Credit Reporting Errors

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Credit reporting errors can happen to anyone at any time. An error can negatively impact your credit score and make it difficult to qualify for a mortgage or get a line of credit. Through no fault of your own your credit can easily be tarnished by an error. That’s why it’s so important to monitor your credit report closely and take appropriate steps to remove any errors you may find.

First, you’ll need to request your reports from the various agencies. They include TransUnion (www.transunion.com, 1-800-888-4213), Equifax (www.equifax.com, 1-800-685-1111) and Experian (www.experian.com, 1-888-397-3742). Getting your credit report is simply a matter of going to their websites and filling out the forms you find there. You can also acquire your reports by calling them and going through their automated system, however do not expect to speak to a person if you decide to request your report by phone.

Once you have your report in hand, you need to go over it closely. Even the tiniest mistake can reflect poorly on your credit. Look carefully at all of your personal information, ...
... including your name, address, previous address, date of birth, phone number and social security number. Are they all exactly correct?

Also, watch for mistakes in your financial history. If you didn’t make any payments after the due date on your accounts, there shouldn’t be any marked with late payments. You should also be very familiar with all the accounts recorded on your report. If there are any at all that are unfamiliar to you that can be an indication of fraudulent activity or identity theft. Additionally, all of your old accounts that have been closed should be clearly marked as “closed by consumer” or with similar language. If they’re not, and they still appear to be open, that can hurt your credit score, as having too many open accounts makes creditors weary.

Once you find a credit reporting error you have to notify the agency in writing. You can either do this on your own, or enlist the help of a professional like Creditelves. If you don’t put the right information in your letter, the agency can easily pass you over or deny your request to have the mistake removed. Creditelves knows exactly what details to include in your letter, and how to compile the information specific to your claim so that you’re sure to get a quick response to your dispute.

Once the agency receives your letter, they have 30 days to respond. You may want to send your letter by certified mail, so you know exactly when that 30 days starts.

The agency will either agree that an error has occurred and remove the offending entry from your report, or deny your request. Either way, there’s still work to do. If they say they will remove the entry, you still need to follow up and make sure they do so, as well as inform the other agencies of the mistake. You have the right to request a fresh credit report to make sure your scores improve as a result of removing the offending error. If they deny your request you can try again, contact the original creditor and try working with them, or insert a statement to your credit report about the entry in question.

For more information on fixing credit reporting errors, visit www.creditelves.com