Credit Reporting Agencies – You Have the Right to Dispute It
Credit reporting agencies such as TransUnion, Equifax and Experian are a part of your life. They keep track of your credit history, and you rely on them to help you make good decisions. However, sometimes the information they are providing is inaccurate. In fact, you have the right to dispute this information.
Low-income and subprime reporting companies
There are three major categories of consumer credit reporting companies, and each carries its own pros and cons. Some offer the most affordable services, while others provide the most comprehensive reports. Choosing the right company can help ensure that you don’t get a bad credit report. The best companies will offer a free report every six months, so it’s never too late to check it out. A good credit score can open up a variety of financial doors. You may even be able to score a loan with a co-signer if you have a bad credit score.
Despite their reputations, credit reporting companies have a long history of providing valuable information to consumers. Some offer services that are designed to promote financial well-being, while others are known for snagging fraudulent credit card or retail product returns. In the end, the decision to use one of these companies comes down to your personal preference and your budget.
TransUnion, Equifax and Experian
Credit bureaus collect information on individuals and businesses in order to provide credit reports to potential lenders. They use public records, information from other sources, and their own internal records to produce a credit report.
Each credit bureau offers an array of products and services. Some of these include a credit score, identity theft protection, credit monitoring, and credit card alerts.
These agencies also offer educational tools to help consumers learn about their credit history. There are three major consumer credit bureaus in the U.S. – Experian, Equifax, and TransUnion.
When it comes to comparing credit scores, the differences between TransUnion, Equifax, and Experian are important to understand. Because of the way these three agencies calculate credit scores, their score may look different. In addition, the algorithms used by each may give certain factors more weight than others. This can impact how credit reports and scores are generated.
TransUnion, Equifax, and Experian all offer free FICO scores. However, not all creditors will report to all three agencies. A lender may prefer to use one or two of the three.
The Big Three credit reporting agencies have a lot to answer for but that does not mean they aren’t good at what they do. Not to mention a good number of them are about a zillion miles away from the nearest kin. Luckily, they’re not the only ones in town. To say nothing of the fact that there are a few good people who are out there. Unlike your average joe, they have been there for many moons. Besides, a lot of these folks have an old skool swagger and a squeaky clean record of their own. Keeping up with the good guys is no small feat. Having to compete with the likes means that you have to make the best decisions. Hopefully this can be a win/win situation for you and your mates.
Your right to dispute inaccurate information in your credit report
If you think there may be inaccurate information on your credit report, you have a right to dispute it. The dispute process is simple, but can be time-consuming. A successful dispute can keep accurate information on your credit report.
Your first step is to contact the company that provided the information in question. You may need to submit a written letter. Write a short explanation of the dispute, along with supporting documents. Unless there are errors that are serious, you should expect to receive a response within 30 days.
When submitting your complaint, be sure to include the name and address of the company and its furnisher. This will help the credit bureau investigate the issue. Also, make a record of the phone calls and letters sent.
The furnisher, also known as the source of the information, is the business that provided the information. The furnisher can be a bank, credit card issuer, or other company.