Simple and correct way to deal with credit bureaus

Duran Mueller
Apr 29, 2007
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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.