kind of behavior is simply not acceptable from a collection agent. If you find that an agent is threatening you or even hinting at it, then you should take immediate action.
You should know your rights regarding collection agents very well. Don’t allow yourself to be pushed around by agents who throw their weight around. If you get a call from an agent whom you don’t know, you can ask him to give you information regarding the account in question. If a collection agent cannot prove to you that you are in debt, you need not pay any attention to him or her.
If you find that your credit report shows that you’ve delayed payment 12 times as regards your credit card, and you feel as though the information is wrong, then take up the issue with the credit card company and furnish evidence to prove that the information is wrong. If they cannot prove that the negative information of your credit report is correct, all the relevant information will be taken off your credit report
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