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What Credit Bureaus Aren’t Telling You

http://www.carloanskingston.ca/ Credit Bureau’s Are Tracking More Than Just Your Credit Credit bureaus may not only be collecting how much debt you have and how you pay it off, they may also be collecting your personal information.

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What Credit Bureaus Aren’t Telling You

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  1. What Credit Bureaus Aren’t Telling You

  2. 1. Credit Bureau’s Are Tracking More Than Just Your CreditCredit bureaus may not only be collecting how much debt you have and how you pay it off, they may also be collecting your personal information. Typically, credit bureau’s will also gather information on your employment and where you live. This information may be taken into account when they evaluate your credit history. If it appears that you have a less than impressive employment record or you move around a lot, this information can affect your ability to receive credit. • They May Be Selling Your Personal Information • Credit bureaus often sell the information they have gathered on your employment history and where you have lived to anyone who is willing to purchase it. Selling this information is one of the ways bureaus make money and it is totally legal. Many times the unsolicited credit card offers in your mailbox or inbox are a direct result of this sales process.

  3. At Least 1 in 5 Consumers Have An Error in Their Credit Report • Of that 20 percent of consumers, 13 percent have errors could affect their credit score and 5 percent have errors that could seriously impact their credit score. • Fixing An Error Can Be Quite Difficult • Fixing an error involves a good deal of time consuming back and forth communication with the bureaus. Having extensive documentation to back up your claim is also essential and this might mean letters from lenders and collectors. The paperwork involved can be quite laborious and trying to fix this can take a long time, even years if the dispute initially results in the error not being found.

  4. Credit Bureaus Might Have Confused You For Someone Else • If you have information that is similar enough to someone else, perhaps similar names with a 1 digit discrepancy in your Social Insurance Number, you file might be mixed up with someone else. Although this doesn’t happen very often, it happens more than you might think. Resolving this confusion can take a long time. After a dispute is submitted to the credit bureaus, they are legally be bound to respond within a period of time that in the past has been around 30 to 45 days. However, if after the investigation no error is found, it may take much longer for the dispute to be resolved. http://www.carloanskingston.ca/

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