How Do I Correct Credit Report Errors and Mistakes? Credit card report is your entire credit history that is, all the credit cards and loans in your name. Also with details on your payment history, previous judgments, and bankruptcies. Having a good credit report is essential to securing a loan as having a good resume is for securing a job.
Credit Report Errors and Mistakes common Mistakes
Errors in Names.
It’s important to know that many individuals may have applied for a credit card under different names, like (Robert John and Bob John or Dan, Danny or, Daniel Jones). When writing your name to be consistent and always use the same pattern on all your documents. For instance, start with the first name and middle initial, otherwise, your report may contain information about, another person with a similar name. Additionally, apply the same consistency and caution with things like your social security number, ITIN, and address.
Or it is a case of seeing what you did not include in your report. If you were denied credit because of an insufficient credit file or no credit file? Or it may be because your credit file doesn’t reflect all your credit accounts. Though, some all-purpose bank credit card account and the national departmental store will include in your file. Not all creditors Voluntarily supply information to the credit bureaus. They are required to report consumer credit information to credit bureaus.
Therefore, If you find missing accounts, ask your creditors to begin reporting your credit information to credit bureaus, or consider moving your account to a different creditor that reports regularly to credit bureaus.
Some other Credit Report Errors to check out:
- Errors may have lenders seeing double because accounts have seen report more than once, making it appears as if you have more open lines of credit or higher debt than you really do
- Someone else might make a clerical mistake in reading or entering your name or address information from a hand-written application.
- If you closed a credit account, ensure that your report does reflect that it was closed by the grantor. Therefore making it appears that the creditor closed the account and not you.
- If divorce ensure that your ex-spouse’s debts are not reflected on a credit report
- Also, make sure that previous debts that should be removed from your credit report have been removed, because credit reporting companies should remove them from your report after seven years.
- Finally, unknown account and bad debts could be the handiwork of identity theft who have gotten ahold of your personal information.
How Do Fix Credit Report Errors
However, to be sure that mistakes are corrected as soon as possible, one has to immediately contact both the credit bureau and organizations that provided the information to the bureau. Both these parties are responsible for the correction of inaccurate or incomplete information in your report under the Fair Credit Reporting Act. Bear in mind that all the three credit bureaus now affect the filing of disputes online. With Experian now only accepting online submissions.
Filing In Your Dispute Letter
In fact, begin by telling the credit bureaus what information you believe is inaccurate. Credit bureaus must investigate the items in question, usually within 30 days unless they consider your dispute frivolous. Include copies, of documents (Not Originals) that supports your position. In addition to providing your complete name and address, your communication should clearly identify each disputed item in your report. State the facts and explain reasons you dispute the information, and request selection or correction. If mailing a letter, send it by certified mail, return receipt required. So you can document that the credit bureaus did, in fact, collect your correspondence. Also, keep copies of your dispute letter and enclosures.
Write To Your Creditor
Next, write to the appropriate creditor or another information provider. Explaining you’re disputing the information made available to the bureau. If you are not satisfied with the credit bureaus investigation, because most of the time it may not be in your favor. In this case, ask the credit bureaus to include your statement of the dispute in your file, and in future reports.
Finally, if you are not satisfied with the judgments. If the credit bureaus and the inaccurate information in your credit report are harming you. You may consider hiring a lawyer to help resolve your dispute as a last resort. The most complained information received by the Consumer Financial Protection Bureau (CFPB) has to do with incorrect information listed on consumers credit reports. Among those reports are complaints, errors on a credit report were at the top of the list. 26% of consumers are involved with issues on their credit report which makes it riskier to lenders.