When applying for a new credit card or a new auto loan or home loan, you will need a copy of your credit report. You can get your credit report via ordering it online or telephoning your credit bureau.
Once you have your credit report, it is essential that you check all the information that is written. If you find errors and inaccuracies, do not panic just yet, you have the power to remedy this. Even if your credit score is lowered by precise reports on your late payments or inquiries, you can have these removed if you want to. No, you do not exactly need the help of credit repair companies just yet.
The first thing you need to prepare is a copy of your credit statement. Take out very receipt, invoice, or statement that you still have with you, so that you can verify some of the more dubious items. Encircle everything that you deem to be a mistaken entry.
Make another copy to be sent to the credit bureau. It would be better if you attach detailed explanation on why the entries are erroneous, with statement or billings as proof.
If your complaint only involves inaccurate entry on your name and contact numbers, a valid ID such as your driver’s license, or passport, plus a utility statement billed to your place of residence (a photocopy only) would suffice.
It would be best if you do not do the reporting online. Send your letter, your explanations, and your evidence via certified mail. Make sure that you get a return receipt request so that you will have proof that your material was received by the credit bureau.
Most erroneous information will come from creditors so it would be advantageous to send that, or all, particular creditors the complaint letter you have sent to the credit bureau. Your billing statements from the banks or lending companies will contain a particular address where complaints could be sent. Use that; otherwise, your letter will be buried under piles of other non-related mail.
Also, sending the copy to your creditors would give them a heads – up to start verifying the information they have recorded into your credit report.
The credit bureau should initiate its own investigation right after they receive your dispute letter. If, for example, the credit bureau contacts the creditor who gave the erroneous report and the creditor could not defend the entry, this information should be deleted from your credit report.
If the credit bureau finishes its investigation and concludes that the information you are disputing is accurate, they should send you a formal letter detailing all that they have found out.
Lastly, if the credit bureau finds out that you are right, you can ask them to send out a copy of the report to all your creditors and any entity that have inquired about your credit in the last 6 months.
Tags: A way to increase credit scores, Correcting errors on your credit report