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Don't Trust Your Credit
Report! Check it yearly
Many credit reports contain errors serious enough
to derail a loan
San
Diego, CA.
Nearly half of
all the credit reports contained errors another study showed. Don't trust
your credit report, check it at least once a year and, if you are an active
credit user and seeker, do it every six months," says Paul Richard, RFC
author of a popular "Do-It-Yourself Credit File Correction Guide" and
executive director of the nonprofit Institute of Consumer Financial
Education (ICFE) based in San Diego, CA.
Many credit seeking consumers, especially home buyers, seem to underestimate
the value and importance of his or her credit rating. The credit reports
received from the three major credit-reporting bureaus (Equifax, Experian
and TransUnion) contained inaccuracies with about the same frequency and
degree of severity.
Errors and potential problems include: mistaken identities, misapplied
charges, uncorrected errors, misleading information, and inconsistencies.
Inconsistencies occur because creditors are not required to report
information about you to all three bureaus. So a problem that fails to show
up on one report may stand out in sharp relief on another as a warning flag
to a potential lender. Prying eyes is also a potential problem for consumers
because as few as four such inquiries for a credit-card approval over a
period of say, 60 days can have a negative impact on your credit prospects,
because they suggest that you may be aggressively trying to line up new
credit to support unsustainable spending.
"If you discover mistakes in your credit files and need
help, the ICFE publishes a low-cost "Do-It-Yourself
Credit File Correction Guide" in
English and
Spanish. Included in the Guide are step-by-step instructions on the
credit repair process, an explanation of consumer credit rights, and
sample letters to use when communicating with the various credit reporting
agencies about credit file questions and mistakes.
The "Do-It-Yourself Credit File Correction Guide," in both
English and Spanish, is available for $10 each plus $2 postage. The Los
Angeles Times Book Review calls the ICFE Guides "user friendly."
©
Paul Richard, RFC and the Institute for
Consumer Financial Education. All rights reserved.
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