FTC Credit Report - How to Make Corrections

FTC Credit Report - How to Make Corrections

A good starting point for increasing your credit rating is to keep in mind that your credit score is a direct depiction of your credit report as well as the credit history it includes. A person's credit history will not only have an effect on whether or not you are able to qualify for a loan, but also the interest rates that you can get with that credit approval. A good credit rating can help you be able to get that loan as well as for great low interest rates.

But yet credit report mistakes could lower your credit rating. For this particular valid reason, individuals must make certain to routinely check their credit report and verify the information listed there is accurate. In cases where incorrect information has been reported, it is actually up to the individual to take the necessary steps so that you can fix the problem. Here we look at what can be done when information on your credit file is inaccurate.

Spot the error. To be able to fix a mistake, you must first have enough knowledge to identify a mistake. In order to make this happen you must have access to your credit history. Every year, you have the opportunity for you to ask for a free credit history from every one of the major credit bureaus. Now this means that you will have at minimum three times per year when you are able to ask for your credit report, free of charge, to make it possible to continue being current with the data listed there. Once you obtain your personal credit history, diligently check out the data listed there, on the lookout for all of the discrepancies as well as wrong details.

Dispute the error with the credit reporting agency. If you notice a mistake on your credit report, your next step should be to get a hold of the particular credit reporting agency to be able to dispute the mistake. Do this in writing by using a simple dispute letter. Always be very specific in detailing the mistake and provide any kind of paperwork (copies, not original documents) which supports your claim. Mail this dispute letter to the particular credit reporting company and also be sure to utilize a tracking or delivery confirmation as proof that they received your actual dispute letter. The credit reporting agency then has thirty days to check out your claim and reply in writing with the results of the investigation.

Dispute the error with the creditor. Follow the exact same procedures cited above and get a hold of the creditor or company providing the inaccurate data disputing the actual credit report error. Again, do this in writing and provide copies of records that prove the information is inaccurate. Creditors have to report to the credit reporting agency that data they are reporting is disputed by the consumer.

Follow up. In case the credit reporting agency is not going to get rid of incorrect data, you can request that a statement of dispute be added to your current credit file. This approach will give you the opportunity to give your side of the story to any one that views your credit report at some point.

Take a look at your credit report as well as score for changes. Removing a mistake from your credit report can be accomplished relatively quickly (sometimes within 30 days), but it could take some time to trickle down to your credit score. Be sure to wait at least a month or two before taking a look at.

Keep in mind it is your responsibility to ensure the details regarding your credit report is correct and if problems are made, you must take the initiative to correct these errors. The credit reporting agency compiles the information it gets from reporting companies and presents these details on your credit report. They normally do not validate these details beforehand, then again they are required to investigate claims of inaccurate data and follow the necessary steps to figure out if a mistake has been made.

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