Raise Credit Report Dispute to Get Errors Corrected

When requesting for free annual credit reports from three credit reporting agencies such as Experian, Equifax and Transunion, there is a chance that you might come across inaccurate and questionable information after thoroughly studying them. Raising these issues need to undergo a credit report dispute process before they could get corrected. Therefore, it is necessary that you should understand the importance of the process before proceeding with it.

Learn from the following steps explaining about the entire process.

Thorough investigation of each detail

The credit history of your credit report is one of the major factors which creditors and lenders use to review your qualifications and your capacity to pay before they can approve you an auto loan, a home load or a credit card. Inaccuracies and bad record statements on your credit report will give you a bad impression and a bad credit score. As a result, your chances of being approved will be zero. Monitor your credit statements regularly to ensure maintain a good credit score.

Once you get your credit report, read it line by line and pay attention to the small details as well. Go through each line carefully, highlighting inaccurate items. Look into those highlighted items, making sure that they are indeed included on the statement by mistake.

Understand and follow the directions

After careful investigation of your credit statement, if there are any inaccuracies present, check out the credit reporting agency’s policy on the dispute process. You will always have the right to raise any issues about mistaken information on your statement. However, if you are wrong about the information on your statement, the dispute will just be cancelled and ignored.

An individual can raise issues for inaccuracies through phone, fax, mail or online. However, the best way to get the credit agencies’ attention is through writing. Mention, in detail, the reason of your dispute. For instance, if you are a victim of identity theft, with an unknown account on your credit report; it is significant to include copies of any documentation, such as billing statements or police reports.

The issuer of the credit account is given 30 days to respond to the dispute raised upon them. Credit agencies act as the communication link between the individual raising the dispute and the issuer. As soon as credit agencies get a response from the issuer, the individual is immediately informed. If they find that there is indeed an inaccuracy on your statement, the inaccuracy will be removed and they will provide you with a new credit report.