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CREDIT PROFILE - NEGATIVE OR INCORRECT INFORMATIONOnce you have obtained a copy of your credit report from each of the three major credit bureaus, you must first determine what information, if any, is incorrect. PERSONAL INFORMATION such as name, address and employer are never negative or derogatory, only correct or incorrect. CREDITOR INQUIRIES can be either negative or neutral. Too many inquiries in too short a period will scare off potential credit grantors. Also, inquiries from collection agencies can signal trouble to potential credit grantors. Your inquiries may account for up to 10% of your credit score. Items on your CREDITOR REPORT are either "favorable" or "derogatory." The only two favorable remarks contained in the "Status Comment" section of a credit profile are "CURR ACCT," which means "CURRENT ACCOUNT," or "PD STATUS," which stands for "CLOSED ACCOUNT; PAID SATISFACTORILY." Remarks other than these are negative. PUBLIC RECORD items always are considered negative as they are either a bankruptcy, tax lien, or judgment information. DETERMINING WHAT INFORMATION IS NEEDED TO SUBMIT A DISPUTE Once you've determined what information you want to correct or dispute, you must collect specific data from the credit profile. This is determined by what type of information you want to correct or dispute. TO CORRECT PERSONAL INFORMATION (name, address, employer) you need only list what the incorrect information is and how the correct information should be listed. TO ERASE UNAUTHORIZED CREDITOR INQUIRIES you need to list the name of the firm making the inquiry as listed on the credit profile, the subscriber ID number, and the inquiry date. TO DISPUTE AN INACCURATE CREDITOR ITEMS you need to list the name of the firm making the inquiry as listed on the credit profile, the subscriber ID number, and your account number. TO DISPUTE A PUBLIC RECORD ENTRY you need only list the type of record, Chapter 7 Bankruptcy, and the subscriber ID number. |
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