Steps to Dispute Credit Report
January 25th, 2009, Written By: admin
Certain steps will allow you to quickly dispute your credit report and raise your credit score. This process alone can drastically fix your credit and get you the loan or financing your need.
The first step is to closely review your credit report. This file contains important personal and financial information that you want to be sure is accurate, but that is not always the case. The three credit reporting agencies are faced with the task of managing millions of transactions for millions of people on a daily bases. Every once in a while the wrong information is placed on your credit report.
By law, you are entitled to an accurate credit report, thought that is not always the case. However, it is your responsibility to review this information and dispute where necessary. Just by doing this, you can improve your chances of getting a loan at the best possible rate. Beyond that, a clean credit report can help you get better rates on your insurance and even help you get a job.
But don’t stop there. By law, you can dispute any item on your credit report and the agencies must investigate the dispute. If they do not come up with enough evidence to support the claim within 30 days, it must be removed from your file. That means it is entirely possible to have any negative items on your report removed — regardless if it belongs there or not.
Many times the agencies can’t find enough evidence, while other times it is just not worth the money and resources it costs companies to research the claim. There is nothing on your credit report that can’t be removed by properly disputing the items.
Once you’ve identified the items you would like to dispute, simply send a dispute letter to the credit reporting agencies that list that item. Be sure to use certified, return receipt mail so you have proof that the dispute was filed and received.
Give them 30 days to respond. If you do not hear back, follow up in writing and demand that the item is removed from your file.
When you dispute credit report items, do not try to dispute all of them at once. Start with the bigger picture items that can make the greatest improvement in your score. Otherwise the reporting agencies will not work for you in your favor.
Before you can take any serious action, you must have recent copies of your credit reports. This is a mandatory step, as you want to clearly document and include copies of your report with your dispute.
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Categories: Credit Report Dispute
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