How To Fix Credit Report Mistakes

If you find mistakes in your credit report you have to initiate a credit report dispute. That is, assuming you are concerned with your credit rating – and you should be. Maintaining a positive credit score just may be a deciding factor when you need to apply for any kind of financing, and it can even make a difference as to the interest rates that you pay on a mortgage or other loan.

Are Credit Report Mistakes Fixable?

There is good news! Negative entries and mistakes can be removed from your credit report. What is more, it is not difficult to start a credit report dispute, which is the first step in having errors corrected. But, it’s important to follow the procedure in the right way.

Your first step is to write to the agency that created the report. Their mailing address should be on the report. Make a copy of the report circling the items you are challenging in your credit report dispute and send it to them. Ask them to investigate and send them copies of all supporting documents, such as: (letters or receipts) that will help your case. Never send the original documents: always keep them for yourself.

It’s also a good idea to send a copy of the papers to the company (creditor) that was responsible for the item that you are challenging. An example could be: the carpet store claimed that you failed to pay their invoice, and you have their receipt. You send a letter and a copy of the receipt to the carpet store, explaining to them, that the item they had placed on your credit report is an error and request that they have it removed,

Fix your Credit Report without using an agency

Many times, if you contact the creditor first, you could resolve the problem even before getting involved with the credit reporting agency. In that situation you do not need to send any supporting papers. You may want to use the online dispute system to make the matter even more simple.

But what if the mistake has not already been corrected by the creditor before the agency receives your credit report dispute letter? In that case the agency will investigate your claim.

They do this by writing to the creditor requesting that they produce evidence, which proves, the information they provided was correct. The disputed item is removed from the credit report if the creditor fails to reply or can not offer any proof. So the burden of proof is on the creditor, not on you. This means that it is often very easy to have a credit report dispute settled in your favor.

Even if you do not succeed and the decision goes against you, you can simply dispute the item again. If your second dispute fails and the item has not been removed, you can ask to have a note added onto the report giving your side of the story.

For this, you can write a note up to 100 words. It is worth taking some time to consider what you want to write here because it will remain on your credit report for as long as the item does. Stick with the facts and don’t use language that might seem critical or sounds angry, as this could count against you by any future potential creditors that may read your report.

If you keep plugging away at it… getting your credit report cleaned up and improving your score will be successful. Follow this procedure by initiating a credit report dispute for every item that you want to challenge.

 
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