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Tip of the Day Refinance Your Mortgage if You Can Cut At Least One Point

Refinance Your Mortgage if You Can Cut At Least One Point - Refinancing a mortgage only makes good sense if you are going to save more than 1% on the...

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Credit Letter Report

The information on a credit report can be extremely damaging if it is inaccurate. Consumers must be ready to dispute any inaccuracies as soon as they recognize them with a credit report letter. A credit report letter should be quick and to the point, stating what the issue is, why it is inaccurate an include a request for that information to be removed.

Because of the importance of credit reports, a consumer should get all three of their credit reports--from TransUnion, Experian and Equifax--at least once a year. Once these reports are obtained, the consumer should look over each report closely. If there is any issue the consumer finds that is damaging and even remotely inaccurate, they should send a credit report letter immediately.

A credit letter report doesn’t have to be long and it does not have to be drafted by a professional accountant or a lawyer. What a credit report letter must do is include the person’s current address, date of birth and Social Security number, so the credit agency in question can verify the person’s identity. If there is an issue the consumer thinks is a case of identity theft, a police report should be sent as well. The credit report letter should point out the potential inaccuracy and why the information is inaccurate. If the issue has to do with an issue like a credit card balance on a card the individual does not hold, it should be pointed out and disputed. If the issue has to do with an address, the consumer should tell the credit agency that they have never lived at the location in question, point out where they were at the time they supposedly lived at the inaccurate location (which should also be on the report) and request its removal.

After the first credit report letter is sent, the consumer should wait for about six weeks before checking to see if the issue has been resolved. If the inaccurate information remains on the credit report, they should write a second credit report letter noting the sending of the first and repeating the information regarding the inaccuracy. Since credit bureaus are notoriously slow in responding to inaccuracies on credit reports, be prepared to send several letter and making a number of phone calls before the issue is finally resolved.

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Definition of the Day Joint Venture

Definition: When two or more individuals or corporations cooperate in a business venture and agree to split the profits and management. TeenAnalyst Advice: Joint venture are usually undergone by companies that want to work together but not have to merge.Joint ventures are separate entities created by the companies (or individuals) and...

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