Fixing A Credit Report Error

There are times when credit reports include erroneous details about your current credit statement. These erroneous details are caused by various reasons, such as late credit payments (causing mismatch on payment dates), error from the company’s part, possible identity theft, and other reasons. Fortunately, these errors can be fixed and addressed by reporting it to your credit card company (or whoever handles your credit card account). However, these errors should be immediately reported, as failure to do so may lead to your credit rating to be rated negatively, causing you more problems in the future.

How to check for errors

Credit report errors should be evident once you receive your credit statement. If you see any transactions that you are sure you have not made, that could be an error on the company’s part, and this inaccurate entry should be addressed and removed on your credit statement

Here are some more tips on how to check for errors on your credit statement:

• As said earlier, unfamiliar transactions should be checked and reported immediately to the credit card company. These unfamiliar transactions may be evidence that your credit account has been compromised and you may already have been a victim of identity theft.

• If you are sure that your account has not been compromised, double-check the said transaction. Compare it against the official receipts; if you don’t have the official receipts with you, call the business / company written on your credit statement and verify the transaction. Alternatively, you can call up the credit card company and have it (the transaction) verified.

What to do once you have found errors on your credit statement

Now that you know that you have errors on your credit report, it’s time to take action in order for you to save your credit rating from falling into the red zone. Follow these tips in order to clean up your credit statement and remove all those inaccurate entries:

• Report the inaccurate entry to the credit company immediately. Tell them that there is a wrong entry on your current credit statement. Call them up or send them an email about the mistake on your credit statement. Remember to point out said inaccuracy clearly and politely, as being aggressive won’t do anything to fix the error.

• Send them evidences (official receipts, etc.) that will prove that you have not made the transaction. Doing so will help them fix the errors faster, as well as saving your account from falling into the red zone.

• Be patient. Upon submitting a report, they will require you to wait for around 1-2 days so that they can investigate the erroneous transactions / details. Do not rush for results, as this will only lead to confusion. If you have not made that transaction, then you have nothing to worry about.

Remember, a single error can make your positive credit rating into a negative one. Make it a habit to check and peruse thoroughly your credit statements. Doing so will save you from a lot of problems in the future.