Your credit scores will be created based on the information in your credit report. Due to this, it will be much safer not to give room for mistakes on your credit reports. The mistakes may possibly affect your credit scores.
These errors no matter how small may end up affecting your chances of securing a favorable loan. As a matter of fact, it is advisable for every consumer to thoroughly cross-check their credit reports on regular basis.
Failure to do so may potentially put your pocketbooks at risk. This article will put you through a step-by-step guide on how you need to go about disputing a credit report mistakes.
Ask for Recent Copies of Your Credit Reports
Make sure you possess the most up to date copies of your credit reports issued by all three major credit reporting agencies (CRAs), TransUnion, Equifax, and Experian. Since the same information is not shared by these agencies, you may assume the same mistakes appear on all of these reports.
Dispute the Mistake on the credit report
Before disputing a credit report, you have to first consider where the mistake may come from. You may first have to dispute the item with the credit reporting agency that has an error on its report, or with the company furnishing the information to the CRA. As soon as you receive your report, carefully scan it for variations of your name, unfamiliar addresses, a wrong date of birth, or incorrect Social Security numbers.
If you notice a company which you do not recognize or you did not apply for credit from, kindly ask the credit bureau why your information was provided to them. You can as well forward written disputes by certified mail, and return receipt requested. It is also advisable for you to keep a copy for your records.
When trying to disputing a credit report, if you have more than one mistakes, the best thing is to separate each mistake on a letter so that they can be addressed individually. Attach any form of evidence you can find, to back up your dispute.
Wait For a Response
After disputing a credit report, the furnisher or CRA has up to 30 days to respond to your letter or mail.
Do not accept no for an answer.
If you are told that it is a correct information, but you are sure that the information is wrong, you may need to further escalate your dispute. Forward a letter or mail to the furnisher or CRA affirming why you think the conclusion is wrong.
You can as well CC: the Better Business Bureau, the Consumer Financial Protection Bureau, and the State Attorney General. Copies of your dispute should forward to all the above agencies.
Speak to a Consumer Law Attorney
If your attempts to disputing a credit report had proved futile, kindly speak to a consumer law attorney who has experience in consumer credit disputes. You can easily find one on the website of the National Association of Consumer Advocates.
Keep Records of Your Dispute
All records of any of your dispute must be carefully stored in a file and kept away in an easily accessible location.
Monitor Your Credit Reports
In order to avoid future occurrences, you can use a credit monitoring tool to monitor your credit report on a regular basis. You will be quickly alerted if any problems arise.
Do not lose patience.
Even though it may take time, but the error will surely get fixed at the end of the day.
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