There are a number of ways to get your credit report. One of the easiest and most affordable ways to do so would be to go to www.AnnualCreditReport.com. By using this site, which is backed by the Federal Government of the United States of America, individuals can get a free report from each one of the three credit bureaus, once every twelve months. However, once you get the report it can be slightly confusing. It’s not just a simple number like they show on television. Here are some hints for decoding your report:

There are negative credit indicators and positive credit indicators. On your report, you will see how many potentially negative indicators you have on your credit report and how many accounts you have that are positive or in good standing.

There are a number of codes that are made up of a letter and a number. These codes are made up of R1, R2, R3, R4, R5, R6, R7, R8, R9, I1, I2, I3, I4, I5, I6, I7, I8 and I9. R stands for revolving credit and I stands for installment credit.

The numbers indicate the payment schedule. 1 means the payment was never late, 2 means the payment has been 30 days late, 3 means the payment has been 60 days late. The numbers continue to go up and the corresponding increments are 90 days, 120 days, that payments are being made under the wage earner plan, repossession and charge off.

In recent years, additional numbers and letters may be found. The letter O is the code for ‘Open’. The number zero (0) is code for approved, and 1 is paid as agreed. In this version, the FICO version, the numbers 2-8 correspond to the numbers stated for 1-8 in the previously created code.

In the FICO version, the number 9 corresponds to being charged off because of bad debt. J stands for Joint, I for Individual, U for Undesignated, A for Authorized User, T for Terminated, M for Maker, C for Co-Signer, B for on the Behalf of another Individual and S for Shared. This version is quickly becoming the more popular way to code credit reports.

You may be initially nervous about writing a credit dispute letter. Of course, you want it to sound professional, but you do not want it to come off as pretentious. By using plain language and being honest, you can easily and quickly whip up a respectable and effective credit dispute letter.

Get the Address for the Complaint Department:

In order to make sure that your letter does not get passed around from department to department, address the letter to the complaint department within the credit bureau that you are contacting. This is a quick and easy way to speed up the process of your letter and your complaint getting addressed by the credit company.

Know the Format for a Business Letter:

There is a formal way to write a business letter. This includes your contact information and date on the upper right hand portion of the letter, the company’s information on the left hand side underneath the lines used for your contact information and the body of the letter following the common phrase “To Whom it May Concern:”. In order to help with this, there are a number of business letter templates online you can locate using your favorite search engine and the phrase “business letter template” or “credit dispute letter template”. Try looking at Microsoft’s® community sample letter at http://office.microsoft.com/en-us/templates/TC300005241033.aspx.

Include a Copy:

Make sure to add a copy of your credit report to your letter packet. Do not include the original credit report because if the mail gets lost, you may not get it back. This will also make sure that the complaint department can see what you are concerned about in the report.

In the Body…:

Don’t be vague in your letter. Make sure that you include the specific concerns that you have. In your packet to the complaint department, make sure to include a copy (NOT THE ORIGINAL) of your credit report. Highlight, circle or otherwise mark the concern that you have on the copy of your credit report so that the complaint department can easily identify and locate your concern on your credit report.

Credit disputes are more common now due to the increase in identity theft and identity fraud. While these occurrences are not at all considered to be mandatory for a credit dispute, they do make up a discernable amount of credit disputes that are submitted and reported. Nonetheless, whether a person is disputing their credit due to identity theft, identity fraud or the individual’s simple belief in an error having been made, the process for disputing the credit reporting is the same.

There are three credit bureaus in the United States of America to which individuals can dispute credit aspects of their report. Some people prefer to send disputes to all three of the credit bureaus, but this is not always necessary. In the event that a person has a dispute, they need to contact their chosen credit bureau(s) on which they see the disputed item. Here are the following contact information links and numbers that you will need in order to dispute an aspect of your credit report.

Equifax:
Phone: 800-685-1111
Website: www.Equifax.com

Experian:
Phone: 888-EXPERIAN
Website: www.Experian.com

TransUnion:
Phone: 800-916-8800
Website: www.TransUnion.com

For credit disputes, you need to have a recent credit report and credit report number, which is a number on the top of your credit report, used to identify the report. Typically this report needs to be dated within 90 days of your credit report dispute filing. You can get a free credit report – liegitmately free and not a trial version – from www.AnnualCreditReport.com. One free credit report from each of the three bureaus is permitted each year or every twelve months.

Let the credit bureau know in writing what you think is inaccurate on your reprt. Send letters to the creditor to the same effect as well. When you send a letter to the creditor(s) include a copy of the affected items on your credit report. Remember to include COPIES and not the ORIGINALS of the credit report.

After declaring bankruptcy, some debtors may be interested in setting up a reaffirmation agreement if it is in their best interest. This is an agreement that would be set up between you and your creditors. It is a contractual agreement which states that you will pay back the money owed to the creditors despite the fact that you have filed for bankruptcy. Through this agreement, you will be able to keep your property and it will stay in your possession. After the payments are made, the creditors, for their part, will agree not to repossess your property or otherwise take it back.

This can be very advantageous for people who are filing for bankruptcy, but it is important to make sure that this decision would be best for you before you enter into such an agreement with your creditors. In order to accomplish this objective, it is highly recommended that you discuss the situation with a lawyer, not only to make sure that this agreement is in your best interest, but also that your rights are adequately protected in such a contract. If you are not able to get an attorney to represent you in your reaffirmation agreement, the contract will need to be approved by your bankruptcy judge. The judge will be in charge of asking you questions in order to determine whether or not the reaffirmation agreement will be undue stress on you and your beneficiaries.

A reaffirmation agreement is not discharged. Due to this, most judges will only sign off on such a contract when the item that is being discussed is imperative to your every day life. One such secured debt example would be a car that you use to get back and forth from work every day. These contracts are completely voluntary and individuals do not need to take part in them in order to file for bankruptcy.

When it comes to filing for bankruptcy, it is very common for individuals to include their credit cards in their filing. While this is great for individuals who are actually in need of financial assistance, some people actually decide to file for bankruptcy and then charge up a storm on their credit cards, intending for the card to be included in their filing. However, if they are caught in this scheme, they can be taken to court by the lender and found guilty of defrauding their lender(s) – that is, that the individual had no intention of paying back the lenders after or when they borrowed money.

In order to make sure that you are not accused of defrauding the credit card companies that you are involved with, it is best not to make any large purchases on your cards for ninety days prior to filing for bankruptcy. It may be tempting to go out and make an impulsive, expensive purchase the night before filing for bankruptcy, but you will almost always be caught and charged. Cash advances totaling more than $750 or luxury purchases over $500 in a ninety day time period before filing for bankruptcy are suspect.

As soon as you decide that you are going to file for bankruptcy, this is the time to stop using your credit cards. You will only be further compounding your debt. If you are involved in debt that you won’t be able to get out of, stop spending and stop using your credit card! If you have to use your card even after you have come to the decision to file for bankruptcy, you will HAVE to stop at the next logical point. After you go to a bankruptcy lawyer, do NOT use your credit card! If you are found to have used your credit card after going to see a bankruptcy lawyer this can get you in serious and substantial trouble. This is clear evidence that you were intending to defraud the credit card company.