Posted on May - 05 - 2010
How To Fix Credit Report Disputes
Fixing credit disputes is possible if you know the right steps. After getting a copy of your credit report, take the time in reviewing and checking the details contained in it. In case you’ve found errors or incorrect details, exercise your right to dispute.
Here is a credit report guide for you that focus on credit disputes and how to settle them.
First of all, what items in your credit report can you dispute about? Most people think that false charges or debts are the only things that can be disputed. However, misspellings in your personal details, omissions and sudden changes in your identity details can also be disputed. As long as it is an incorrect data, you have the right to notify the credit bureau and ask for a correction.
Where should you get a copy of your report?
Also, take note that you need to obtain a copy of your credit report from all the three major credit bureaus. Each bureau is a separate entity and creates a different report. You may find errors in one credit report that are not found in the report that was issued by a different credit bureau. Thus, it is recommended to order a report from each of the three major credit bureaus. This will also enable you to compare each report and use the correct report as reference.
How do you dispute errors in your credit report?
The most important step is to write your dispute letter addressed to the credit bureau who issued your report. Point out the items in your credit report that you think are wrong or inaccurate. Send a duplicate copy of your credit report with the items you are disputing clearly marked or encircled.
Explain why you think your dispute is valid. If you have receipts or bills that support your claim, enclose copies (NOT THE ORIGINALS) of these documents with your letter. Request that the wrong information be investigated and that these items be removed from your credit report as soon as possible. Check the details of your dispute letter and mail it via registered post mail.
Whenever you send a letter to a creditor or the credit bureau, make sure that keep all correspondence between you and these parties in a folder for reference. Remember to send your letters through a registered mail so you can be properly notified as soon as the recipient receives your letter.
A credit bureau is given 30 days upon receiving the dispute letter to investigate the items in question. The credit bureau will immediately contact your creditor to clarify the errors being disputed. If the creditor confirms these errors, the credit bureau will be notifying all three major credit bureaus about the necessary corrections. You will be sent a letter explaining the result of the investigation along with the copy of your new and updated credit report. This updated copy will be sent to your for free.
Under the federal law, a credit bureau cannot refuse or neglect any dispute sent by a consumer. If you think that the credit bureau isn’t taking action with your issue, you can ask help from the FTC by calling their help line (877-FTC-HELP).
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