Yikes! My free yearly credit report is wrong
By Lynn Carnes
So what do you do if your free yearly credit report has errors?
This can be a scary and intimidating issue, because your credit report can hurt your ability to get loans for that business you’re starting or for that new car you need. And it can affect the cost of getting a loan very significantly. So what to do?
First, steel yourself for a process that can take a lot of paperwork and can take up to six months to complete.
Remember to document absolutely everything that goes on as you work to repair this very impactful document.
I found more great information from howstuffworks.com that explains the process:
Let the paperwork begin - You will begin a long and often arduous task of writing letters explaining the inaccuracies. First, send a letter to the CRA to give your side of the story and try to set straight the inaccuracies that have been reported. The letter should include your name and address and explain what is inaccurate and why. Tell them the facts and request a correction to your report. It would also help to include a copy of your report with the incorrect information circled, along with copies of any documentation that supports your claim. Send your letter by certified mail with a return receipt so you know it was received. Keep a record of everything you sent.
Second, send a letter to the merchant or creditor who supplied the incorrect information to make it known that you are disputing it. Send copies of the documentation that supports your claim, just as you did with the CRA.
(NOTE: Most of the national credit bureaus allow you to begin the dispute process online. This isn’t a bad place to start; but if you have additional documentation, presenting it the good old fashioned way is probably best.)
Give the CRA 30 days - The credit reporting agency legally has 30 days to investigate your claim (unless your claim is deemed “frivolous” or “irrelevant”). If after this amount of time you haven’t heard back, call the customer service department. There is usually a toll-free number on the credit report that you can call for assistance. Remember to keep notes of your conversations and any actions that were taken as a result.
Re-reviewing your credit report - When you get a written response from the credit agency, you’ll also get a new copy of your credit report (if there were any changes). If any information is changed on the report, the CRA cannot change it back unless the creditor provides proof that it was accurate. In this case, you will get notification from the CRA that the item has been put back on your report. You’ll receive the contact information for the creditor or merchant so you can begin your battle (if you know you’re right). Like we said at the beginning, be aggressive and persistent. Find out the creditor’s side of the story. See below to find out what to do if they’re right and you’re wrong.
Whatever you do, don’t ignore it or put it off. Your credit score is really important to you and your business.
Check out the full article at: http://money.howstuffworks.com/credit-report5.htm
Make sure your credit score is good. It’s fast and easy to get your free yearly credit report
Also, if you know that your credit score isn’t where you want it to be, and you want to repair your credit, check out our credit repair system. It is a comprehensive approach to repairing your credit and getting you on the path to a high score and all the good things that come with that.
To your good credit!
Author site: Lynn Carnes | View all articles by Lynn Carnes
Topics: Business, Credit Repair |
September 5th, 2008 at 2:39 pm
A good credit repair company can make all of the difference! Just make sure you investigate them first to make sure they don’t have complaints filed against them with the BBB or any state agencies.
October 3rd, 2008 at 7:47 am
Did you know that “These credit bureaus collect and maintain information on the vast majority of Americans, but they are not affiliated with the government in any way. The credit bureaus are for-profit corporations and they sell your personal information for money.” ? Come and give you opinion on http://restoremycreditreport.wordpress.com/2008/10/01/what-is-a-credit-report/
October 17th, 2011 at 1:59 am
Great article,
If you get your credit report for the first time, I would also suggest you to subscribe for credit monitoring and fraud alert.That way your identity will be safe.These things are not free, but recently I found a site, where I get it for only $1.The site is http://NationalCreditScore.info