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the credit bureau to include it. If you shared accounts with a
former spouse, ask the credit bureau to list these accounts
under your name as well. Although credit bureaus are not
required to add new accounts to your file, many will do so for
a small fee. Finally, if you presently share in the use of a
credit account with your spouse, ask the creditor to report it
under both names.
Creditors are not required to report any account history
information to credit bureaus. If a creditor does report on an
account, however, and if both spouses are permitted to use the
account or are contractually liable for its repayment, under
the Equal Credit Opportunity Act you can require the creditor
to report the information under both names. When contacting
your creditor or credit bureau, do so in writing and include
relevant information, such as account numbers, to help speed
the process. As with all important business communications,
keep a copy of what you send.
If you do not have a credit history, you should begin to
build one. If you have a steady income and have lived in the
same area for at least a year, try applying for credit with a
local business, such as a department store. Or you might borrow
a small amount from your credit union or the bank where you
have checking and savings accounts. A local bank or department
store may approve your credit application even if you do not
meet the standards of larger creditors. Before you apply for
credit, ask whether the creditor reports credit history
information to credit bureaus serving your area. Most creditors
do, but some do not. If possible, you should try to get credit
that will be reported. This builds your credit history.
If you are rejected for credit, find out why. There may be
reasons other than lack of credit history. Your income may not
meet the creditor's minimum requirement or you may not have
worked at your current job long enough. Time may resolve such
problems. You could wait for a salary increase and then
reapply, or simply apply to a different creditor. However, it
is best to wait at least 6 months before making each new
application. Credit bureaus record each inquiry about you. Some
creditors may deny your application if they think you are
trying to open too many new accounts too quickly.
If you still cannot get credit, you may wish to ask a
person with an established credit history to act as your
co-signer. Because a co-signer promises to pay if you don't,
this can substantially improve your chances of getting credit.
Once you have repaid the debt, try again to get credit on your
own.
What Can Be Done to Improve a Bad Credit Report
You are entitled by law to correct any inaccurate
information that appears in your credit bureau file. If a
creditor rejects your application because of negative
information in your credit bureau report, it must identify the
credit bureau involved. At your request, the credit bureau must
disclose the contents of your credit file. If you act within 30
days of being turned down, there is no charge for this service.
Check to see whether the information in your credit report
is accurate and complete. You have the fight, under the Fair
Credit Reporting Act, to dispute the completeness or accuracy
of any information in your report. When you do so, it helps to
tell the credit bureau, in writing, why you think the
information is not correct. Unless your d
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