How to Dispute Credit Report ErrorsWritten by Omar M. Omar
Your credit report--a type of consumer report--contains information about where you work and live and how you pay your bills. It also may show whether you've been sued or arrested or have filed for bankruptcy. Companies called consumer reporting agencies (CRAs) or credit bureaus compile and sell your credit report to businesses. Because businesses use this information to evaluate your applications for credit, insurance, employment, and other purposes allowed by Fair Credit Reporting Act (FCRA), it's important that information in your report is complete and accurate. Some financial advisors suggest that you periodically review your credit report for inaccuracies or omissions. This could be especially important if you're considering making a major purchase, such as buying a home. Checking in advance on accuracy of information in your credit file could speed credit-granting process. Getting Your Credit Report If you've been denied credit, insurance, or employment because of information supplied by a CRA, FCRA says company you applied to must give you CRA's name, address, and telephone number. If you contact agency for a copy of your report within 60 days of receiving a denial notice, report is free. In addition, you're entitled to one free copy of your report a year if you certify in writing that (1) you're unemployed and plan to look for a job within 60 days, (2) you're on welfare, or (3) your report is inaccurate because of fraud. Otherwise, a CRA may charge you up to $9.00 for a copy of your report. If you simply want a copy of your report, call CRAs listed in Yellow Pages under "credit" or "credit rating and reporting." Call each credit bureau listed since more than one agency may have a file on you, some with different information. The three major national credit bureaus are: ·Equifax, P.O. Box 740241, Atlanta, GA 30374-0241; (800) 685-1111. ·Experian P.O. Box 2002, Allen, TX 75013; (888) EXPERIAN (397-3742). ·Trans Union, P.O. Box 1000, Chester, PA 19022; (800) 916-8800. Correcting ErrorsUnder FCRA, both CRA and organization that provided information to CRA, such as a bank or credit card company, have responsibilities for correcting inaccurate or incomplete information in your report. To protect all your rights under law, contact both CRA and information provider. First, tell CRA in writing what information you believe is inaccurate. Include copies (NOT originals) of documents that support your position. In addition to providing your complete name and address, your letter should clearly identify each item in your report you dispute, state facts and explain why you dispute information, and request deletion or correction. You may want to enclose a copy of your report with items in question circled. Your letter may look something like sample below. Send your letter by certified mail, return receipt requested, so you can document what CRA received. Keep copies of your dispute letter and enclosures. CRAs must reinvestigate items in question--usually within 30 days--unless they consider your dispute frivolous. They also must forward all relevant data you provide about dispute to information provider. After information provider receives notice of a dispute from CRA, it must investigate, review all relevant information provided by CRA, and report results to CRA. If information provider finds disputed information to be inaccurate, it must notify all nationwide CRAs so they can correct this information in your file. l Disputed information that cannot be verified must be deleted from your file. ·If your report contains erroneous information, CRA must correct it. ·If an item is incomplete, CRA must complete it. For example, if your file showed that you were late making payments, but failed to show that you were no longer delinquent, CRA must show that you're current. ·If your file shows an account that belongs only to another person, CRA must delete it.
| | Buying Property in ScotlandWritten by David Miles
Buying a house in Scotland is slightly different from buying a house in other parts of UK. It's not particularly complicated, and buying north of border can often be quicker, but for those relocating from England and Wales there are a number of points you need to bear in mind. Agreement in principle Before you begin house-hunting in Scotland you need to have an agreement in principle for your mortgage. An agreement in principle takes form of confirmation from your lender that, subject to various conditions, they are prepared to give you a mortgage up to a certain amount. This amount will be based on your income in much same way as it is in rest of UK. Without an agreement in principle in place, any offers you make on properties are unlikely to be taken very seriously. Sealed bids In England and Wales, houses are normally advertised at a given price and vendor accepts that he may well have to settle for a price that is lower than original asking price. Under Scottish system, vendor sets a price and invites offers in excess of this via a sealed bids system. Although this type of secret bidding is sometimes seen in rest of UK, it is normally only in cases where property is particularly expensive or desirable. Commitment When you buy a house in Scotland, if your offer is accepted, you are immediately under an obligation to buy that property. This is why an agreement in principle is required before you go house-hunting. By contrast, in England and Wales, you can pull out of buying property without penalty up until time when contracts are exchanged. The Scottish vendor is also committed to deal as soon as he accepts buyer's offer. Hence risk of gazumping (where vendor later accepts a higher offer from someone else) is removed. Solicitors Because of earlier commitment to buy, solicitors play a much greater role in buying and selling of homes in Scotland. In many cases solicitor will act as selling agent for a property rather than an estate agent. The actual house-hunting process in Scotland is much same as anywhere else. But don't forget, when you are looking at properties, that advertised price is minimum you will have to pay, and is not a starting point for bargaining downwards. As a buyer, you will need to appoint a solicitor before, or as soon as, you see a property you want to make an offer on. Once you are ready to make an offer, your solicitor will contact selling agent and ask them to "note interest". Finalising mortgage After this, you will need to finalise your mortgage application by going back to your lender and providing details of specific property you are planning to buy. Once this is done, lender's valuation and your own survey can be carried out. Arranging a survey Although your own survey is not compulsory, it is strongly recommended that you have one done before making an offer. Because you are legally committed to buy property once you make your offer, it is important to know as much as you can about its condition. The results of survey will help you as well when it comes to deciding how much to offer.
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