How I Can Fix My Credit Report?
A Credit Article Contributed by Michele Villery
How I Can Fix My Credit Report?
So, you go to the bank to apply for a mortgage; upon them running your credit report they discover several inaccuracies that prompts a low credit score, how can you fix it?
First off contact the credit company that reported the problem. You'll need for yourself a copy of the credit report in question so that you can report it to the creditor who stated there was problem.
Second, write a detailed statement to the creditor in question with proof of your payments along with a copy of the credit report. Feature in the report, your account number, the dispute in question, followed by any payment information you can give as proof that the debt was taken care of. Also make sure that you note why you think the error is wrong.
If there is a problem on the creditor's behalf they have to not only solve the problem, but also report it to all three-credit companies within a 30-day period according to the Fair Credit Reporting Act.
After that, follow up all written statements with a phone call making sure that the error is fixed and is reported to all three credit-reporting agencies, Experian, TransUnion and Equifax.
In addition, make sure that the other credit reporting companies don't have the same incorrect information. All three major credit reporting agencies each year are required to give you a copy of your credit report free of charge.
Do I Really Need Another Company to Fix My Credit Report? or I Can Do It Myself?
If you prefer not to fix your credit report yourself. Another way to go is by using a rapid re-scoring company. Growing in popularity, these companies work with the lending companies in turning around any credit reporting error disputes within a 72-hr period. However, the main disadvantage is that you'll never be able talk to them directly. Resulting in delays that dispute the 72-hr wait time.
The other problem with using the re-scoring company is that they cannot guarantee to fix the problem. Without proof, they won't fix it. So if you decide to use them make sure to also provide them with documentation of the errors made as well.
What If I Decide to Fix the Credit Report Myself and Still Discover That There are Still Problems with the Report?
If there are still problems with your credit report after you and/the re-scoring company has supposedly fixed it. There are a couple of options available to you.
Here are some of them from Bankrate.com.
Makes notes and copies for yourself of everything. All statements of the errors, who you spoken with, notes on the phone conservations should be kept. A credit reporting agency or cannot dispute or backdate a time. So make sure that they not only get a copy but that you also keep one for yourself.
Write to the Federal Trade Commission, if the agency won't help you, then report them. The Commission will also want copies of everything also. So definitely provide it to them.
Finally, talk to that credit agency rep's boss. Find out who they are and report them.
