Credit Dispute For a Flawless Report

Sometimes a credit dispute is vital to maintaining a clean credit history. Each detail great or small included in your report may make or break your future financial opportunities. It is important to learn how to view and compare items closely in order to see your strong and weak areas. Identifying errors and correcting them will significantly improve your overall credit score.

Getting Your Free Copy

Once every year, the three main bureaus in fulfillment of the requirement set by an amendment to the FCRA or Fair Credit Reporting Act should provide you with a free copy of your credit report OR annual credit report. You should request each of these nationwide consumer reporting companies to get your copy (i.e. Experian, Transunion, Equifax). At an additional fee, you may ask for a recent copy more than once. Your credit report will include specific data such as your home address, your manner of paying bills, when you pay your bills, whether or not you've been involved in any fraudulent transactions, whether or not you've been sued or arrested or if you've ever filed for bankruptcy. Don't begin any credit report repair tactics until you have access to all three credit bureau reports so you can formulate a plan of action.

The bureaus can show your credit report to insurance companies, offices and potential creditors at a price for them to evaluate your credit application and to know if you have the ability to pay bills and eligible to receive credit. Privacy and accuracy of history information is guaranteed by the federal FCRA. You need to check your credit report regularly to know if you can get a loan and determine how much money you need to get a loan. The information will help you gauge your current standing and credentials to apply for a job, get a home or car loan as well as stay protected against fraudulent acts that makes use of any personal information such as your Social Security number.

Finding the Flaws

Begin checking for inconsistencies before initiating a credit dispute. Look for items that may negatively affect your overall credit score such as errors stating that you paid late or missed paying bills, use of credit without your consent or knowledge, wrong names or data typed in the files or inaccurate figures. Compare all three copies to see errors and differences.

Report all errors you see by writing a letter to the consumer reporting company and identifying the information which you believe is inaccurate and begin the resolution program. Include copies of documents to support your claim and explain why your request is valid. Provide clear facts and evidences and ask for the information to be changed or removed. Ask for a return receipt as well to make sure that the company received your letter. Keep a copy of all documents you mail.

The bureaus usually investigate the files within 30 days then inform you about the outcome. You should be provided with sufficient information if they believe that the information should stay as it is. If they correct the inaccuracy, you will be provided with a new copy which includes the new changes. The company should also contact your creditors informing them about the corrections. You may need to contact the other bureaus as well to update credit dispute information. Always inform creditors and the consumer company that you are disputing an item. Even if your dispute is not resolved, you can still ask the company to attach a statement of your dispute in your credit report should any potential creditor request it.