Some estimate that more than 70% of us have errors on our credit reports!
These can range from incorrect personal information such as:
- Social Security Number
- Date of Birth
- Current Address
- Accounts that you have paid off still showing a balance due!
Since your credit report is so important, you owe it to yourself to not only check it for accuracy, but also learn how to correct mistakes.
First, if you have not looked at your credit report, you can request a FREE Credit Report from www.annualcreditreport.com.
There are also numerous sites you can sign up for and pay a fee as well.
Once you download the report, save it for future use.
WHAT TO DO WHEN YOU FIND ERRORS
- Print a copy of the page that has the error you want to dispute. No need to copy the entire report.
- Circle the error.
- Write a brief, legible explanation of why you are disputing this entry.
- Prepare your "evidence" such as:
- copies of cancelled checks
- copy of Drivers License or something showing correct DoB, etc.
It is much easier and you will get results much quicker if you go online to open a DISPUTE with each of the 3 major credit bureaus.
Here are the links:
Each bureau has a little different way they want you to open the dispute.
Just follow the instructions and you'll find it's really simple.
You are supposed to receive a reply from each of the bureaus in about 45 days or so.
They are also supposed to send you a CORRECT COPY of your credit report.
As with anything else, you will most likely have to follow up, so make sure to SAVE ALL OF YOUR DOCUMENTS, ETC.
WHAT DO YOU DO IF YOUR DISPUTE IS DENIED?
There should be information in your credit report that will tell you who to call or contact about your account.
If your account has been delinquent for a long time, you should be able to negotiate a settlement rather than having to repay the entire balance!
This can be a lot of work and frustrating, but worth the effort.
If you could use some help or advice, click below: