There is a lot of information in your credit report that is gathered from nearly every official aspect of your life, from bankruptcy records to residency histories. Errors on your credit report can have a negative impact on your rating, which will affect your ability to finance a car purchase and qualify for loans. There is a solution to fixing errors in your credit report, and you should proactively pursue this solution if you notice inaccurate information.
Regular Review
The first step in correcting errors on your credit report is knowing they exist. Regular review of your credit reports will bring any inconsistent or inaccurate pieces of information to your attention. There are several services that provide consumers with complete credit reports, a number of which are free to use. Look over your credit reports carefully for errors that are in need of fixing.
Written Request
After you’ve noticed an error on your credit report, you should send something in writing to the credit reporting agency providing the report, such as TransUnion, that alerts them to the information you feel is wrong. Include pertinent information like your full legal name, current address, the information you feel is wrong and facts that support the reality of the incorrect information. Be sure to itemize the disputed information, instead of simply stating that the report and the rating is flawed.
Investigation
The written request you send to the credit reporting agency will initiate an investigation into the information you pointed out as being wrong within a month. The only reason the credit bureau would decline to investigate is if the request you send appears unwarranted.
The source of the disputed information will be contacted by the credit agency and all the relevant details are reviewed carefully. If inaccuracies are found, they are corrected, and the source of the information will forward the corrected data to every credit bureau, not just the recipient of the correction request.
Updated Report
Once the corrections have been made to any incorrect information in your credit report, an updated report will be sent to you. This report does not count as the annual free report you are entitled to, as it is given to a consumer as proof that mistakes have been corrected. Review this new report carefully to make sure the updated information is accurate.
Negative items in your credit report can last for a long time. Any erroneous information will lower your credit rating and impact your financial stability. To keep this from happening, you should regularly check your credit report and alert the reporting agencies to any errors you spot.
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