How Do I Get Rid of Errors on My Credit Report?
A Credit Article Contributed by Annie Bauers
How Do I Get Rid of Errors on My Credit Report?
To err is human and unfortunately the credit bureaus are run by humans. Errors can occur on your credit report and have a negative impact on your credit standing.
How Do I Know If There is an Error on My Credit Report?
If your credit is good and you recently applied for a loan or some other service that required you credit score to qualify , and were denied there may be an error. The error could very well be using you to be declined for credit when you are actually in good standing.
another reason is because errors happen. Some things could be reported incorrectly by a lender or a creditor or in some instances you pay off a loan and it is not reported you have done so. A transposed number could be enough to have a negative effect on your report.
What Do I Do If I Find an Error on My Credit Report?
Fortunately you can dispute an error on your credit report. There is an organization to protect consumers called the Fair Credit Reporting Agency (FCRA) and they will help you settle your dispute. According to the FCRA, both the Credit Reporting Agency (CRA) and the organization that provided the information to the CRA. These CRAs could include a bank or credit card company. The CRTAs have a responsibility to correct any errors including inaccurate information or incomplete information.
In order to protect yourself in the event of an error be sure to contact the CRA and the information provider.
Periodically Check Your Credit Report
An error on your credit report can be damaging. Therefore it is important that you are aware of what is recorded on it. Many financial advisors recommend that consumers periodically check their credit reports. By doing this you will be able to catch any errors or inaccurate information and go through the proper channels to have it fixed.
You are entitled to one free credit report a year and you are also entitled to request a free copy of your report within 60 days of being denies credit. There is a small fee for requesting your report but the small price you pay to obtain a copy will be worth it if there is an error on it. If you find an error report it immediately.
ou can request a copy of your report online, by phone or in writing to one of the three (or all) Credit Reporting Agencies. These are Experion, Equ9ifax and TransUnion. Simply tell them that you would like to see a copy of your credit report. If it is not your yearly free report or because you have recently been denied credit the CRA will let you know how much the fee it. It is a wise decision review your report about every three months.
If you find an error you will be glad you did because it could ultimately lead to you being denied the right to purchase something you have worked hard for and earned.
