The information contained in your credit report usually deals with your bill payment history, residential history, work history and often legal history. While most of us have rather benign reports, it is important to know that too much of this information (if negative) will have a detrimental effect on you ability to obtain many things that require credit. This can even affect your ability to obtain a well paid job in certain sectors.
Find and Dispute
It is always a good idea to check your report on a regular basis, even if you know you have a good credit score. Mistakes can happen in any part of life. If a mistake is placed on your credit report it can have various negative effects.
If you find an inaccurate item on your report, make a claim and file a dispute. The credit reporting agencies are required by law to investigate the claim. If the claim is found to be in your favor, the creditor is required by law to fix the mistake. This is all comforting, but most companies will not independently look into a formal complaint or request from the consumer if a dispute hasn’t been filed.
Disputing Inaccurate Credit Report Information
How to initiate a dispute
• Obtain a credit report and indentify the inaccurate charges listed.
• Contact the credit agencies in writing to inform them of your finding and request an investigation.
• Make copies of all communication and supporting documentation prior to mailing
Upon receipt don’t expect anything to happen right way. The reporting agencies will usually start their investigation within 30 day. All information you provided will be used in this process so make sure you send clear, accurate and valid information.
The creditors are then asked to find the mistake or the accuracy and report it back accordingly. If the information you provide is proved correct, the creditor has the reasonability to inform each agency so that your credit report may be corrected. If the information in your report is found to be accurate, there will be no change.
However, if the ticket remains unsolved, you have the option to leave a note of dispute on your credit report so that anyone who views it understands that this may or may not be accurate. All communication with any of the credit reporting agencies will be in write for your documentation as well as theirs.
All negative notations on your report are automatically dropped after seven years if the initial creditor does not re-file. This is a last effort on items that may remain unsolved, but it is always best to try to resolve any tickets listed on your credit report.