Negatives on my Credit Report

A Negative on your Credit Report will happen when you are late on a payment by 30 days or more and also if you have quit or never made payments on a bill.  Having bad credit can have several consequences, including:

1. Difficulty getting approved for credit: With bad credit, it can be challenging to get approved for credit cards, loans, or other forms of credit. If you are approved, you may be offered less favorable terms, such as higher interest rates and fees.

2. Higher interest rates: Even if you are approved for credit with bad credit, you may be offered higher interest rates than someone with good credit. This can make borrowing more expensive and can result in higher monthly payments.

3. Trouble renting or buying a home: Landlords and mortgage lenders often check your credit as part of the application process. Bad credit can make it difficult to rent an apartment or buy a home, as landlords and lenders may view you as a higher risk.

4. Higher insurance premiums: Insurance companies may use your credit score to determine your insurance premiums. With bad credit, you will be offered higher premiums for auto, home, or renters insurance.

5. Difficulty getting a job: While employers cannot check your credit score without your approval, some jobs require a credit check as part of the application process. Bad credit will make it harder to get a job in many industries. 

Overall, having bad credit will limit your financial options and make it more expensive to borrow money. It's important to manage your credit responsibly and work to improve your credit score over time to avoid these consequences.

How can I Dispute Errors on my Credit Report?

If you find errors on your credit report, you can dispute them with the credit reporting agency (CRA) that issued the report. Here are the steps to follow:

1. Identify the errors: Review your credit report carefully and identify any errors, such as inaccurate personal information, accounts that don't belong to you, or accounts with incorrect balances or payment histories.

2. Gather documentation: Gather any documentation that supports your dispute, such as payment receipts or account statements.

3. Contact the CRA: Contact the CRA that issued the report, either by phone, mail, or online, and explain the errors you have identified. Be sure to provide any documentation that supports your dispute.

4. Wait for the investigation: The CRA will investigate your dispute and may contact the creditor or lender to verify the information. This process typically takes 30-45 days.

5. Review the results: Once the investigation is complete, the CRA will provide you with the results in writing. If the dispute is resolved in your favor, the CRA will update your credit report accordingly. If the dispute is not resolved in your favor, you can request that a statement of dispute be added to your credit report.

It's important to monitor your credit report regularly and dispute any errors as soon as you find them, as they can have a negative impact on your credit score.