You may be wondering what is a good credit score. If so, you could benefit from credit repair.
Whenever you check your credit report – which you should do at least once a year – you should always check carefully for any errors in your credit history. Keeping a watchful eye can make sure that any problems that appear in your report can easily be dealt with and removed before they cause any damage to your financial standing.
But how exactly does someone deal with a problem on his or her credit report? This walk through will help you prepare for the next time you check your credit report, just in case you come across any errors.
When You Find an Error
Whenever you find an error in your credit report, you need to contact the credit bureau from which you obtained the report, and the organization that provided the credit bureau with the incorrect information. The Fair Credit Reporting Act states that any party who causes a credit report to be inaccurate is responsible for correcting the report.
Contacting Credit Bureaus
To correct false information, you must submit what you believe is inaccurate to the responsible parties in writing. The credit bureau is required to investigate your claim within 30 days unless it is dismissed as frivolous.
When you send your claims, be sure to include copies – not the originals – of any questionable reports. Included with the inaccurate report should be a letter including the items in the report that you are disputing, the reasoning behind your dispute and a formal request for cancellation or deletion of the incorrect information.
A good way to identify incorrect information is to highlight or circle it in the copy of your report that you send along with your letter.
Contacting the Lender
In addition to sending a letter to the credit bureau and any other involved organizations, you need to notify the lender that you are requesting that inaccurate information be removed from your report.
Most lenders have a specific address for disputes, and you should send the same information here that you delivered to the credit bureaus. In your letter, you should also include a request that the provider send a copy of whatever correspondence they send to the bureaus along to you. This process should take between 30 and 90 days.
You should be eligible for a free credit report after any dispute is resolved.
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