A Credit Report Agency Plays an Important Part in Consumer Credit (cont.)
Contributed by Melanie Vannuys
Not just anyone can see your credit report, but a credit report agency does have to make the information available to creditors who are considering granting you credit, employers considering you for employment or promotion, insurance companies who are considering you for an insurance policy, government agencies reviewing your financial status or government benefits, and finally, they have to release your credit information to anyone who has a legitimate need, such as a potential landlord.
How Do You Report Errors To A Credit Report Agency?
Even the most organized system can make mistakes, the same holds true with a credit report agency. They must generate and maintain so much information in their offices that mistakes are bound to happen. This why it's so important for you to keep a watchful eye on your credit report.
If you do find an error on your report, you need to contact the credit bureau right away, usually in writing. The credit bureau is then required to investigate the error and change any incorrect data. Here is where you will need to have a little patience. This process can take up to forty-five days to complete. In those forty-five days, the credit bureau has to either prove the entry or remove it.
Once you have corrected all of the errors you find, at your request, the credit bureau can send a copy of your corrected credit report to those who have received the erroneous report in the past six months or employers of the past two years.
