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Friday, June 27, 2014

Steps to correct errors on you credit bureau

1. Support your case:
Gather receipts, statements and other documents related to your credit account. You may need these to prove your claim.

2. Contact the credit reporting agencies:
Use their form for correcting errors and updating information. Do this for both Equifax Canada and TansUnion Canada.
Before the agencies can make any changes, they first need to check your claim with the creditor that reported teh information.
If the creditor agrees there is an error, the agencies will update your credit report. However, if the lender confirms the information is correct, the agencies will not make any changes.

3. Contact the creditor:
You may be able to speed up the process by contacting the lender yourself about the error. Ask the lender to verify its file and provide the credit reporting agencies with update information.

4. Escalate your case:
Not satisfied with the results of the investigation? Ask to speak with someone at a higher level at the credit reporting agency or the creditor. If the creditor is a federally regulated financial institution, and it will not correct the error, as for information on its compliant-handling process.

5. Add a consumer statement:
If you are still not satisfied, ask the credit reporting agencies to add a consumer statement. This lets you provide details about an item o your report, using up to 100 words and it's free of charge.
Lenders and others who look at your credit report may consider your consumer statement when they make their decisions.

Don't have the time or energy to deal with it, call us, we'd be happy to help 1-888-693-1439

Building, Improving and Securing Credit through safe, secure and affordable solutions

Monday, June 16, 2014

How to Correct Errors and Check for Fraud

Check your credit report at least once a year for errors and signs of identity theft. Think of it as an annual checkup for your financial health!

You have the right to dispute an information on your credit report that you believe is wrong. You can ask the credit reporting agencies to correct errors. it's FREE

Watch out for:
mistakes in your personal information, such as wrong mailing addresses or incorrect date of birth.

errors in credit card and loan accounts, such as a payment you made on time that is shown late.

negative information about your accounts that is still listed after the maximum number of years it is allowed to stay on your report.

Why do errors matter?
They may give lenders the wrong impression. You could be turned down for an application or receive a lower credit score than you should have. Even errors that seem minor, such as a misspelled name or a wrong address, could cause problems when you apply for credit.

What cannot be changed?
You cannot change factual, accurate information related to a credit account. For example, if you missed payments on a loan or a credit card, paying the debt in full or closing the account will not remove the negative history. Negative information will only be removed after a certain amount of time.

Watch out for "credit repair" companies that claim they can eliminate negative information, for a fee, before the date it would normally be removed from your credit report. This is not possible.

Call us today for a FREE credit report consultation at 1-888-693-1439

Building, Improving and Securing Credit through safe, secure and affordable solutions

Friday, June 13, 2014

HOW TO IMPROVE YOUR CREDIT SCORE!

The actual formulas used to calculate credit scores are the property of private companies and are not available to the public. This means it is not possible to know exactly how many points your score will go up or down based on the actions you take.

However, the main factors that are used to calculate your score include:

Payment history
Use of available credit
Length of inquiries
types of credit

Let's discuss PAYMENT HISTORY:

This is the most important factor for your credit score. It shows:
*When you paid your bills
*Late or missed payments
*Debts you did not pay that were written off or sent to a collection agency
*Whether you have declared bankruptcy

Your score will be damaged if you:
*Make late payments - the longer it takes you to make your payment, the worse the impact on your credit report and score will likely be.
Have accounts that are sent to a collection agency
Declare Bankruptcy
Withhold payment due to a dispute and the lender reports your payments as late.

With Certain financial products, any payment you make on time will not be counted and will NOT improve your credit score. However, if you miss payment and your account is sent to a collection agency, this CAN be included and will damage your credit score. These products include:

Chequing and saving accounts
Prepaid cards

Telecommunications accounts, such as mobile phone and internet, are exceptions. Payment you make on time as well as late payments MAY be considered for your credit score.

If you have any questions feel free to PM me or just post your question below.

Tomorrows topic - Use of available credit

Building, Improving and Securing Credit through safe, secure and affordable solutions