Credit reports are very significant for people who are planning to purchase a house, apply for a credit card, applying for a job or any other activities. Though, credit reports inaccuracies are quite usual but only one single error can ruin the whole scenario. A lender or a creditor can easily question the credibility and financial obligations based on a single mistake. So, it becomes obligatory to get the credit reports to be error free.
The lenders send a credit report every month to the main credit bureaus like Trans Union, Equifax and Experian. That’s the reason why it becomes obligatory to review the credit report frequently to find errors. The Federal Law is a bureau that grants a right to have a correct credit report. The credit bureaus have the right to report about the inaccuracies and inaccurate details. If one discovers any kind of error one can file a dispute to get them amended from the credit report.
Evaluate the credit report
Annual CreditReport.com is the site from where one can obtain the annual credit report once a year, free of cost from each of the credit bureau. In cases of identity theft, unemployed and looking for employment or if one receives government assistance or welfare are eligible for getting free credit report. It can also be ordered by paying some amount of fee.
Evaluate the copy of the credit report to find out the errors. All the three documents should be re-examined because they might be different from one another. The error points that are to be included in the dispute report should be shortlisted.
The errors that can be included in the dispute report
Principally one can dispute on any error but it should be remembered that the credit bureau will investigate the errors and only remove those points that the law orders to remove. The points that can be disputed include incomplete items, non-verifiable items, inaccurate ones or outdated items. The negative items for seven years and bankruptcy for 10 years can be disputed.
The various other items that can be disputed are:
Incorrect account status
Payments incorrectly reported being late
Accounts that are wrongly stated in your name
Incorrect account balance, a credit amount
Dispute bureau errors on phone, online or in writing
There are various ways to put forward a credit report dispute. One can put their dispute by phone, online or even through email. The online dispute process is considered to be the fastest. Each of the three bureaus has an online facility to handle the dispute related matter. The choices completely depend on personal convenience and preference.
The documents required are:
Full name including initials middle and the surname
Copy of identity proof(government issued)
Current address and past addresses (2 years back)
Date of birth
Copy of insurance statement or utility bill that bears name and address
Social security number
A list including the items on credit report to be disputed with reasons and supporting documents
In general, the bureaus are responsible to respond to a dispute related to credit reports within a time frame of 30 days. The disputing process does not require any sort of fee. One can file as many items in a dispute report. The credit agencies are no way liable to investigate inconsequential claims.