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Your credit report contains vital information about you, such as your credit history and your current and past credit accounts. Since there is so much crucial information in this report, it is necessary for it to be as accurate as possible. Mistakes can be made, sometimes to your individual report. For this reason, you should keep a close watch on your credit report and dispute any errors as soon as they arise. Disputing Credit Report Errors The first step to take in a credit report dispute is to contact the credit reporting agency (either Experian, Equifax, or TransUnion), as well as the company that initially provided the information. When you contact these companies, explain what you think is wrong and the reasons why. Contacting both agencies is helpful, but is not always necessary. For example, if the lender you initially addressed about the error corrects it, they must then notify each credit reporting agency to which it provided the incorrect information. The credit reporting agencies must then update their own records to reflect the correct information. If you have submitted a credit dispute to your credit reporting agency but are unhappy with the outcome, you can always submit a complaint to the Consumer Financial Protection Bureau. Writing a Credit Report Dispute Letter If you believe there is an error in your credit report, you will need to know how to write a credit report dispute letter. The letter should include a written statement of the information that you think is inaccurate in your report. You will need to include copies of the documents that help to support your position. The letter should contain the date, along with your personal information, such as your full name, address, city, state, and zip code. Then you should write out the specific department and bureau for the claim, as well as the bureau’s address. Your letter should contain information about any items that are inaccurate or incomplete. Be sure to include your request that the information either be deleted or changed. Be specific about what you want the agency to do. Include in your letter, a list of any documents that you are enclosing, specifically mentioning each document. Examples may include payment records or court documents. Put in a polite request at the end of your letter to have the matter looked into as quickly as possible. Along with your letter, you should include a copy of the credit report in question and circle the area or areas that need to be addressed. You will need to send this letter by certified mail and request a return receipt. Keep copies of all documents in a file in a safe location in your home or office. Credit Report Monitoring The most helpful way to catch mistakes as soon as they occur is to monitor your credit regularly. Some of the benefits of routine monitoring include the fact that you can easily keep track of your credit score and be on the lookout for identity theft. Additionally, you can check your credit history and even increase your score. Another benefit is that you can keep your finances on track and in order. If you watch over all the different components of your report on a regular basis, you are much more likely to catch mistakes and any unusual activity. To begin, you will need to get 3 bureau credit score information. Keep in mind that your credit score may vary slightly from one agency to the next as they all calculate numbers a bit differently and not all creditors report to the same agencies. However, these reports will give you an idea of where you stand financially, and will enable you to see if your credit report contains any mistakes. Your credit report holds plenty of valuable information about you and your financial history. Remember that your credit report is an accumulation of your financial transactions in the past. From renting an apartment to potential employment, there are a number of reasons why someone might want to look up your credit report. For this reason, you should ensure that there are no discrepancies on your report. If an error is found, however, it can usually be easily corrected as long as you act quickly. Kedy is an active finance blogger who is fond of sharing interesting finance management tips to encourage people to manage their personal finances. More specifically, she advocates that people should check credit reports and scores regularly.
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