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You applied for a loan or credit card and a few weeks after were shocked to
see a rejection letter in your mailbox. What went wrong? The letter says your
credit history isn't perfect to get you that loan. What to do now? Don't panic.
These three simple steps can get help you deal with the credit bureau
confidently and get things corrected.
1. Grab a copy of your credit report
When rejected for a loan or credit card, ask the lender about which credit
bureau provided your credit history to them. The three main credit bureau that
take care of keeping credit history records are Experian, Equifax and TransUnion.
When you have the name of credit bureau go ahead and get a copy of your credit
report from them. Every credit bureau is obliged to provide one free copy of
your credit report each year. By all means do get it and make a habit of
checking your credit report regularly. When you have a credit report check it
for discrepancies. Keeping a record of financial transactions will help you
substantiate your claim over any false entries in your credit report.
2. Don't give too much information
All credit bureau require to provide your credit history is your legal
address, name and social security number. Just provide them with this
information. Giving more than this can cause problems down the road since many
credit bureaus have credit collection agencies linked to them and you will never
want every fact about you to reach collection agencies.
3. Keep a record of every conversation When you find errors in
your credit report, write to the credit rating agency. They are bound by laws to
document everything about your credit report. If unable to do this within
30 days the related entry must be removed. Keeping a track of everything and
asking the names of officers you talked with, and did correspond with will help
you legally substantiate your claim when time comes.
Unlike popular perception, dealing with credit bureaus is not an arduous
task. Simple things like following correct procedures and keeping a record helps
tremendously.
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