You already understand how important your credit score is to your financial (and personal) well-being. Your credit affects your ability to receive a home or auto loan, a credit card, or certain insurance policies. If you’ve already filed for bankruptcy, you know how hard you’ve worked for years to get that number back. For all those reasons, it can be extremely frustrating when you notice an error on your report that affects your score. This blog will walk you through the general process involved in troubleshooting errors that may appear on your credit report.
Step 1: Send a dispute letter to the appropriate credit reporting company informing them that you think there is an error on your credit report.
Before moving on to a lawsuit, you should try to amicably resolve the dispute directly with the agency. When you notice an error on your credit report, you should mail the appropriate reporting agency (Equifax, Experian, or TransUnion) a copy of the erroneous report and clearly label what you claim is incorrect.
Along with your claim, you should write down all the pertinent information the business needs to know, including your name, address, and contact information. Clearly explain why you are disputing the item on your credit report and kindly request that the error be corrected. Any supporting documentation you may submit that supports your claim should also be submitted.
Step 2: If you know who gave the credit reporting agency the wrong information, contact them directly.
Banks, credit unions, and other financial services companies are required to provide information to the three major credit reporting agencies. If you believe that the reason for the error on your credit report was due to incorrect information provided, you can contact your bank directly.
Step 3. Wait for the credit bureau to respond and review its findings.
Within a few days, you should receive a response from the agency if you claim that your claim is frivolous. If this is the case, the agency will not investigate your claim. If they inform you that there was indeed an error, they must provide you with a corrected credit report and inform the other credit reporting bureaus of the error.
It is estimated that up to 25 percent of Americans have incorrect information on their credit reports. If it happens to you, it can seriously hamper your ability to obtain loans, among other adverse consequences. Having trouble with a credit reporting agency? Call our firm at (833) 779-9993 to start a free consultation.