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How to change your credit history |
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People planning to buy a home sometimes find that financial
institutions won't offer them mortgages because of problems with their
credit history. But what if that bad credit history on your profile is because of
inaccurate information?
This happens more often than you think, which
is why it wise to keep a regular check on your credit history.
If inaccurate information appears on your credit profile, you have the right to dispute the information.
What to do: First, obtain your credit history from any of the companies that offer the service and check for inaccuracies. You can then begin the dispute process by contacting the creditor responsible for the inaccuracy. Contact information for each of your creditors is available on your credit profile.
To dispute inaccurate information directly with the credit reporting agencies, you must explain the inaccuracies in writing. Include copies of documents that support your position. You can also include a copy of your credit profile, and mark the items in question.
In your letter, be sure to include:
- Your full name
- Your complete mailing address
- Your telephone number
- Your date of birth
- Your employer's name (optional)
- Your Social Insurance Number (optional)
- The name and account number of the creditor and item in question
- The reason for your disagreement with the disputed item-be specific
- Your signature
Useful tip: Send your letter via certified mail and save the receipt. Save copies of your dispute letter and all enclosures. This information should be filed away to document your communication with your creditors and the credit reporting agencies.
Please note: This letter doesn't guarantee that the changes will be made on your credit profile - it just ensures that they will investigate your credit profile. If changes are made in response to your dispute, you will be notified by mail by the credit reporting agency.
Getting your credit history cleared will help not just with obtaining a mortgage, but with other financial dealings too, including purchase of big-ticket items like cars or getting another credit card.
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