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How to Fix
Errors
Slip-ups in your credit report could be mistakes but
may also be lapses. There are occasions when payments made by you to get
rid of a debt or delinquency, do not reflect in your credit report.
A great way to know if your report is accurate is to evaluate your credit reports from all 3 major credit bureaus once every year.
You must know that credit bureaus compete with each other. Many times you will find that the reports presented vary from one another because of uncalled for errors or omissions.
Law states that credit bureaus need to examine your claim,
usually within 30 days. They need to forward all information you give to
them to the creditor or any where concerned where your faulty report shows
up.
Once corrections
are made the concerned credit bureau that reported the error needs to send
you a free credit report to show that the error has been rectified.
In order to request
an inquiry of an error or omission, you need to:
Document your
claim extensively. Write a clear and concise letter to
the credit bureau with a comprehensible clarification of the disputed
entry in your credit report. Make sure you phrase your demand as a dispute
of an item in your credit report. Provide all obtainable details to
validate your declaration and ask for the mistake be corrected.
Inform both
credit bureau and creditor. When you contact
the credit bureau, simultaneously inform the creditor or information
provider. This is because this is probably the company that is accountable
for the error being reported to the credit bureau. Make sure your request
is phrased as a disagreement.
Send copies. It is
possible that a credit report is what made you aware of the existing
error. Keep the original report and send the credit bureau and information
provider a photocopy. This is because in case there is a lawsuit involved,
original documents hold up better in court than copies.
Keep all your records. Maintain records of all communication with the
credit bureau and information provider. Do record vital information of all
conversations. Record dates of conversations and report whom you spoke
to.
Always use
certified mail. Opt to use certified mail. This would cost a few
extra bucks, but you will be given a notification when your letters are received. This is important because the bureau
needs to start working as soon as they confirm receipt
of your correspondence.
Notify any soft
inquiries of corrections. If an error does subsist, ask the credit bureau
to inform any parties that may have ha a look at your credit report in the
past six months. You can also ask for any corrected credit reports be sent
to probable employers that have had a look at your credit report in the
preceding two years.
If data in your credit report is
correct but negative, or your dispute cannot be authenticated, you are not
in a very favorable position. Under the law, this negative data can remain
on your credit report for seven years, and 10 years, especially if you
have filed for personal bankruptcy.