Credit Report Information: Disputing Errors

Credit reports are not spared from human error

. Those who are preparing your credit report can make a mistake and this can be the reason for your creditor to deny your application. If you have been denied an application for credit, immediately check your credit report using your free annual credit report. Find out if there is a glitch in your credit report and dispute it.

Do not think that a credit report dispute is too hassling and complicated. You need to ensure your creditworthiness for future use. If you found an error in your credit report, begin your dispute by writing to the credit bureau that made a mistake and inform them of the error they made. Make a copy of the original documents that will support your claim and attach this copy to your letter. Include all necessary information such as your name and address and state the reason why the information you are disputing is erroneous.

You should make it clear in your letter whether you want the erroneous credit report information deleted or changed in your letter. You should send your letter by certified mail, return slip requested, so that you can document what the credit bureau has received from you. The credit bureau must act immediately upon receiving your letter and conduct an investigation. This investigation is usually within 30 days unless they consider your dispute trivial. Should they find that the information you disputed is indeed inaccurate they should immediately notify all other credit bureaus so that the information will be corrected.

All credit reports that are disputed and accordingly investigated should be corrected once the dispute is proven correct. All disputed information that cannot be verified must be deleted from the credit report. All incomplete items must be completed by the credit bureau. For instance, if your credit report reflected that you were late in paying for a credit but failed to show that you are no longer delinquent, the credit bureau must reflect that you are current. If your credit information shows accounts that belong to another person, the credit bureau must likewise delete it.

You will receive a copy of your new credit report from the credit bureau once necessary corrections have been made based on your credit report dispute. This copy is for free and notices of the correction should be sent to anyone who requested for your credit report within the past six months if you ask the credit bureau to. Remember, the lower your credit score is the more refusals you will get from creditors, landlords and merchants who now value credit scores as much as creditors.

by: Leo Chu

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