How Do I Deal With The Credit Bureaus? Fixing an error on your credit report isn't as hard as it seems California (I- Newswire) January 18, 2012 - Most of us know and understand that having good credit is crucial - you can't get very far without it. Having good credit will allow you to get your dream home, obtain a car or take your dream vacation. It's possible to live with bad credit, but rest assured it will affect you negatively throughout your life. There are three credit report bureaus - Experian, Equifax and TransUnion - and these three agencies play a key role in your financial future. Each bureau receives both positive and negative reports from your creditors, and then using their own individual systems of calculation, determines what your credit score is. It is this score, coupled with your credit history that determines your credit- worthiness. If your credit report shows that you pay your bills on time according to term, you can rest assured that your credit is considered good. If, however, your credit history is less than stellar, it will also be reflected on your credit report, and you won't be able to get the mortgage or car loan you need. It could even affect your ability to get a job. This is why it is so important to know what is on your credit report. You can't afford to be ignorant in this area. Every consumer is entitled to a free copy of his or her credit report annually, from each of the three credit reporting bureaus. This is federal law. Take advantage of this and review your reports annually to be sure there is no negative or false information reported there. But what do you do if you find that there is information reported on your credit report that is incorrect? If you have questions about a specific entry on your credit report, or if you know the entry is incorrect, it is important to notify the corresponding credit bureau as soon as possible. Mail a written request to the appropriate bureau, requesting that the bureau investigate that particular entry on your report. All three bureaus are required by law to document discrepancies on your credit report and, when a request to investigate is made, look into and respond to that response within 30 days. If this doesn't happen within that time frame, the entire entry has to be removed from your credit report entirely. Dealing with the credit bureaus can seem like a daunting task. But you'll find that if you document each step, keeping copies of all correspondence, and stay on top of the matter, it will be resolved. It won't happen overnight, but you can and will get resolution. Just stick with it.
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