Keeping in theme with our recent discussion on common credit report mistakes, here we will take a closer look at what consumers can do to get these mistakes fixed.
Fixing credit report mistakes can be crucial to preventing your credit score from needlessly suffering. Here’s what to do in order to fix errors on your credit report.
It’s important to point out that, when it comes to your credit report:
- You are legally entitled to receive one free copy of your credit report from each of the three credit reporting bureaus (Experian, TransUnion and Equifax) every year.
- It’s usually up to you to check your credit report, find the mistakes and take action to get them fixed.
- Failing to fix mistakes on your credit report can lead to negative impacts on your credit score (or, in the worst cases, a delayed realization that you may have been the victim of identity theft).
Step 1: Contact the bank or creditor that has reported the mistake.
When the mistake on your credit report is related to information provided by your bank, a creditor or a lender, contact this party by phone to get details regarding how you should go about disputing the information and getting it fixed.
In many cases, you will be required to:
- Send a detailed, written explanation of the misinformation on your credit report. You may even need to send this letter via certified mail.
- Provide evidence of the correct information (depending on the specific error, this may include copies of canceled checks or past bank statements).
As you go through the process, be sure to keep detailed notes regarding your interactions with the bank or creditor, as well as copies of all letters and evidence you send in your case. Such records could be crucial later if there is a dispute regarding your actions in trying to fix the credit report mistakes.
Don’t miss the upcoming second part of this blog for our continued discussion on what to do when you need to get credit report mistakes fixed.
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