According to the Fair Credit Reporting Act (FCRA) of 1970, credit agencies have a duty to correct or remove false information from consumer credit reports. Although the three major credit bureaus - Equifax, Experian, and TransUnion - are legendary for being difficult to deal with, they all must comply with your legitimate request to remove false information.
Furthermore, it actually is possible to have negative information removed that you only wish was incorrect. Obtain a copy of your credit report, highlight any information you would like changed, and write a letter to the credit bureau explaining why. If you have documentation that supports your reasons for requesting the changes, your odds of success are pretty good. However, even if you do not have documentation, there still is a chance that you will succeed.
This is particularly true of old debts, or debts with smaller businesses, because in order to counter your dispute, you creditors must respond to your challenges with documentation of their own. If they no longer have documentation, or if they are too busy to bother, the credit bureau must change the disputed information on your report, or remove it altogether.
DIY debt consolidation: 3 secrets for success
You're sinking fast in credit card debt, and there's not a life preserver in sight. Loans and balance transfer offers involve applying for more credit. Follow these tips for rescuing yourself from the dangers of excess debt.
Reducing debt or building savings?Even if you are following a debt reduction plan, it is important to try and build emergency savings.
When debt help is not enough: 3 reasons for filing bankruptcySituations can arise that make paying your bills impossible, or that render you ineligible for participating in debt relief efforts such as credit counseling. When you're enduring any of these circumstances, consulting a bankruptcy attorney can provide information about your rights and the consequences of filing bankruptcy.
Personal spending rises as income slipsPersonal income declined in August, but personal consumption expenditures rose, according to the Bureau of Economic Analysis.
3 reasons for consolidating credit card debtAre you paying more than one credit card bill each month? Have you overlooked a bill and incurred penalty interest rates or late charges? Consider credit card debt consolidation for simplifying debt management chores.
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