How can you fix an error on your credit report? Every person has the right, under the Fair Credit Reporting Act, to dispute the completeness and accuracy of information on their credit files. If there is a mistake on a credit report, it’s not difficult to fix it. You should do it yourself - it’s free. You do not need a company to do this for you. You just have to have patience and be able to write letters and provide documentation proving that an item contained in your credit profile is wrong. You have to be like Joe Friday In Dragnet and deal with “just the facts.”
Fixing a Credit Report Error
When a credit reporting agency receives a dispute, it must reinvestigate and record the current status of the disputed items within a “reasonable period of time,” unless the agency believes the dispute is “frivolous or irrelevant.” If the credit reporting agency cannot verify a disputed item, it must delete it. If a credit report contains erroneous information, the credit reporting agency must correct it. If an item is incomplete, the credit reporting agency must complete it.
For example, if your credit file shows that you were late in making payments on accounts, but fails to show that you are no longer delinquent, the credit reporting agency must show that your payments are now current. If your file shows an account that belongs to another person, the credit reporting agency must delete it. Also, at your request, the credit reporting agency must send a notice of correction to any report recipient who has checked your file in the past six months.>
If items on your credit profile deserve further explanation (e.g., you have an account that was paid late due to the loss of job, military call-up, or unexpected medical bills), you should send a brief statement to the appropriate credit reporting agency. The information will be placed in your credit profile (in the comment section) and will be disclosed each time it is accessed.
Credit Profile Accuracy
Consumers need to make sure their “credit profile” is accurate and current with each credit repository (Experian, TransUnion, Equifax). A credit profile details your credit history as it has been reported to the credit reporting agencies by lenders who have extended credit to you. Your credit profile lists what types of credit you use, the length of lime your accounts have been open, and whether you’ve paid your bills on time. Basically, it “paints a picture” of how you paid back the companies you have borrowed money from and how you have met other financial obligations.There are usually five categories of information on a credit profile and each section should be monitored for accuracy. These categories deal with a person’s identity, employment, credit, public records, and past inquiries. Some of the items that are not included on your credit profile include your race, your religion, your health records, your driving records, your criminal records, your income and your political preferences.
Credit Reporting Agencies
Credit Reporting Agencies collect information about you and your credit history from public records, your creditors and other reliable sources. These agencies make your credit history available to your current and prospective creditors and employers as allowed by law. Credit agencies do not grant or deny credit but they are responsible for correcting errors. In case you have a legitimate error to report, the agencies are available by mail and by phone.
The contact information for each credit reporting agencies are listed below:
Equifax - (800) 685-1111
Experian - (888)-EXPERIAN (888-397-3742)
Trans-Union - (800) 888-4213
To recap, credit reporting agencies like to see documented, proven written facts in order to modify your credit profile and to fix mistakes. Be organized and be truthful, and chances are the mistakes will be removed so that you obtain a “clean” credit report. The credit agencies believe in the saying that “the truth will set you free.” Give the credit bureaus the truth and you will be free, free of credit reporting errors.
PAUL E. SCHEPEK s a licensed real estate mortgage broker (since 1984) and a proud member of OCAR.
0 responses so far ↓
There are no comments yet...Kick things off by filling out the form below.
Leave a Comment