5 Steps to Correct Errors on Your Credit Report

If you need to correct errors on your credit report you are not alone. Many people are faced with discrepancies on their credit report that are not factual. Errors on your credit report can cost you money. If something is negatively affecting your credit, you will pay a higher interest rate on everything that you buy. Your mortgage will cost more, your cars, and anything else that you get on credit. Therefore, correcting any errors on your report is essential to saving your hard-earned money. Here are the necessary steps to take if you need to correct something on your report.

1. Get a Copy of Your Credit Report

Before you can find any errors in your credit report, the first thing you need to do is obtain a copy of it. You are entitled to obtain a free credit report from all three of the major credit bureaus each year. This will allow you to see a consumer-friendly version of what lenders can see. If you don't have any free credit reports left for the year, there are a number of places that you can purchase one for a nominal fee.

2. Find Errors

Once you have your hands on a credit report, you need to find the errors. Look over the report with a fine-toothed comb and find anything that you think is inaccurate. Make a copy of the report so that you can mark on any discrepancies. If you find anything that you believe to be inaccurate, circle it on the copy. If you find several things wrong with the report, circle them all.

3. Write a Letter

After you have located the problems with the report that you would like changed, it is time to take action. Write a detailed letter to the credit bureau about the discrepancies. Let them know exactly what is wrong and what you would like done about it. Include the copy of the credit report that you marked on and notate exactly where the problems are. If you have any supporting documents that prove your claim it would help your cause greatly. Include these documents with the letter to be sent to the credit bureau.

4. Send Certified Mail

Include all of the appropriate documents and mail them via certified mail. This includes your copy of the credit report, the letter you wrote, and any appropriate documents to back up your case. As long as you send them by certified mail, there is no disputing whether they received them or not. You will know exactly when they arrived and can then follow up with them after a few weeks.

5. Contact the Creditor

Besides contacting the credit bureau, contact the creditor that you have the dispute with as well. Include a letter to them that lets them know you would like the information changed. If you can work it out with them on their end, they can report the correct information to the credit bureau and help speed up the change.

 


Improve Your Credit Score - Free Consultation

Need debt consolidation relief? Click here!