Correcting A Credit Report In 7 Simple Steps
Experts estimate that close to 25% of individuals with a credit history have errors on their credit reports. The reason that the volume of errors is so large is that the three major credit reporting bureaus process large volumes of information each day, increasing the chance that an error in the information entered or a calculation error can go unrecognized for a long period of time. In many cases, these errors are severe enough to cause a drop in credit score that causes the person to be denied credit.
It is very important to ensure that all of the information that is contained in your credit report is accurate and if inaccurate information is found, steps to correct the incorrect information should be undertaken immediately. Mistakes on a credit report become harder to remove the longer they are allowed to stay on the credit report so the amount of time between when the information was entered and when the information is discovered to be incorrect should be a short as possible for the best results. Here are the steps that should be taken to correct any errors in your credit report.
Prepare Yourself To Go To Court
You should go into the process of correcting your credit report with the realization that you may have to go to court to have the information corrected properly. Although this outcome is not the most common outcome experienced, keeping your efforts in the proper frame of mind will prevent you from making mistakes that can be costly if you do have to go to court to get the situation corrected.
Keep An Accurate Log
Be sure to keep track of all of the actions that you have taken to try to remedy the situation by writing them down in a notebook or ledger so that you have an accurate record to present if legal action is needed to correct the information in your credit report. All phone calls, mailings, document submissions, and responses should be entered into this log.
Keep It Professional
Although it may be tempting to scream or rant in frustration, it will not do you any good in the long run. Remember that the person that you are currently communicating with is not the person that entered the incorrect information and that they are trying to help you in the best way that they know how. Courtesy will always get you farther than belligerence.
Make The Right Contacts
Be sure that the person that you are communicating with is actually a person that may be able to help you by specifically spelling out your problem and asking them if they will be able to help you. If they say that there is nothing further they can do to assist you in correcting the problem, ask to speak with their manager or the next person up in the chain of command until you reach someone that will be able to correct the issue.
Send Information By Mail
The laws governing consumer protection state that the credit bureaus must be notified in writing of any inaccuracies in a person’s credit report and that notification, along with any other documentation, should be sent by certified mail. Sending information by mail allows it to be tracked much more easily than simply providing information over the telephone and having a copy of the information along with a tracking number certifying that the information was sent and received can provide the proof that you need if legal action is needed.
Confirm Everything
Ask for written confirmation for anything that is promised or proposed by the representatives of the credit reporting bureau or the creditor that you are contacting. If they state that the information on the credit report is being corrected, ask for a copy of the Universal Data Form that is being used to update the information. Be sure to document the details about the proposal, the contact’s first and last name, when the confirmation was promised, and when the confirmation was received.
Use All Tools In Your Arsenal
If contacting the credit reporting bureaus is not giving you the results that you need, use other options to see if you get better results. Tactics like contacting the creditor and going up the chain of command, hiring a credit repair company, copying the executives of the credit reporting bureaus on communications with their firm, or writing to the Federal Trade Commission about the issue may produce the desired outcome if no other avenues are working.
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