Credit Report Dispute – How to dispute Errors on your Credit Report

Having a good credit standing is a major goal of every person. A good credit standing allows one to earn higher credit limits and better credit score. This is especially needed when one applies for a loan, a mortgage, or much so for a credit card. In a world where credit plays a major role in business, one will always consider having a good credit standing. A good credit report from a reputable financial institution and banks will always be something to be proud of. A bad credit standing will only mean challenges and difficulties when pursuing a better and stable financial status.

Since the goal is to have a Good Credit Standing or Score, what happens then if you have a bad report? To add more to that, what if we do not deserve it since there is an error on it? This will certainly pose some worries and we will be put in an uncomfortable situation. It will definitely be something to think about on how to dispute errors on your credit report. Here are the steps to be followed:

1.    Get hold of a copy of your credit report. Each one has a right to have a copy of since it is something personal. It identifies the person whether he has a good standing or not. It will be good to review it thoroughly. Check your records as to how this error came about. Remember that each has the right to dispute this erroneous information under the Fair Credit Reporting Act.

2.    Alert the Credit Bureau about the error. Once you have thoroughly investigated the issue and you’ve verified that there was indeed an error in the credit report, gather all the evidences that will support your claim. Keeping original copies of your credit transactions especially payments made or debits done to your account will always be beneficial. Send these evidences to the credit bureau and explain the situation about an error committed on your credit report. The agents concerned will definitely take your claim into consideration. Make sure that you have a copy of the proof detailing your dispute and also a copy of your disclaimer which was forwarded to the Credit Bureau.

3.    Get a response from the Credit Bureau. After you have sent your dispute, the bureau has 30 days to verify all the evidences, materials, and information you have provided them. An investigation shall be conducted to determine the accuracy of the data. The bureau will then contact and validate all the given facts from the issuing agency. If there is indeed an error that has been committed and generated, the issuing agency and the credit bureau shall rectify it and provide you with the result of the investigation. All other personalities and entities who received a copy of the erroneous credit report should also be duly notified.

4.    Request for Correction or Deletion of Entries. Having an error in the credit report will always be a taint. With the findings that an error has been committed, request for an immediate correction of the wrong entries. It would even be better to have it deleted from your file so it won’t pose any problem or negative impacts later on.

So always remember, that errors on your credit report can be disputed. Simply communicate with the Credit Bureau and agencies concerned. And as we say, a credit report is an identification of oneself in the financial world.

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