How-To Guide For Disputing Credit Report Errors

How-To Guide For Disputing Credit Report Errors

During a study in 2012, more than a quarter of American credit users have found anomalies that could have affected their credit scores from their credit reports. You now probably know that it is a good idea to regularly check your credit report for errors. If you spot an error, immediately take action.

A single flaw could give you a bad credit score and affect your chances of getting a job, loan application and can even be a sign of identity theft. Here is a comprehensive guide to request the credit authorities to remove the errors on your credit:

Check Your Credit Report Regularly

At least once per year, you must need to assess each of your credit report.Avail of the individual free reports from all of the main credit bureaus every 12 months.Sometimes, the main credit bureaus’ reports will have different data listed on them. If you are still unemployed or currently looking for a job, the law authorizes that you can get another free copy of your report. You can also get a free credit report at annualcreditreport.com or you can access the individual websites of the credit bureaus. Assessing your credit report regularly will help you look for possible errors.

Search For Errors

Once your credit reports are on hand, check for potential errors such as unrecognizable accounts, unfamiliar activities and errors on your personal data. Information on your credit report are being utilized by numerous people and organizations so it is crucial to fix mistakes immediately, no matter how small they are.

Dispute With The Bureau

If you find an error, you will need to write your dispute and forward it to the credit bureau that released the report. You can access the website of the Federal Trade Commission and download a sample letter you can use as a template. Your letter should contain your name, address, contact info, a list of the items you are disputing and a complete description of why the items were incorrect. Attach copies of documents that can backup your claim if there are any. You can send your dispute either by traditional mail or via online using the corresponding credit bureau’s website.

Unless proven pointless, the credit bureau is required to examine your dispute which usually lasts for a month. The bureau will also be required to send a copy of your dispute to the entity that reported the item to be disputed. The entity that reported the disputable item will also be doing their own investigation regarding your claim and will be reporting back to the credit bureau with the result of their findings. If your claim is found to be true, the entity that issued the error must notify the major credit bureaus and request them to fix the error(s) of your credit reports.

Check For Updates

The updating of your disputed credit reports may take a long time before it appears. This will depend on the particular bureau’s updating cycles and when the entity will send their update to the credit bureau. If you do not receive an update after a few months, contact the specific credit bureau to check if they are still working on your dispute.

If you spot an anomaly on your credit report, it is important to file a dispute immediately. In time, these errors can affect your credit card applications, loan & mortgage applications and even prevent you from landing a job. The process of disputing an error in your credit reports is simple but can be seriously sluggish and stressful. But all is worth the effort especially when you win your dispute.

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