Dispute,Credit,Report,Avoid,th finance, share, loan Dispute Credit Report - Avoid this Common Mistake
If your financial problems have reached the point where you do not see a way out and you feel as though you are drowning in debt, your best way out is through declaring bankruptcy. Filing may well allow you to get your finances back on track Thankfully, there are now several web sites that are there to help people like you with bad credit to find the fast personal loans that you need. When you have bad credit, the first thing that you should be looking for is a loan company that
If you have ever tried to dispute items on your credit report, you may have received a response from the credit bureaus stating they performed their "investigation." The bureaus may also tell you that they "verified" whatever item you disputed. This means that negative item will remain on your credit report. The Fair Credit Reporting Act (FCRA) allows you to attach a 100-word essay to your credit report. This is the opportunity to explain the negative information and argue that you deserve new credit. People often mistakenly use the 100-word statement to explain some situation that led to their bad credit. For example, they may want to justify late payments with the loss of a job or a medical condition. Do not fall into the trap of adding a consumer statement to your credit. It is almost never a good thing. It may look like the credit bureaus are doing you a favor by adding your consumer statement. However, it is really just another technique the credit bureaus use against you. Here is a common consumer statement: "The late payments you see on my credit file were not my fault. My employer fired me due to no fault of my own. I quickly found a new job and now pay my bills on time every single month." Losing her job due to no fault of her own seems like a rotten reason to give her bad credit. Credit bureaus really could care less that your inability to pay your bills was due to no fault of your own. They see things in black and white. You either paid your bills on time (according to the creditor) or you did not pay your bills on time. Credit bureaus interpret the situation as somebody who is irresponsible. They see her as a bad credit risk because she does not have enough savings to cover bills then things get tough. Attaching a 100-word statement is really bad for three additional reasons: (1) Such a statement confirms that Yes - you really were late on those payments. (2) The credit bureaus will ignore any future disputes you mail because you already admitted fault. (3) Should you apply for new credit in the future; every creditor will see your candid admission that you are not able to pay your bills during times of emergency - and therefore a bad credit risk. As you can see, attaching a 100-word written statement to your credit report could possibly be the worst step you can take. In fact, it is only an option because it was part of the original Fair Credit Reporting Act enacted in the 1970's. Thirty years ago bankers actually manually reviewed credit applications and read those statements personally. In today's digital world most applications are reviewed electronically. Thus, such a statement only serves as another way for the credit bureaus to ignore your credit report dispute. Briefly, the 100-word statement is dangerous to your credit file. It serves no good purpose for the consumer whatsoever.
Dispute,Credit,Report,Avoid,th