• It is mandatory for the reporting companies to investigate such cases further to evaluate the claim made by consumers. In most cases, they are expected to resolve the case within 30 days of receipt of the letter.
• It is also incumbent upon them to them to send back all the inaccuracies that you have pointed out to the source entity that provided the data in the first place.
• These source information providers then review and analyze the data to decide whether the claim is genuine or not. The results of the investigation are then sent back to the reporting company.
• In case your claim is found to be accurate, it is the responsibility of the reporting company to send this information to all reporting companies so that the data can be corrected.
• A new report needs to be generated and sent to you (free of cost, of course) and the same report should also be sent to all those entities that have received your credit report in the last 6 months.

In most cases, such cases are resolved. However, in some cases, the dispute remains unresolved for a long time. In such cases, you can demand that the dispute be filed in your records and be provided to anyone who seeks your credit report. However, you may have to pay a fee to ensure that this is done each time someone asks for your report.

Another way in which you can ensure that your credit report looks good is to ensure that all your accounts are mentioned. Though most of the large departmental stores and national banks supply this information to reporting companies, there are still some that are out of the purview of the reporting companies. Local travel, entertainment or local retailer may not be supplying this information to the reporting companies on a regular basis.

It is a good idea to visit your credit report periodically and add the accounts that do not feature automatically. This will avoid a situation where you are denied a credit due to 'insufficient credit file' or 'no credit file'.

If you are unfortunate to have some negative information on the credit report that is accurate, only time can ensure the removal of such elements. Regular negative information is likely to last for seven years in a report and bankruptcy information will last up to ten years. An unpaid judgment can be reported in your records for seven years or the statute of information, whichever is longer? Criminal records can be shown in these reports forever.

Slicemypayments is a company that provides helpful support to consumers who are looking for financial assistance on auto loans, credit cards, credit report resolution and mortgages. For more information please visit www.slicemypayments.com.


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