Credit reports are summaries containing the financial past of any individual and
they serve as a reference for credit companies when deciding whether or not to lend money to new clients.
This why it is very important for the information within the credit report to be accurate and up-to-date. Any kind of inaccuracies could mean the difference between an accepted and a refused loan.
According to law each and every citizen must have free access to their own credit report and it is recommended that you check it once a year in order to be sure that the information is correct.
As data on your credit report is entered by a data entry person it is possible that mistakes can be made. If you leave these mistakes unchanged they will continue to show up and effect your future reports.
In case that you notice any false information listed about your financial history, this is when you should then file a credit report dispute.
When you do this make sure that the credit reporting agency will correct the mistakes as obliged by the Fair Credit Reporting Act.
While filing a credit report dispute you have to stipulate all of your claims in writing and to describe them with as much detail as possible in order for the mistake to be quickly found and fixed.
To help speed the process along and to justify any descrepancies you might have you should include any receipts, tickets, notes, invoices etc. Make sure you take a copy of everything you noted plus all the other documents you attached to your credit report dispute.
After you file your credit report dispute, an investigation will begin and your claims will get assessed in order for their validity to be proved.
If after the investigation has taken place, your claims will be proven true, then the mistakes mentioned in your credit report dispute will be corrected.