Creit Report – Your Statutory Right To Have A Copy

2007-03-08 10:33:40

( Financial )



You know the importance of the creit report when you apply for a mortgage or any credit accommodation. The creit report can become the key factor in lenders’ decisions whether or not to grant you credit, or in pricing the loans they give you.

Independent credit reporting agencies usually render the creit report. They assemble the data about you from public documents, such as your income tax filings, and feedback from lenders or organizations that have previously granted you credit. They then sell these reports to lenders and other users.

The process of generating a creit report is different from that used for creating internet traffic reports, web traffic reports and search engine ranking reports. To determine the rankings, these latter reports basically take note of the number of visitors that go to a web site. Although the volume of data analyzed is huge, the nature of the analysis is relatively simple.

In creating your creit report, the reporting agencies must compile data from several sources and arrange these so that users can evaluate them for making credit decisions.

Be aware that under the fair credit reporting law, you have the right to get a copy of credit report from the firms that prepared them. Once you get a copy, examine the creit report closely for inaccurate items. You can ask the firm to correct or remove the item. But if the reporting firm refuses to the change or deletion, you have the right under the law to add a 100-word statement to the file explaining your side of the issue. Your explanation becomes part of any future credit report.

Remember that your copy of credit report is free, and the credit reporting companies are under obligation to give them to you. You should request for them, however, through the annual credit report service, by mail or their website.


All rights Reserved © Tradenet Services srl
Do not duplicate or redistribute in any form.