Make sure the information in your credit report is correct.
This is extremely important to deciding whether or not you qualify for a loan from a lender. The decision is based in large part on the information in your credit report.
However, credit reports may often contain errors. If you find an error in your credit report, have no fear. Just follow the process below:
- Send the credit reporting agency a letter stating information you think is inaccurate. Include copies (not originals) of documents that support your position and prove your identity. In addition to providing your complete name and address, your letter should clearly identify each incorrect item in the report, state the facts and explain why you dispute the information, and request deletion or correction.
- Credit reporting agencies must investigate the information within 30 days.
- If the investigation shows that the information is inaccurate, all three credit reporting agencies must correct the information in your credit report.
- When the investigation is complete, the credit reporting agency must give you the written results and a free copy of your report if the dispute results in a change.
- If an investigation doesn’t find an error, but you still believe your credit report is inaccurate, you can contact the creditor directly and try to resolve the problem.
- You also have a right to explain your side of the story on the credit report if the issue remains unresolved. You may write up to 100 words to explain the situation. If you were a victim of identity theft it is your responsibility to update/correct the information on your credit report. Click here for detailed information on identity theft.