Puerto Rico Statement to Add to Credit Report
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How to fill out Puerto Rico Statement To Add To Credit Report?
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FAQ
Puerto Rico corporations are treated as foreign corporations for U.S. income tax purposes.
Residents of Puerto Rico who aren't required to file a U.S. income tax return must file Form 1040-SS or Form 1040-PR with the United States to report self-employment income and if necessary, pay self-employment tax.
The term "foreign country" does not include U.S. territories such as Puerto Rico, Guam, the Commonwealth of the Northern Mariana Islands, the U.S. Virgin Islands, or American Samoa.
But self-reporting your payment activity to the credit bureaus allows you to boost your credit without taking on any additional debt. Instead, self-reporting allows you to use the monthly bills you're already paying to help build your credit history and increase your credit score.
The bad news is that you cannot directly report your financial activity to the three major credit bureaus. In other words, if you want to let Equifax, TransUnion and Experian know that you regularly make rent and utility payments on time, you can't report that information yourself.
Puerto Rico holds a unique position as an unincorporated U.S. territory. Under Internal Revenue Code (IRC) §933, Puerto Rico source income is excluded from U.S. federal tax.
2 As a result, although Puerto Rico belongs to the United States and most of its residents are U.S. citizens, the income earned in Puerto Rico is considered foreign- source income and Puerto Rico corporations are considered foreign.
Your letter should clearly identify each item in your report you dispute, state the facts, explain why you dispute the information, and request that it be removed or corrected. You may want to enclose a copy of your credit report with the items in question circled.
Can an individual report to the credit bureau? As an individual, you cannot contact the credit reporting agencies in order to send them information about your credit and payments. Self-reporting is a process that involves a third-party service that will report your payments to all three credit bureaus.
A fraud alert is a notice that is placed on your credit report that alerts credit card companies and others who may extend you credit that you may have been a victim of fraud, including identity theft. Think of it as a red flag to potential lenders and creditors. Fraud alerts are free.
