Bad Records

Correction Of Incorrect Credit Records

It is common knowledge that information all your day to day financial transactions goes on to your credit report. But you cannot be 100% certain that the credit reference agencies hold the correct information on all your financial dealings. Incorrect or outdated information on, say, long ago missed payments which have now been resolved, could affect your credit rating in the future. So how do you go about correcting this wrong?

One of the ways to prevent this from happening is by always checking your credit card statements, from time to time. When you do this, you are just not ensuring that you are not a victim of identity fraud but also making sure that correct information of your credit card/s transactions have been posted to the credit reference agencies.

Keep all the receipts of the current transactions that have been made on your credit card/s so that you'll be able to counter check the statements when it arrives by post. If you do find any areas that you wish to dispute, then you can contact your credit card issuer while it is still hot. These types of customer disputes can be resolved quickly if you have your receipts in your possession. If the credit card provider accepts the error, then they will not only be obliged to put the record straight but also inform the credit agencies of their error, within a period of 28 days.

If the disputed item cannot be resolved, you can then contact the credit reference agencies directly by sending them copies of your receipts/paperwork along with a copy of your credit report. They, in turn, will carry out their own private investigation of your case. If it transpires that incorrect information has, indeed, been supplied by your credit card provider, you credit report will be duly amended and your record put straight.

Some Useful Tips

Some Tips On Using Credit Cards

After getting credit cards, it can be very tempting to go on a spending spree and buying all sorts of new things that you otherwise wonт•—t buy before. So, chances are there that you end up shopping a lot and go beyond your affordability level. Ultimately you may be in debt. So, you must resist that temptation and use your credit cards wisely. It may be difficult; but proper planning will be helpful.

To begin with, you have to remember that you should not spend more than what you can afford. You should have a budget to figure out your affordability. Subtract your monthly expenses from your monthly income. The result you get is your disposable income; you can afford to spend on shopping. Anything beyond this you spend may cause you trouble; remember this when you use your credit cards.

However, credit cards give you the leverage to go beyond the surplus amount. But you should not exceed your disposable income just because you can do this with the credit cards. Over usage of the cards may take you to above the credit limit and wonт•—t be able to spend any more, even if you have an emergency. And being unable to use the credit cards on emergencies is something really pathetic.

Do not use the credit cards on impulse. Unless it is very urgent, wait for some days and shop when you get some rebate or cash back. Very often, credit card companies give special offers; you can make use of these offers. This does not mean that you should not use your credit card except in emergencies. Rather, you should use your credit cards periodically. Finally, do not delay in paying off the bills. Delay in paying bills may make you pay some extra that is just money going down the drain.