For many individuals it can be a very scary and frustrating situation if it has been quite a while since they took a look at their credit reports and when they did there were several errors that were noticed. It can also be just as frustrating to find accurate information that regards some late payments that you made, as well as other detrimental issues that were also found that could have a huge impact against your credit score.
Credit reporting errors are more common than most people think, there is no need to become alarmed however, these errors can be fixed. Black marks that are shown on your credit can also be fixed in time, and without spending large amounts of money on financial institutions that claim to be just the thing that you need.
Disputing Errors That Appear On Your Credit Report
- The first thing that you will want to do is circle each of the errors that you have found on the report and then make a copy of it.
- Send copies of your report along with a letter that states information on the disputed errors and request that an investigation be performed to resolve the problems. If you have any type of paperwork that supports these claims you will want to send that as well.
- Mail the documents using certified mail, and request a return receipt. The address of the credit-reporting agency can generally be found on the report.
- Also mail a letter to the specific creditor who is making these false claims – using the address that is provided for disagreements.
If the disputed item happens to be about personal information, then you will want to verify your residence by sending either a copy of a utility bill that has your name on it, or your driverâ€™s license.
Shortly after the investigation has been initiated your credit will be contacted so they will have the opportunity to prove the accuracy of the information they sent to the reporting agency. If they are unable to do so the item must be taken off your report. Upon completion of the investigation you will be sent a copy of the corrected report free of charge. You can also request that a corrected copy be sent to everyone person within the prior six months that has received a copy.
It is a good idea to try to contact creditors before the investigation is requested. This gives them plenty of time to correct errors by the time the issue is verified.
If There Are Going To Be No Changes Made To The Report
If it has been decided that the information was accurate, you must then be provided a written notice that gives you the name, physical address, and telephone number of the individual who made this claim. Unfortunately it may take some time and patience to acquire this information, but do not give up. If you still believe there are errors on your report you can begin another investigation.
If even after a second investigation has been performed and you are still unable to get the error corrected you have the right to ask the reporting agency to place the 100-character explanation beside the error in question. This area will be used to place your comments as to why the error was disputed.
Black Marks On Your Credit Report
If you have either paid off, or the remaining balance has been brought current on a specific creditor, and it has been in good standing for 1 year you can send a letter to the creditor requesting these items be taken off your report. Generally they will have no problems in doing so.
Your credit report is the basis for your financial standing. No matter how slick or smart you may be, no bank will touch anyone with a low credit score. It's their money, why would they want to take a bigger risk than they need to?
If you don't know where your credit report score is at, now's the time to take a peek. Don't get surprised with a low credit score when you go in to review your report with a potential lender or even an employer, find out for yourself within minutes.