The Process of Filing a Credit Report Dispute for Correcting Credit Report Errors

Posted on October 29, 2011 by admin

If ever you notice erroneous entries on your credit report, it is a must that you have it immediately corrected as this can impact your credit score. What you need to do is to request or open a dispute for the correction of your credit report. The credit score is a very important set of digits that you need to protect since this reflects your creditworthiness. Through this, you will not a hard time when you file for any type of loan or financing. Furthermore, since you won’t be identified as a credit risk to the creditor, you will receive a good interest rate.

Opening a Credit Report Dispute

There is a great chance of removing the mistakes that appeared on your credit report and going about the process of commencing a dispute to clear out the erroneous entries can be easy. The procedure is easy to follow. Here are the steps to proceed with opening a credit report dispute:

Take note of the address of the agency that made the report and write a formal letter to them so that they will be informed about the negative entries on your credit report and so that you will be clarified of your concern. In order to be able to point out effectively the wrong entries on your credit report, you can send them a copy and highlight the mistaken entries or put marks on them. Moreover, it is important that you send some proofs that can support your case. Keep the original copy of your credit report as well as other documents that you have used as evidence.
You may contact the creditor first before you deal with the company that may have claimed that you did not settle their invoice. This is because the problem may be resolved before you contact the agency that made a complaint on your credit. There is still a need for you to send supporting documents.
Should the creditor failed to get the mistake corrected before the letter for credit report dispute is received by the agency, your claim will be investigated by the agency. They go about this process by writing a letter to the creditor requesting for evidences to prove that the information given was accurate. When the creditor cannot accomplish this the, the mistake will be removed from your credit report.
There is still a chance to go for a second dispute if ever matters don’t get settled. You can appeal and dispute again the erroneous entry on your credit report. However, when on the second report the mistake is still not removed, then you can request to attach a note on your report that states your explanation and side of the story.

Whenever you notice mistaken entries on your credit report, you should get it disputed immediately so that you can settle the issue as soon as possible and before the credit score gets affected. Do not neglect this concern. Thus, it is vital that you regularly check your credit report.