How to go About Correcting an Erroneous Credit Report

A lot depends on your credit score. If there is a mistake on your credit report, you want to get it corrected, and the sooner the better. When it comes to reporting a mistake, you are going to want to contact whichever credit bureau was responsible for creating the erroneous credit error, and also the creditor who was responsible for supplying your financial information. The sooner you get the situation handled, the less damage will be done. The Fair Credit Reporting Act forces both the creditor and the credit bureau to take action and get the mistake corrected.

You Have to Submit Written Documentation

Once they have been notified, they have to start investigating with 30 days. The only way an investigation will not be conducted is if they feel that your claim is frivolous, and even then, they still usually launch an investigation. In addition to sending the credit bureau a letter that clearly states the nature of the problem, you are also going to want to make sure you provide them with all of the paperwork (receipts, bills, bank statements etc.) that proves your case. Make sure you send copies, and keep your originals in a safe place, like a fireproof safe or a safe deposit box. When you are proofreading your letter, make sure the following information is included:

• The nature of your dispute

• Why you feel the dispute is important.

• Clearly state that you want the error corrected on your report, and a corrected copy of the report sent to any creditors that has received a copy of your credit report in the past thirty days. Also make sure the letter has your name, address, and phone number on it.

Making sure that you have circled or highlighted the problem on the report, and included it in your package is also a good idea. When mailing the package, you are going to want to make sure that you get delivery confirmation, and that you keep a record of it. Make sure that you copy everything you’ve included in the package and file it in your own personal records.

In addition to sending all of the information to the credit bureau you should also send the same documentation to the creditor.

The credit bureau will have to work with the creditor to get the mistake ironed out, and things will go more smoothly if each organization has the exact same paperwork. You should make it very clear to the creditor that you want to be kept in the loop, and that they should send you a copy of any paperwork that they are submitting to the credit bureau. How long the entire process takes can vary, but most of the time the problem is corrected within 90 days, and sometimes sooner. The better your paperwork is, the more quickly the process will be.

Nearly all of the states have passed legislation that insists that the credit bureau provide you with a free copy of your newly corrected credit report. You are supposed to read this new report very