You can dispute the inaccurate information from CRA and ask them to correct the information. For this they shall take only thirty days. After this they shall give you written information about the changes that are made to the report. Inaccurate information shall be either removed or corrected with in the 30 days of dispute filed.
If the investigation has not solved your problem, you can add a brief statement to the report and it shall be added to the report. Out dated information shall not be produced in the report. General old data of more than seven years or bankruptcies information more than ten years shall not be placed in the report.
Who can look at your credit report:
Your credit report is though personal it is not confidential. It can be accessed by different groups of people. Different people can access this report when they have permissible purpose. The set of people who can access your report are
- Credit card companies
- Landlords
- Banks when they want to improve your ATM limits and overdraft protection.
- Insurance companies
- Employers and potential employers
- Government agencies
- The company that you hire to protect from identity theft
- If you apply for a government license or favor they can access your credit report.
- Some one from who you ordered a product.
- A state or local child support agency.
- Any one else who has written permission to access it.
Most of this cases you have initiated business or applied for a loan with some one and before they proceed they will see your credit report to take decision.If you have applied for a job where you need to handle money in banks or a high security job and you have access to sensitive data. Before they hire they will access your credit report.The potential employer want to conform that you are responsible and not going to surround by temptation. Any way this report is going to be less in detail and it will not be counted as an inquiry.
Even insurance companies check it to see how well you are paying your credit card bills. Basing on that they can analyze your paying habits and think and judge about their premium payments.Any way this will change from place to place.Enquirers from credit card companies, home loan or auto loan are treated as hard enquirers and they lower your credit score. Your new credit report accounts has a weight age of ten percent of credit score.The number of accounts newly opened when compared with the old accounts will effect the credit score.
Number of recently made inquiries will also effect credit report.The time since new accounts opened will effect your report.If you have small number of accounts and there are large number of inquiries it will effect credit score. According reacherch people with eight inquiries has the possible of declaring bankruptcy when compared with other people with no inquiries.
All the home and auto loan inquiries made with in fourteen days are treated as one inquiery only.Any inquiry made prior thirty days of scoring your report are not included in the report.Most of the lenders feel risky to offer the asked loan or favor to you if you are having ten inquiries in your report in the last six months. This happens even if you have good credit score and report.Older inquiry that is more than six months is not a issue.
Soft credit inquiry is not going to effect your report. They are
- Your own credit report request.
- Credit checks made by some one to give you marketing offers and deals.
- Inquiry made by lender with whom you have account.
- Inquiry made by possible employer.
- Inquiry made by credit counselors and loan brokers.
Reputable lenders or loan brokers will take formal permission from you in written to access report.You shall give permission to lenders separately but not as a group through broker.Some people will say responding to their brochures will give them access to your report and you need to be careful about them. You shall not give social security number until you have decided to take the offer. Tel operators and online websites will be claiming that they will give instant offers and they need your approval. There you have to give permission to access to your credit report. Be careful about it and ask for written documentation and papers for it. Information of your report available for bad people will also leads to identity theft and you shall be careful about it.
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