So you've followed the advice of the financial experts and requested copies of your credit reports. And low and behold you find an entry that raises questions and concern. The idea of having to head-to-head with a credit bureau probably ranks up there with root canals in things you want to do. But the process in either case isn't as dire as imagined but does require immediate action to avoid further damage.
Here are the steps you'll need to take to effectively dispute credit report errors.
Confirm Errors and Inaccuracies: Immediately investigate any unauthorized accounts or activity you find on your report. Contact any institution that is involved; collect and document all communication that is relevant to your dispute. Include documentation from banks, credit issuers and financial institutions that are part of the disputed issue.
Contact the Credit Reporting Agencies: It is the obligation of credit agencies to investigate any dispute. When you've gathered all the documentation you can, it's now time to contact the credit reporting bureau(s) to dispute the information.
Mark up a copy of your credit report with a highlighter to reflect the disputed parts of the report. Explain in your credit report dispute letter why the information is inaccurate, in as much detail as possible. Include copies of all of the supporting documents and send them , via certified, return-receipt mail to the credit agency. Request that the credit agency remove or correct the error on your credit report. (Be sure to keep a copy of your letter, and keep all original documents stored safely.)
Be Aggressive and Proactive: The credit agency to investigate your dispute within 30 days of your complaint. While you're waiting for a response, contact the bank, credit card or other company that supplied the wrong information that is part of your dispute. Send copies of your dispute documents to each company via certified, return-receipt mail. Be sure to include your credit report dispute letter and ask them to investigate the disputed the data they gave the credit bureau, too.
Credit Agency Reports to You: When the credit agency investigation has been completed, they are required to report back to you in writing with the results. If your dispute is proven correct, the credit agency must remove the incorrect informatio n from your file. The bureau also has to give you a free copy of your report, along with the name, address, and phone number of the company that provided the erroneous information.
Follow Through after the Investigation: Request that the credit agency send a notice to anyone who received a copy of your credit report in the past few months to notify them of the correction. If your dispute is denied, you should ask that a statement of the dispute be included in your file and in future reports. You also can ask the credit bureau to provide your statement to anyone who received a copy of your report in the recent past, although credit bureaus can charge you for this service.
Visit ftc.gov/credit for more information on how to dispute credit report errors.
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