Credit Repair

Correcting Mistakes On Your Credit Report – Some Useful Tips And Suggestions

There is a set procedure that you need to follow when it comes to correcting mistakes on your credit report. If you notice that there are some errors on your report, it is your legal right to file a dispute with the three major credit bureaus regarding the erroneous entries. The term dispute here only means that you are informing the bureaus about the wrong entries and that you are requesting them to correct the same. Many people never realize that the reason why they have a low credit score is that there are several entries on their credit report that are misleading or inaccurate or are just not something that belong to them. Therefore, it is very important for you to review your credit reports for mistakes at least once every year. As per the Fair Credit Reporting Act, you have the right to have a correct credit report. Following are some tips and suggestions that you will find useful while you are trying to rectify the errors on your report.

Obtain Your Credit Report

When it comes to correcting mistakes on your credit report, the first thing you have to do is to request the three major credit bureaus (TransUnion, Experian, and Equifax) to send you the copies of your latest credit report. You have the right to get a free copy of the report once every year. If you are requesting for a second or third time, you will have to pay a certain amount of money as fee. You can also request them to send specific reports, such as the ones that were used by your employer to deny you a job or the ones that were used by some lenders to deny you a loan.

Review Each And Every Item On Your Report

The first step of the process of correcting mistakes on your credit report is to identify the errors. For this, you will have to do a thorough review of each and every item that is there on your credit report. Mark all those entries that are not accurate. Be very careful while you are reviewing the negative entries because they are the ones that are damaging your credit score. If the negative entries are wrong, you need to take immediate actions to get those entries corrected. However, it is important for you to keep in mind that you do not have to dispute all negative entries that are there on your report. There is no legal way to remove entries related to bankruptcy or foreclosure; such entries are going to stay on your report for at least seven to ten years. You have the right to file a dispute only if the entries are inaccurate. Prepare a list of all such entries.

Filing Dispute

When it comes to filing dispute for correcting mistakes on your credit report, you have a couple of choices. You can write a letter to the credit bureaus. Alternatively, you can also file your dispute online. However, here it is very important for you to note that things may become a little complex if you follow the online route, as the process out there has some issues. Not many people have had much success with the online procedure to file dispute. Therefore, you are advised to consider writing a dispute letter in your own handwriting. You can expect a much better response this way. Be specific about the reason why you think the entries are not correct. For example, attach a receipt of the payment that you already have made to a specific creditor (provide the name, such as the Bank of America). The bureaus will then contact that creditor to investigate things on their level, and if they find that whatever you said is true, they will make the corrections. But this entire process takes some time, usually around 3-6 weeks, sometimes even longer. Therefore, you must have some patience.

Your request for correcting mistakes on your credit report may sometimes get rejected even if the dispute was a genuine one. You do not have to get discouraged because of this, file another dispute, this time with more explanation and with several strong reminders to the credit bureaus that you have the legal right to have the correct credit report. You get that protection as per the Fair Credit Reporting Act (FCRA).


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Posted in Credit Repair, Fix Your Credit | 1 Comment »

One Response to “Correcting Mistakes On Your Credit Report – Some Useful Tips And Suggestions”

  1. scott says:

    Mistakes on Credit Report are not a big issue now. It is very common when we find that there are so many wrong entries in our credit report, and this is the only reason behind our low credit score. Improving the credit score is very necessary because good credit score can solve our so many problems. First of all this should be a hard and fast rule for you that you must get your credit report at least once in a year. You can get it very easily and that too for absolutely free of cost. Once you got the report, study it thoroughly. If there are some wrong entries, just highlight them first and after that try to remember the details of such wrong entries. If there is any bill which can prove your position or if you have the receipt of the payment, you can file the dispute with the concerned Credit Bureau. The procedure of filing a dispute is very simple and you can do it online also. When you send an application to the Credit Bureau, the Bureau has to reply you with in thirty days from the date of receiving your dispute letter.

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