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Correcting Your Credit Report
Let’s say you’re thinking of taking out a big loan, or applying for a new credit card, or maybe you simply want some reassurance about your credit. First you go to one of the three credit bureaus and request a copy of your credit report. Just when you’re patting yourself on the back for being so responsible, you realize that there’s a huge, whopping error on the report… one that doesn’t reflect favorably on your rating.
The negative repercussions of a bad credit score can loom over your future car loans, mortgages, and even jobs. It’s best to fix mistakes as quickly as you can — but you probably won’t be able to as quickly as you want. Here are some tips for fixing errors on your credit report.
First, check all three reports. Each of the three major credit bureaus (Equifax, TransUnion, and Experian) is legally required to give you one free copy of your report each year. You can access these free reports through AnnualCreditReport.com, or learn more from the Federal Trade Commission. An error may be on only one report, or on all three.
Now it’s time to dispute. Make an extra copy of the credit report in question and circle or highlight those items you’re disputing. Send a letter to the credit bureau with your information and an explanation as to why you want the erroneous item received. If you have any evidence in your favor (for example, a letter saying that a supposedly debt-laden credit card was closed months ago), enclose a copy of that as well. The FTC has a letter template you can use.
Send the letter by certified mail, and keep a copy for yourself. The three bureaus do have ways to dispute via their websites (Equifax, TransUnion, Experian) but you still may want to follow up with a written letter. You can also notify the company listed as the source of the incorrect information of your dispute.
Once you’ve filled out all the paperwork, the credit bureau has up to 45 days to either validate the item or remove it. If you don’t feel you’re getting anywhere with the credit bureau, you might find it helpful to talk to an attorney through the National Consumer Law Center or the National Association of Consumer Advocates.
The one thing you can’t do is trust late-night infomercials that promise to fix your credit, fast! They frequently can’t do much for you — especially not as much as they promise. You may be able to get access to a rapid re-scorer through your lender or mortgage broker, but it will only help if you can point to a mistake. The best tool to deal with credit report errors, as with less-than-ideal credit in general, is patience.
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Readers Poll
Why are you moving?
- For financial reasons (33%, 17 Votes)
- For a change of scene (29%, 15 Votes)
- To start a new job (25%, 13 Votes)
- To join or follow a loved one (10%, 5 Votes)
- To live closer to family (3%, 2 Votes)
Total Voters: 52
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