Tips For Fixing Mistakes In Your Credit Report
One in four adults have a credit report with a serious error. The three biggest credit bureaus process large amounts of information daily and studies have found that 25 percent of the credit reports surveyed had errors that were serious enough to cause the denial of credit. Usually, consumers do not find out about errors in their credit reports until after they’re denied credit.
To fix mistakes in your credit report, here’s what to do:
Prepare For Battle
Get into the proper frame of mind to battle this in the courts. Everything you do should be done with the goal of impressing a judge and jury if the problem gets that far. You never know what it will take to clear up your credit record. In some cases, a couple of phone calls will do, but some cases end up in a multi-year ordeals ending in federal court. Your credit report is your financial reputation, and there’s nothing wrong with going to court to clear up any issues. Act as if your first effort to correct an inaccuracy is the first shot in a legal war, document everything as it happens, and always act businesslike.
Keep Detailed Records
Even if you don’t take this matter to court, you can use your record-keeping as a weapon. If you can show that you wrote your records as events occurred, they will be considered more trustworthy. Keep track of everything in a phone log, a daybook, or a diary. It doesn’t stop inaccurate credit reporting, but it’s allowed in court because it’s a record that’s taken at the time things are happening.
Be Businesslike
Resist any temptation to scream, yell, curse, or do things that would not look good in court. You don’t want your opponent to testify that you were belligerent. Don’t refuse to give information, such as account or Social Security number, to someone who is trying to correct your credit record. Never threaten to file a lawsuit unless you intend to follow through. You never know if your problem is going to become so intractable that you have to file a lawsuit, so everything you do has to look good to a judge and jury.
Mail Everything
Consumer protection laws require you to notify credit bureaus in writing of any inaccuracies they report. Send the creditor a certified letter disputing the inaccuracies and send a copy to the credit bureau, with any pertinent documents to prove that it’s inaccurate. For telephone conversations, back up each conversation with a certified letter summarizing the call, then send it to the person you talked to and send a copy to the credit bureau. Ask for the first and last name of the person you’re talking to, the name of the supervisor, and find out the name of the department. If you file a lawsuit, your copious information will help you establish your case.
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