How to resolve a dispute with your creditor about incorrect information on your credit report
Everybody can commit mistakes – you, your credit bureau or your creditor. If your creditor makes a mistake, credit bureau may not correct it on your request. In that case, you have to deal with your creditor to get things right.
Sometimes you creditor makes incorrect reporting on you to the credit bureau. This may be inadvertent, but it bruises your credit report. Generally the credit bureau is reluctant to amend it without the consent of the creditor. In that case, you need to follow up with your creditor.
Here is a step by step process to do that -
- Get your credit report from the credit bureau to find out what is the exact mistake.
- Go through the facts carefully – You need to verify related statements and receipts to find out whether it is a genuine mistake. If it is so, take out copies of all the relevant documents for sending them to your creditor. You should never part with the original documents.
- Write to your creditor – Do not make phone calls about such mistake when you are contacting for the first time. Write a letter and explain the problem. Attach copies of the statements and receipts. Send it to the address specified for filing such dispute. Do not send your papers to the address where you send your payments.
- Follow with your creditor – You need to wait for 15 days. If there is no response from your creditor, you can contact him again. Generally there is a tendency in creditors to sit on these complaints. If you call the creditor, refer to your letter and ask about the progress. Keep notes about the name of the person you spoke to and the time of contact. This may be useful later.
- You creditor is legally required to investigate your claim within 30 days. If the creditor finds the disputed information inaccurate, he must intimate it to the credit bureau and modify his remarks.
- You should get a copy of such intimation. Preserve their copy as the proof of correction.
- Verify whether the changes are made or not - You should wait for some time (about a month) and then request the credit bureau for your credit report once more. You need to check whether the incorrect information has been removed / replaced or not.
There are many companies in the market advertising about fixing the mistakes on your credit report. However, there is no need to pay heavy fees to such companies. You know your problem better than anyone else. You should follow the above process and easily get your record straight.
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