Fixing Your Credit Report

No Comments » | Posted by Jacob ONeill
Sep 09 2010

There are just some times when you find a few errors in your credit report, and these kinds of mistakes could often cost you a loan you want to get or a job you want to have. If you find these kinds of faults in your financial document, then you need to fix them as soon as possible because doing so is a long and tedious process.

A credit report is more than just a financial document. Whatever is listed in it (a complete list of your payment history, balances and accounts) would be used to determine whether or not you would be credit worthy enough to get a loan, rent some living space, or even earn a job. That is why it is important to sort out the errors before they cause any more harm and damage to your financial situation.

A White House blog written by Treasury Assistant Secretary Michael Barr had confirmed that over an estimated 150, 000 credit users have made complaints that they have found false information in their credit reports. While an additional 6 million credit users who had also found such errors in their reports had been denied credit.

To fix your credit report, the first thing you need to do is make a copy of your credit report and highlight all of them items and information that you believe are errors. Keep the original copy of your credit report safe somewhere, because you might still need it afterwards.

Then, write a letter to the credit agency that you requested your credit report from. Explain that there are mistakes in your credit report and you request the agency to conduct an investigation on this issues you pointed out. Also, send some copies of supporting paperwork if you have them to make your claims more credible and, just like the first copy of the credit report, do not send the original copies of these documents.

Send the document copies through certified mail, and be sure to mail it back with the receipt requested to show that you have received your credit report packet beforehand. You should also send another letter to the creditor whom you disagree on their reporting statements, and be sure that you get the right address to mail your disputes by referring to a billing statement. You could also try to contact the creditor before you submit your dispute to the agency, so they would be informed about your situation and would have a quicker time correcting the error.

When the agency’s investigation is finished and the errors sorted out, you would have the corrected version of the credit report delivered to you. Check and double check if there is still anything wrong with the new copy, and make sure that the information is accurate so you won’t have ay further trouble.

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