Not everyone realizes how helpful a credit report can be and that credit reports are free. You can request a free copy of your credit report through the Annual Credit Report website. There are so many potential benefits of checking your credit report. Sometimes people find errors in their reports. Correcting these errors might be enough to repair any bad credit you have. Consider talking with a Chattanooga bankruptcy lawyer if you have questions about this process.
HOW A CREDIT REPORT CAN HELP YOU
A credit report is a listed history of your credit but may not always include your credit score. To find out your credit score, ask your bank or credit card company where you can find this. You can use your credit report to see what may have contributed to a good or bad credit score.
Not everyone knows that their credit report is sold to businesses by credit bureaus. These businesses buy your credit report to see your credit history. This information is used by these businesses to decide whether to make a financial deal with you or not. Financial deals like these could mean:
- Buying a car
- Asking for a loan
- Acquiring certain types of insurance policies
- Renting a house or apartment
Your credit report and history significantly impact the financial options you have in your future. Bad credit history could close off various financial options, deals, and opportunities. By obtaining a copy of your credit report and keeping up with this regularly, you can figure out what needs to be improved.
The credit report information you should find includes:
- Your basic information
- Your repayment history
- Tax and legal issues
- How much you have borrowed in the past
- Accounts that are given to collection agencies
- Missed payments
STEPS FOR CORRECTING CREDIT REPORT ERRORS
If you find an error on your credit report, this might be what it takes to repair bad credit. As you may already know, the consequences of bad credit are widespread. Landlords and employers alike check credit reports when deciding whether to accept you as part of their deal. The steps for correcting credit report errors involve:
- Writing a letter with details about the error you found
- Sending this letter to the credit reporting company
- Submit any evidence of the error with this letter
- Clearly state what you want to be corrected
The credit reporting company is required to investigate your claim. Be sure to ask for a return receipt, that way you have evidence that you sent your claim. Some credit reporting companies may try to minimize or ignore your claim. Consider talking with us if you suspect this has happened to you.
BANKRUPTCY ATTORNEY IN CHATTANOOGA, TN
No one looks forward to filing for bankruptcy, but sometimes this is the best way to rebuild your credit. Feel free to contact us at Tom Bible Law by dialing (423) 690-7712 to consult one of our lawyers today. Our legal team of Tennessee bankruptcy attorneys can help you figure out your financial options. You can find us in the Tennessee cities of Chattanooga, Kingsport, and Tullahoma.