How To Dispute A Credit Report Error

If you’re trying to build your credit score, the responsible thing is to check your official credit report regularly.

A mistake on your credit report can lead to bad credit, even if you’ve been a responsible spender. Keeping up with your credit report is vital.

Errors can pop up because: – There was a technical issue with a payment – Negative information has expired  – Your credit furnisher made an inaccurate report

Typically three credit bureaus (Equifax, Experian, and TransUnion) provide free, annual reports. However, due to the pandemic, you can access your credit report for free every week through April 2022.

What Should You Look for in Your Credit Report? First, check if all of your personal information is accurate and up-to-date.

One common problem in credit reports occurs when someone accidentally creates aliases. For example, if you open a new account and use your middle initial on your application when you usually don’t.

If you’ve created aliases, it’s possible for the system to get confused and add another person’s credit information onto your file.

All of your account information – payment history, account balances, credit inquiries – will be listed on the report. While balances may not be entirely correct, they should still be pretty close.

Your credit report will have a section for the information that negatively impacts your score. Ensure that all of the information in this section is accurate and from your accounts.

If you don’t recognize some of the information as your own or it looks like there was a mistake, there are a few different ways to dispute your credit report.

The error could appear on only one bureaus’ report, or it could appear on all three. If it’s the latter, then you’ll have to start a separate dispute for each one.

It’ll take a little longer to get your dispute submitted, but this method is just as effective as submitting it online. Credit bureaus have 30 days to respond to a dispute.

If you’re sending your dispute in the mail, you should type and print your letter rather than handwriting it. This will ensure that your writing is legible for whoever is reviewing it.

Data furnishers – your lenders and creditors – report your information directly to credit bureaus. Taking it up with your furnishers will change the original data in addition to your report.

If you get rejected again, you can file a complaint with the Consumer Financial Protection Bureau. They’ll start an investigation into your case.

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