How Can You Stabilize Your Credit Report?

How Can You Stabilize Your Credit Report?

Do you want to get your credit reports updated? Do you want to correct errors or mistakes in your credit history? Are you applying for any job? Do you want to remove any incorrect information in the documents? You can easily do away with these problems under the 1968 act. It is nothing but the FCRA or Fair Credit Reporting Act which secures every individual by regulating and using credit knowledge or information about him or her. With the help of this act you get to know the mistakes in your credit report and thereby you can take proper measures to rectify those mistakes.

What is meant by credit report?

The credit report is nothing but the snapshot of an individual’s credit history. It is the financial information of a person that the credit providers give an account to the credit bureaus. Generally the report contains a detailed account of your personal information- your date of birth, address and the correct social security number. The Fair Credit Reporting Act provides you with some rights regarding your credit history and you should be aware of such rights.

What does the act cover?

This act provides free credit information to the desired consumers under specific situations. A free report can be easily achieved if an insurer or an employer makes a wrong decision about you, depending upon the information available in the credit report. If you are the victim you should request the credit report in about 60 days from the credit bureau. Thus you can get free reports every year if you are a victim of fraudulent action or looking for any job. You get the reports within 60 days and not more than that. The act tells about your reputation, lifestyle, and creditworthiness and also about your character. You have the right to order the free reports through the annual report website.

What are the limitations?

The Fair Credit Reporting Act limits on the time period of your personal information. The accounts which are not positive stay on the credit report for at least 7 years. However an unpaid tax or an accrued tax remains in the report for at least 10 years. Bankruptcies also remain for 10 years. However a positive account stays for 10 years too.

The right to file a dispute

If your credit report is full of errors in it, you can file a dispute with the credit bureau. You can do it via phone or email and the investigation is executed for thirty days.

If you maintain the stock of your company, then stock management can even help you maintain your credit score effectively.

How Can You Stabilize Your Credit Report?