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Are there errors on your credit report?

Jun 6, 2008
Problems with credit reports are more common than most of us might think. In fact, it should make your nervous enough to review your own credit reports if you haven't done so recently. There are three different credit reporting bureaus and they will send you a full report once a year at no charge. Even if you have to pay for them though it is going to save you money in the overall scheme of things.

There are many different reasons why errors happen. The people that enter the data are human and they can make innocent mistakes. Sometimes the issuer of the credit hasn't done their part to remedy the situation. For example they may not have reported you paid off your loan early. It may still show you owe them money and that means a lower credit score. This is common when companies get bought out by someone else.

Other types of errors on credit reports though indicate someone else is accessing your information. They may have opened accounts in your name and now you are getting negative marks on your credit. Regardless of the type of errors on your credit report though they are going to affect your ability to get credit as well as the interest rates you will pay for it.

The best way to make sure there aren't any errors on your credit report is to evaluate them regularly. Make sure you look over your reported information from all three of the reporting agencies. Sometimes a mistake is on all of them and other times it is just on one of them. It can take a very long time to get these issues resolved so the sooner you can get the process started the better.

Start out by carefully going over every single line on all three of your credit reports. Highlight those issues that are questionable to you. This way you can go back and look up the information on them to verify accuracy. If you should find errors you need to make copies of your verifications that show it. You may need to make some calls to get your hands on such information.

There is a dispute form that each of the three credit bureaus use. You can easily download it from the internet and print it out. It is best to write a short but detailed letter about the error, why you dispute it, and discussing the evidence you have to verify it. Make sure your letter has all of your contact information on it as well.

Take your time to gather the information you need. This way you can provide the credit bureaus with all the information. Always make copies of everything to send to them so you can hang on the originals. You want to submit a letter, your credit report with the errors marked, their form for reporting a dispute, and your verifications. Always send by a method of mail that ensures you have verification they received your materials too.

It is to your advantage to keep a close eye on your credit report. You should be able to apply for credit and not have to worry about what is going to come up. Yet too many people only discover there are errors on their credit report when they get turned down for a loan. It can be devastating to not get the home or the car you want due to these problems needing to be ironed out first.
About the Author
Robert Bain is fascinated by the secret credit industry. He follows personal credit related issues such as credit cards, debt relief, home owners loans, high risk mortgage and scams.
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