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Understanding your credit score and the reasons you may find it wrong

Many shoppers with poor credit scores are tempted to charge them their money – usually on credit cards, for items they don’t own. However, this is against the law. A consumer may only charge those items on their credit card if the purchases were made using the credit card. Therefore, you may find yourself losing out on something very significant if the consumer isn’t careful. Below are a few tips on how to take advantage of your credit score and how to avoid becoming a victim of bad financial planning in the future.

What to Do if your score is wrong

Many companies offer you a second opinion on your credit score. Every time you apply for credit you should check your score to make sure it isn’t wrong. Make sure you’re aware of any change when you get a new credit score. Although some companies only offer a second opinion on your score, you’re still required to provide it.

Negotiate a revised score with your credit bureau

How you negotiate with your current credit company will vary from one company to another. What you agree to is a revised score. Sometimes, a company can make a technical error in the revised score. Ask the credit bureau for more information on this usually being corrected within 15 days. This is useful for taking a firm grasp of the situation and help you decide on a better way of handling the matter.

Other companies can ask you to submit inaccurate or incomplete information in order to correct the error. Make it a point to send completed forms through certified mail or E- mail so that corrections will be sent out within a few days. Don’t assume that you have submitted the correct information in the mail. If this method is the only option, keep track of your errors so you can get them easily for free! A good way to give your credit report to is to subscribe to a credit counseling program.

Get financial reporting

Should your score change

Many fraudulent companies won’t report your credit history to the three credit bureaus. This means you’re required to establish a ‘report card’ with the three major credit reporting agencies. This should be something like your Social Security Number or your spouse’s maiden name, two digit password and no gender.

Understanding Credit Counseling Services

Does your credit report contain certain types of personal information? In this article, I will explain to you the different types of personal information in your credit file and how they can adversely affect your credit score.

Personal Information

A credit score may contain information about your personal life, your financial history, and your employment. For example, your name, address, and phone numbers are easily accessible. Credit counseling services may provide help and information about personal problems that you may have. The services they may provide may include counseling on how to deal with unprofessional or abusive husbands, providing information on how to obtain a divorce or separation and counseling about maintaining bad credit and trying to improve your credit score. Your social security number may also be listed on your credit file. A financial data listing that is provided by a counseling organization or a credit counseling service may help you build a credit history.

If you are unemployed, divorced, or widowed, information that may be available at a credit counseling service is essential information. If you need employment or credit, a reputable credit counseling organization can help. If you need personal information, a reliable credit rating agency will help. If you have ailing parents, a credit rating agency will help. There are three main credit bureaus: Equifax, Experian, and Trans Union.

Credit reports

There are three main credit bureaus: Experian, Equifax, and Trans Union. The report you receive from these three bureaus may include information about you and your past, present, or future accounts to which you have applied. You will need to send this information in writing or electronic mail. You may receive your reports in the mail along with other documents, including employment agreements, tax forms, a copy of your birth certificate, and other related documents.

You can dispute any incorrect or inaccurate information reported to the three credit bureaus by you and your spouse. You have the right to withhold payment from any creditors who may have wrongfully notified you. You also may have the RIGHT to withhold payment on a particular account or from the interest rate of the account at the time that the incorrect information is reported to the reports.

Once you receive your report, you are entitled to receive it free of charge.