Credit Report Errors? You Can Fix Them Yourself!

Credit Report Errors? You Can Fix Them Yourself!

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A past due notice could work against you, impacting your credit report and credit score. However, not all of the information found on a credit report is accurate, therefore youll want to obtain free copies of your three reports annually.

A past due notice could work against you, impacting your credit report and credit score. However, not all of the information found on a credit report is accurate, therefore you'll want to obtain free copies of your three reports annually.

If you’ve recently received a copy of your credit report from either Experian, Equifax, or TransUnion (the three major credit reporting agencies) you might be surprised by just how much information that they have about you. Trouble is, some of that information may not be correct. Should that be the case, then you need to take the appropriate action to correct your reports because if you don’t, then wrong information could come back to haunt you the next time you seek to obtain credit, rent an apartment, even apply for a new job.

Credit Report Errors Can Harm You!

Mistakes found in your credit reports can work against you, possibly affecting your ability to obtain credit at an interest rate favorable to you. Left undiscovered, credit report errors can harm you by causing you to pay hundreds of dollars more each month on your mortgage or finding that your new auto loan application has been turned down. This shouldn’t happen as each credit reporting agency — Experian, Equifax, and TransUnion – must supply to you one free copy of your credit report on an annual basis upon request.

You can obtain your credit report copies at www.AnnualCreditReport.com, the website which has been approved by the Federal Trade Commission to process your request. Just to let you know, your all-important credit score is not included with the offering, but you can and should obtain that information too by paying a separate, token fee for the service.

How To Report Errors On Your Credit Report

Credit reporting agencies are required to repair errors on your credit report as per the Fair Credit Reporting Act. All the same, they will only take action if you inform them of the problem first. Be prepared to draft a letter to the respective credit bureau and send it to them by means of certified mail. That letter should include the following information:

  • Your complete name, address, social security number, and your date of birth.
  • The disputed company’s name and your account number with them.
  • State your reason for the dispute, share your correct personal information, and ask that they amend your credit report consequently.

Mistake?  By Law, They Must Be Corrected Or Expunged

By law, the credit reporting agency will get rid of any disputed information that they cannot be verify, so make certain that you do a thorough job to corroborate everything correctly. Naturally, if you do have a track record of credit problems that information will remain on your credit report and it will reduce your credit score. Please keep in mind that if you filed for personal bankruptcy that information can stay on your report for as long as ten years.

In conclusion, don’t forget to obtain free copies of your credit reports from Experian, TransUnion, and Equifax, cautiously examining each one to look for mistakes.

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