Credit Counseling Organizations – CPE 2004-1, page 35
How To Clean Up Your Credit Report Yourself.
The truth is, you can help yourself re-
uild a better credit record. Start by contacting
your creditors when you realize that you cannot make scheduled payments. If you
need help working out a payment plan and a budget, contact your local credit
counseling service. These non-profit groups offer credit guidance to consumers, and
their services are available at little or no cost to you. Also, check with your
employer, credit union, or housing authority for other no-cost credit counseling
programs. Anything a credit repair company can do, you can do on your own.
Contact a local credit bureau and request a copy of your credit report. You are
entitled to a free copy of your credit report if you've been denied credit, insurance or
employment and request the report within 60 days of notice, or if you can prove that
(1) you're unemployed and plan to look for a job within 60 days, (2) you're on
welfare, or (3) your report is inaccurate because of fraud. Otherwise, the credit
bureaus may charge you a small fee for a copy of your credit report. Review your
credit report for mistakes and outdated information - anything beyond the seven or
ten year reporting period. If there are mistakes, contact the credit bureau and request
a dispute form. The form is available at no charge. Then submit the form with any
supporting documentation which provides as much information as possible about the
inaccurate information. The bureau must reinvestigate the matter, and delete or
correct any information which they are unable to verify. If the dispute still exists,
you can file a written explanation, which the credit bureau must include in your
credit report.
Other facts you should know:
· Bankruptcy information can be reported for 10 years.
· Information about a lawsuit or judgment against you can be reported for seven
years or until the statute of limitations runs out, whichever is longer.
· Information reported because of an application for a job with a salary of more
than $75,000 has no time limit.
· Information reported because of an application for more than $150,000 worth of
credit or life insurance has no time limit.
Research The Companies.
Contact consumer agencies such as the Florida Department of Agriculture and
Consumer Services, the Attorney General's Office, and local consumer agencies in
the county where the company is located to determine if there are complaints or
legal actions pending against the company. Do not rely on Chambers of Commerce
or other associations where membership is based solely on payment of a fee. You
also may contact the Consumer Response Center, Federal Trade Commission,
Washington, D.C. 20580; 202-326-2222; TDD, 202-326-2502.