If you're planning on repairing your credit, you'll probably want to know the best way to fix credit errors. Fixing errors on credit reports is an important part of the repair process, but if not done properly it could slow down your progress and could even make your problems worse.
So here are 3 easy steps you can take to make sure you fix your credit errors the right way.
Step One: Pull and check your credit report. You can get a free copy of your credit report from each of the three major credit bureaus (TransUnion, Equifax and Experian) once a year. You can request a free copy online at AnnualCreditReport.com, by mail directly from the credit bureau or by phone directly from the credit bureau.
Once you have a copy of your report, look it over carefully. Make sure that:
• Your personal information (your name, birth date and S.S. number) is correct
• There are no unfamiliar accounts or personal data (unknow n home addresses)
• You credit account information is correct (balances, payment histories, etc.)
If you identify any mistakes or incomplete information on your credit report, make note of it (include all relevant information such as account numbers and the names of the creditors/collectors). You'll need to reference this information later.
Step Two: Write the appropriate agencies. Once you've identified credit errors, you're going to need to have them verified or validated. If you intend to bring the error to the attention of the credit reporting agency, you'll be writing a dispute letter. if you wish to resolve the error with the collection agency or original creditor, you'll be writing a validation letter.
The difference between the two? In addition to the recipient, the main difference is: credit bureaus only investigate your debt as far as their own records. If they can provide any information that indicates your de bt is accurate, your dispute will not work. Collection agencies, on t he other hand, are required to perform a thorough investigation into the debt, which may include pulling original contracts, payment history, etc. If they cannot provide this kind of evidence, the information must be corrected or removed from your credit report.
Always make sure to send your letters by certified mail so you can track them and make note of when the recipient has received the disputes. They generally have about 30 days (plus mail time) to provide you with verification or validation.
Step Three: Wait for a response. Again, they only have about 30 days to get back to you. When they do, you'll receive a new credit report in the mail with a cover page that lists the results of your dispute. If the information you disputed could not be verified or validated, it will say so, and will indicate the changes made to your report.
If the information you disputed was verified or validated, you'll be informed, and, of course, there will be no changes made to our report. If this is the case and you're convinced that there is in fact a mistake, you can then send a dispute letter to the original creditor.
Be aware that dispute letters are intended only to correct errors on your credit report. Disputing information you know to be true and correct is unlawful and it could cause you more problems down the road-it can even get you sued.
For more information about credit repair or how you fix credit errors, contact a certified credit specialist at My Credit Group.
My Credit Group Inc., a trusted credit repair company has assisted over 100,000 clients and large institutions get out of debt and restore their credit. Consultations are free and credit repair is backed with a risk-free guarantee.
Contact Information:
My Credit Group Inc.
800-430-7494
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