Don’t get baffled by the fact that credit reports retain that negative credit history for seven years denying you access to loans and difficulties when purchasing a prime property. After filing bankruptcy the records are stored for ten years.

How to Clean Up Your Credit Report

Cleaning up your credit report annually is of utmost importance. Arranging your account books in order by getting rid of outdated information, correcting wrong information and inaccurate data, Don’t be perplexed when an agency approaches you boasting of how they can boost your company’s credit score, just ignore. This is a D.I.Y exercise.

Step one: Get all your credit reports onboard.
There are various credit report agency’s (C.R.A) which offer credit reports for free or either at a small fee. The popular agencies being TransUnion, Equifax, and Experian.
You should get reports from at least three top agencies to compare the emerging discrepancies from the results annually. This will guide you when cleaning up your credit report.

Step two: Read through the report.
Start by reviewing the reports step by step as provided for by each company. Ensure you mark any inaccurate information you come through.

Step three: Note the anomalies
Having read through the credit report, you should create a list of all the inaccurate, unfilled or incomplete information. For example, if you find that you closed an account recently and it is still operational you need to note that.

Step four: Filing Dispute.
This is the last step on how to easily clean up your credit report. Having listed all the errors you can find with the current credit history filing a dispute with CRA is the last solution.
A dispute can be filed either online or by sending a letter to the CRA. The top three companies above allow online dispute. After filling a dispute online ensure that you check your mailbox to confirm the agency received the complaint. Also, keep checking out what the response will be with regard to your case.
If you file the dispute via a letter ensure you have the correct set of address. Take at least a week waiting for their response.

The post Cleaning Up Your Credit Report TODAY! appeared first on UELG.

A credit report contains your detailed information about your credit history as submitted to the credit reporting agency by the lenders who may have extended credit to you. Your credit report describes the types of credit you use, the amount of time your accounts have been in operation, and whether you have paid your bills on time. Moreover, a credit report includes information on your area of residence, whether you’ve been arrested or sued or have filed for bankruptcy.

It is crucial to note that your respective credit information helps lenders determine the amount of credit you have utilized and whether you are seeking for currently new credit sources.

The significance of a credit score from a credit report.

Did you know that your credit report reveals some aspects of your borrowing activities? This implies that every piece of data should be considered in relationship to the related information texts. The ability to promptly, consistently and fairly review all the data is perhaps what makes credit accumulation so essential.

The Credit Report Agencies.

You should note that there are three bureaus, which maintain credit reports, including Equifax, Experian, and the TransUnion. The lenders submit the available updates regarding the credit profile of yours, to any of these credit reporting agencies. Bearing in mind that banks and the other lenders necessarily don’t report your credit information to all these three bodies, your credit information might vary. Additionally, lenders often submit your information at different times, and this implies that your credit report may contain varied data, same to your credit scores.

Can a credit report have any other data unrelated to credit?

The answer to this particular question is yes. This is because, the credit report of every individual also acts as a storage for some personal information, including your previous and current addresses, public records, names, and employers.

What is the relevance of my credit report?

When you make an application for credit, whether a car loan or a mortgage, the lenders must have a way to prove that you are either a safe bet or not. This is where this particular information becomes useful. Your credit also includes a detailed record of the financial solidity of yours.

For how long can a negative information remain on my credit data?

It is crucial to note that the negative information typically stays on your history for seven years, and it even takes up to ten years for it to be eliminated, especially if you’ve been through bankruptcy. On the other hand, the positive or valid information usually stays on your history for an average of ten years from the time its respective account is deactivated. This rule also applies to accounts such as car and mortgage loans, which have a fixed repayment duration. For revolving accounts, including credit cards, your valid or positive information will remain on your history until the account stops operating or is closed.

Where can I report some of the information that is negative on my credit report?

It is critical to note that you have the freedom and the right to include a report to your credit information which explains why, for instance, if a few issues of late payment are appearing on your history. This statement can then be given to anyone who may need your report. Life is complicated and unpredictable, and maybe who knows? This particular statement may persuade an otherwise unwilling lender to offer you an opportunity.

Other than potential lenders and the credit agencies, who else can access my credit report?

Well, if you didn’t know, the Federal Credit Fair Reporting Act prevents individuals having information regarding your credit information from misusing it, and additionally, the law dictates the manner in which your credit history is handled. Below is a comprehensive list of firms that can lawfully have access to the credit data of yours under certain circumstances.

• Employer
• Collection companies
• Utility companies
• Auto insurance companies
• Judgment creditors
• Government agencies
• Landlords
• Mortgage lenders
Finally, unless in the case of court-ordered credit pulls and checks carried out for purposes of marketing, no any other individual is allowed to access your credit information without your confirmation or authorization. Your credit information is very important. It can either positively or negatively affect your future financial activities in a number of ways. The article has explained to you in excruciating detail, the credit report basics you should know.

Photo Credit: Shutterstock/ Billion Photos

The post What to Know About Credit Reports appeared first on UELG.

California is one of the few states that provides greater protection for job applicants and employees against the use of credit reports for employment purposes than the federal law does. California limits the reasons for allowing employers to use credit reports in making decisions to hire an applicant. There are circumstances where employers can use credit reports. Under these conditions, California law requires that notice must be given to applicants if the employer plans to check credit reports. Employers are also required to notify the applicant if the credit reports are the reason for an adverse employment decision.

Credit reports contain a person’s complete credit history for the past seven years including payments that were 30 or more days late and accounts that have been closed due to a bad payment history. They also include data on the person’s total debt load. Bankruptcies are reported for 10 years.

Most employers are not allowed to pull credit reports. The general rule in California is that an employer cannot acquire or use an applicant’s credit report in making hiring decisions. The same rule applies to pulling credit reports for existing employees. However, applicants for certain positions and employees who are being considered for promotions to these positions, can be required to authorize the employer’s access to their credit reports. These positions include but are not limited to the following positions:

> Managerial
>State Department of Justice
>Law enforcement positions including peace officers
>Access to specified personal information including social security numbers
>Involving the routine handling of cash
>Access to the employer’s bank account.
>That include the authority to transfer money
>That allow the employee access to trade secrets and proprietary information
>That provide access to at least $10,000 in a workday

The applicant or the employee must be given written notice If the employer wants to obtain a copy of the credit report, and the notice must state which of the allowed exceptions to the ban on considering credit information justifies the request. The notice must also provide a box that the person can check if they want a copy of the credit report used by the employer. The employer is required to identify the credit reporting agency used to prepare the report.

The California law enables an applicant or an employee not to reveal a bankruptcy unless the position is included in one of the above categories. Bankruptcy may be viewed negatively by employers, so not disclosing it is a person’s right up to a point.

If you, or someone you know, are facing legal issues in the workplace United Employees Law Group has answers, Call Today for your free and confidential case review. Please feel free to CONTACT US with any questions about this blog or your exact situation.

Photo Credit: Shutterstock/ Africa Studio

The post What Is A Credit Report? appeared first on UELG.