Can You Fix Your Credit Report?

Anytime of the year is a good time to check your credit report. And if your credit report needs fixing, you can do the necessary steps right away. On this post, we present essential tips on how you can fix your own credit:

Order your report. Start by ordering a copy of your annual credit report from each of the three major credit bureaus (Equifax, TransUnion, Experian). Consumers need to be aware that the three bureaus monitor credit reports independent of each other. Each bureau also uses its own system to calculate credit scores. This is why you may discover an error in one report that is not found in another.

Examine your report. It is not uncommon for errors to occur in credit reports. There are different reasons why erroneous reporting happens. Sometimes, creditors may report wrong information to the bureaus and in some cases, the bureau itself may commit error in keeping records. Sometimes another person’s file may get mixed up with your credit history. Furthermore, if you have been a victim of identity theft, other people can open new accounts or incur unauthorized charges in your name. By checking your report, you can immediately be aware of errors so you can have them corrected right away.

Spot the errors. Any kind of error should be immediately corrected as it can negatively affect your overall credit score. Examples of errors that you may find in your report are unauthorized charges, incorrect spelling, and outdated information. For instance, if a bankruptcy that happen seven years ago still appear in your report, you should request the bureau to remove such record from your credit report immediately.

File a dispute. Once you have identified the errors, you should send a credit dispute letter to the bureau that issued your report. Enclose a photocopy of your report with the incorrect items clearly marked. You must also enclose photocopies of documents or receipts that support your claim.

Wait for the bureau’s response. Upon receiving your letter, the bureau will conduct an investigation which can last up to 30 days. If your complaint is found valid, you will receive an updated copy of your credit report for free. Make sure that the necessary corrections have been made. In case you do not receive any response from the bureau, you must send a follow-up credit dispute letter.

Follow up your dispute. If needed, you should send a follow up letter to the credit bureau. Enclose a copy of your original dispute letter with your follow letter. Remind the bureau of its obligation to respond to consumer complaints as stated in the Fair Credit Reporting Act (FCRA).

Build up your score. Once the corrections have been made, you should be able to raise your credit score depending on the type of error. Continue to build up your credit report score by staying current with your payments. See to it that all your creditors are paid on time and avoid incurring new debts which can make repayment a burden.

 

About the Author:

Suzy Vanstrusen is a credit analyst and a writer on the website EZCreditRepairSolutions.com. She has been providing consumers with tips and wise information about credit repair as well as helping you out more with your bad credit loans.  Copyright © 2011
 

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