Mistakes on credit reports are common. Statistics confirm that about 70 percent of credit reports contain some sort of mistake. If the mistake on your credit report is a serious one, you may not be able to refinance your property, get a credit card, or take out a student or car loan. Some mistakes can easily be fixed through the leading three credit bureaus, namely Equifax, Experian, and TransUnion, which may take quite a few years of sending letters, making phone calls, and even filing court cases.
Checking Credit Reports for Mistakes
One way of avoiding mistakes on your credit report is to examine it regularly for potential errors that could harm your credit rating. Once you notice a mistake on your credit report, mark it down.
Contacting the Creditor
Inform the creditor about the mistakes you noticed on your credit report. Send a letter to the creditor detailing the mistakes. This way, you will have documentary proof to support your claim later. Any documents supporting your argument should be sent along with the letter. Use a certified mail service that provides a return receipt to send the letter. Keep the receipt safe.
Contacting the Reporting Agency
Send a letter to the reporting bureau informing them about the mistakes in your credit report. Again, use a certified mailing agency that offers a return receipt to send this letter. In case the credit bureau does not correct the mistakes, ask for the contact information of the creditor who reported the errors on your report. Contact the creditor by sending another letter, if needed. If the mistake on your credit report is acknowledged and fixed by the bureau, you should inquire about any companies that have requested your credit report in the preceding six months and make sure they get the corrected copy.
Filing a Lawsuit
When the mistake is neither acknowledged nor corrected by the credit bureau, request that a statement that explains your point of view on the dispute be added to your credit report. If the mistake is of a serious nature and none of the above-mentioned steps is successful, you should find legal counsel. A lawsuit may be required in order to get the mistakes corrected on your credit report.
