Know your credit!
We all make mistakes, but when it comes to your credit report, a simple or small error can have a big impact. In fact, one small error is more than enough to drag down your FICO score and could even prevent you from getting a loan in the future. It is very important to monitor your credit report and score on a regular basis to spot any errors that occur. This will enable you to take quick action to fix any damage that has been caused before it can affect you adversely. Here are the steps you need to take to fix a mistake on your credit report.
1. File a Dispute.
This is done through the actual credit bureau. Since there are three different major reporting agencies, you may need to monitor all three to see if all of your reports are being affected. Each one will have to be dealt with separately, especially if the error appears on all three reports. In many cases, it may take 60 days or more for something to show up on a report, so if you do spot an error, you will need to keep monitoring your other reports as well.
All three bureaus now offer the ability to file a dispute online, or you can file it by phone or through regular mail, depending on your preference. You will need to select the reason for your dispute and provide the correct information if necessary. Expect to wait up to 45 days for a response one way or the other.
2. Contact Creditor Directly.
If your dispute is denied and you are certain that there is still an error on your report, you can contact the creditor directly. Keep a record of all communications and send a copy of everything you send to a creditor to the three major reporting agencies as well. Always use registered mail when you contact a creditor, since they will need to respond to you within 45 days to remain compliant.
If you do not hear back within that time frame, you will need to contact the reporting agencies to update them on the status of the dispute. In many cases if the creditor has not responded within that time frame, the agencies will simply remove the error.
3. Know Your Rights.
It is a very good idea to review the Fair Credit Debt Collections Protection Act so that you are aware of your rights when it comes to dealing with creditors, reporting agencies and collection agencies. The information contained in this act will assist you in determining your further course of action if you cannot get the error removed from your report.
With diligence, you can protect your credit rating from adverse affects due to errors, but it is up to you to make sure that they are taken care of promptly. If you are not currently monitoring your credit reports, you may want to consider doing so, especially if you plan on applying for a loan within the next 180 days.
Photo Credits: 1
Originally posted 2008-10-13 05:18:27. Republished by Blog Post Promoter
Related Articles -
The Danger of Auto Bill Pay As our society gets busier, it’s been increasingly important to automate several aspects of our lives. One of the first areas to be automated was the payment of monthly bills and for many, this is an essential system that helps them avoid late payments. However, there are a few dangers...... -
Should You Be Worried About the Economy? [/caption] If you follow the news, chances are the state of the economy may have you a little concerned. Bad news is rampant, the housing market is shaky and doom appears to be around every corner. While there are some definite problems with the economy right now, that doesn’t necessarily...... -
4 Ways To Get Out of Debt /caption] For thousands of people, the specter of debt is an all too real problem that affects not only their financial life, but the rest of their lives as well. However, there are steps that can be taken to get yourself out of debt, reasonably quickly, despite how much you...... -
Do You Need a Money Manager? /caption] If your idea of organizing your finances is throwing a receipt in a big pile, you may want to consider the benefits of hiring a money manager. There is a new trend in the financial world where daily money managers are becoming very popular, and for many consumers, they...... -
What Are the Best Small Investments? [/caption] In times of uncertain economic future, it is important to look at your investment strategy and tweak it as needed. One of the ways that you can improve your portfolio is to take on small investments with lower risks associated with them. Taking in smaller rewards and returns may......
Related Sites -
How To Fix A Mistake On Your Credit Report. Whether someone alerts you to it or not, sometimes mistakes show up on your credit report. And while I have not had any major things come up, I have had credit lines (and even an old car loan!) show as still being open when in fact they had been closed...... -
Want To Get Your Credit Report For Free? With the economy in the state that it is in today, learning how to get your credit report for free can be a very important for maintaining a good credit history. When you review your credit report on a regular basis, you have the ability to verify that there are...... -
Credit Report Errors – How to Fix Them Credit report errors can happen to everyone regardless of their credit rating. A person with good credit may find that a family member’s less than stellar information has been inappropriately posted onto their credit report. On the other hand, someone with a bad credit history may find that a negative...... -
How to Fix Your Credit Report and Raise Your Score Errors on My Credit Report A few months ago, I was checking out my credit scores to get an idea of where I stand. I had heard that there can be errors on it that can hurt your score and in in turn give you hugher interest rates for...... - Your Credit Report – What’s in It? Your credit report is a valuable tool in your financial arsenal. Your credit report could help you negotiate a better rate on a home mortgage. In addition, a copy of your credit report could be your first clue if you’ve been the victim of identity theft. The first step in......
