US Tax Professionals in Vancouver discuss the factors that determine creditworthiness and how to protect a rating
North Vancouver, BC -- (ReleaseWire) -- 08/19/2019 -- As a firm that provides US tax services for US and Canadian citizens looking for individual and business services, the team at US Tax Professionals in Vancouver know that credit reports play a vital role in financial well-being. To help people understand the report as well as protect them from identity theft and fraud, US Tax Professionals has just released a new article. For more, go to: https://us-taxprofessionals.com/newsletter.php#1
Creditors keep their evaluation standards secret, making it difficult to know just how to improve credit ratings. Some of the criteria used to establish a rating include payment history/late payments, bankruptcy, charge-offs (forgiven debt), closed and inactive accounts, recent loans, cosigning an account, credit limits, credit reports, debt/income ratios, and mortgages.
This federal law passed in 1970 gives consumers easier access to, and more information about, credit files. The FCRA (Fair Credit Reporting Act) gives the right to find out the information in your credit file, and to dispute any information that's inaccurate or incomplete. People can also find out who has seen their credit report in the past six months.
The Fair Credit Reporting Act requires that each of the three credit bureaus provide a free copy of a credit report, upon request, every 12 months. An annual review is highly recommended to identify any errors or omissions.
Make sure to read the report carefully, making a note of anything that is unclear. The credit bureau is required by law to provide trained personnel to explain. If accounts are identified by code number, or if there is an unknown creditor listed, ask the credit bureau to supply the name and location of the creditor in order to ascertain that the charges are legitimate.
If any error or suspicious activity is noted, write to the credit bureau and ask them to investigate. Under the FCRA, they have about thirty days to contact the creditor and find out whether the information is correct. If not, it will be deleted.
Credit bureaus are not obligated to include all credit accounts in the report. For example, the credit union that holds a credit card account is not a paying subscriber to the credit bureau; the bureau is not obligated to add that reference.
While the information may not be completely accurate, understanding creditworthiness is important to maintaining a healthy financial status. To learn more about obtaining and interpreting credit reports (or for assistance with personal accounting or business accounting, contact US Tax Professionals in Vancouver at (604) 281-3318.
About US Tax Professionals
US Tax Professionals provide tax services for dual American and Canadian citizens in Vancouver. Founded in 2013, they specialize in taxation for US citizens and expats, taxation and accounting for business, cross-border taxation for US and Canadian citizens, as well as accounting and taxation of alternative investments, including private equity funds and hedge funds.
For more information, visit https://www.us-taxprofessionals.com/ or call (604) 281-3318.
US Tax Professionals
Company Website: https://www.us-taxprofessionals.com
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Email: Click to Email Mark Schiffer