San Diego, California (PRWEB) March 19, 2013
CreditSources.org, a leading authority website that focuses on all things credit related including personal loan options for people with poor, bad, and no credit, today uncovered the must-follow steps for disputing a credit report discrepancy. Mistakes on credit reports can lead to undeserved credit scores in addition to higher interest rates and fees associated with borrowing money. Therefore, CreditSources experts have identified the top ways to fix a credit report error to help avoid any unjustified issues.
Step #1 Request Credit Reports
Request credit reports from the top three credit bureaus, TransUnion, Equifax, and Experian. As part of the Fair Credit Reporting Act, each main credit reporting agency must provide consumers with a free credit report once every year upon their requests. In the case when consumers have already requested their allotted number of credit reports, they can pay a small fee for additional reports throughout the year.
Step #2 Review the Credit Reports
Thoroughly read over the credit reports and check for any missing information or errors. If there are mistakes in the report, make a list of them, and gather documents that support the claim.
Step #3 Contact the Credit Reporting Company
Send a written letter to the specific credit bureau that reported the inaccuracy. Include the credit report with the errors, reasons why the report is incorrect, and any copies of supporting documents that strengthen the dispute.
By law, the credit reporting agency must respond and investigate the query generally within 30 days. The agency then forwards the disputed information to the provider of the false information. In turn, the information provider must also investigate the claim and report back to the credit bureau.
Step #4 Follow Up with Results
After looking into the discrepancy, the credit bureau will send the consumer the results of the investigation along with a new copy of the corrected credit report if the investigation supported the consumer’s claim.
If the credit agency changed any mistakes, the consumer can ask that the agency send correction notices to any company that received the consumer’s report within the past two years.
In the event that that the investigation resulted in no changes, the consumer can still ask that the agency place the statement of dispute in the credit file and future credit reports.
Consumers can experience negative effects from false information on their credit reports, so it’s important that they commonly check for errors and report any immediately.
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