Credit Repair
Errors on a Credit Report and How to Fix them
You received your credit report and are baffled by what you see... you know you’ve paid that credit card and are certain you never had you loan go to collections. Many people seem to think that the credit bureaux’s system is infallible; unfortunately that is simply not the case. In fact, it has been reported that over 25% of credit reports have errors. Why you may ask, simply put it is a matter of organization. The three major credit agencies do not communicate with each other and some financial institutions and lenders will only send reports to specific agencies. With the addition of simple human error and imperfect nature of the reporting system, errors frequently occur. If after reviewing your credit report you find any errors or inconsistencies you should report it and open a dispute with the CRA (Credit Rporting Agency). The CRA must investigate your claim within 30 days of your report. Once you open a claim the information in question is |
taken off your credit report until it can be proven to be accurate (with in 30 days, if they can not prove that it is accurate with in a 30 day period the information is removed anyway).
The CRA will also contact the other CRA’s to inform them of the error. Here are the steps to take in order to fix any mistakes with your credit report (Be patient, credit agencies aren’t the most customer friendly institutions and take their sweet time when processing such requests)
Here are the steps to take in order to fix any mistakes with your credit report (Be patient, credit agencies aren’t the most customer friendly institutions and take their sweet time when processing such requests)
First off go back in your own documents (or get it from your bank or revenue agency etc) and find any all information to support you claim.
Keep track of all the calls, documents, letters etc. Note the time/date and who you spoke to. Make sure you photo copy and documentation and never send the originals.
Now you start writing. Write the CRA a letter explaining your claim and provide copies of any supporting documentation (make sure you include your full name and address). Include a copy of the report and highlight the inaccurate information and request that the information be corrected. When you mail the letter get either a return receipt or a tracking number so you’ll know when it’s received.
After that letter is off, send one to the party in question that supplied the inaccurate data to the credit bureau in the first place. Repeat the steps above.
Wait for 30 days. The CRA is has a period of 30 days to review your claim (from time of receipt). If you haven’t heard back from them in a reasonable amount of time, call them (note the date, time and how you spoke to).
If you get a letter back stating that the changes have been made you’ll also get a new copy of your credit report. There are times when a lender may be able to provide proof to the CRA that the information was accurate. If that happens the CRA will put it back on your credit report and you will have to deal with the credit lender and reopen your dispute with the CRA.
