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Your Credit Report - How to Add a Consumer Statement

Author: thomas Source: Unknown Click: times
One of the least known laws made to amend the credit reporting system, offers any citizen of the United States the ability to add a consumer Industrial hardware statement to beauty equipment their credit report. The premise behind this theory is to further inform the representatives from the reporting bureaus of any additional information that may be relevant. With this addendum included in the documentation, there is at least cause for the reviewer to see all of the data before rendering a home hardware decision on negative line items that will cause the credit score to decline.
These testimonials are typically employed by consumers to enlighten reviewers at the credit bureaus about the reasons that negative items were added to the report. This rivets can include some varied explanations such as physical illness, lack of employment, or family problems that made paying off one or more debts next to impossible. There are also occasions where a dispute with another party was added unjustly in the opinion of the borrower and he wants to clarify some of the reasons for not paying in a timely manner.
As identity theft has become more rampant, consumer statements can be a positive course of actions for consumers who have been victimized by these types of events. This can help to prevent any further type of fraudulent activity from occurring on the consumer's personal account. Any of the negative items that are indicated on the credit statement as a result of a case of identity theft should also be indicated, as well as any measures currently being undertaken to clear this up. This process is not easy, and often will take several months to complete, but it is a good idea to guard against further theft attempts.
It can also help with other problems, such as explaining why the credit report contains so many negative entries to prospective lenders. There are also professionals in this field that claim such a statement can negatively influence a consumer's score. However, if other methods have been attempted already and failed, it doesn't hurt for consumers to try this alternative action. Truth be told, it might be a last resort for many borrowers.
Individuals can send a one paragraph letter to each of the 3 credit reporting companies with the request to include it with the other information. It is the legal right of any consumer as pursuant to section 611(b) of the Fair Credit Reporting Act to add this information to his credit history. Once this is accomplished, a copy of the actual credit report should be requested to ensure that the statement has been integrated there.
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