Three agencies dealing with credit reporting that house my credit history are, Trans Union, Experian, and Equifax.
The process of disputing information in a credit profile is to inform the credit reporting agency through writing on the information that has been thought or considered as inaccurate. The sample dispute letter can be used then accompanied by copies of the documents that will back your position. Apart from bearing the name and correct address, items thought to have a dispute should be clearly identifiable with clear facts and why the information is disputed.
FICO score is a form of credit score that is used to come up with a credit report that is used by lenders to assess the credit risk of applicant’s and whether they qualify for a loan. FICO score is computed using dissimilar data pieces for credit on an individual’s credit report. The data pieces are broken down to amounts owed, new credit, payment history, credit mix, and the duration of credit history with each taking 30%, 10%, 35%, 10%, and 15% respectively.
Negative information that is in connection with my credit profile that is more than seven years old which is from the last date of the activity must be eliminated from my credit account profile. This shows that negative credit information will last for seven years in my profile before removal. However, the case for bankruptcy is different. For information relating to bankruptcy, it will take ten years for its elimination. Both negative and positive is reported to the three agencies for credit reporting by the lenders (Moogalian).
I can make a request for a free of charge credit report from a credit reporting agency once after every twelve months. The reports can be requested all at once or one at a time.
Work cited
Moogalian, Diane. "FAQ: How Long Does Information Stay On My Credit Report? | Equifax Finance Blog". Blog.equifax.com. N.p., 2016. Web. 27 Mar. 2016.
