Having good credit or excellent credit is more important than ever, which means the constant care and maintenance of an accurate credit history is absolutely necessary to survive in today's financial world. Consumers should check their credit reports often not only to prevent identity theft, but also to make sure the three national credit bureaus are reporting their data accurately. Any inaccurate information like a late payment, collection account, or past due account can severely affect your report hurting your chances at receiving lower loan rates and your loan eligibility. However, inaccurate information does not have to stay on credit report you can credit report dispute, I reccomend this if you have invalid informaion on it. There are steps you as a consumer can take to correct inaccurate information.
All three of the major national bureaus systems offer online dispute processes
on their web sites. According to the web sites of two of the three bureaus, in order to submit an online dispute, to submit a online credit report dispute, I think you should first get a copy of your credit history and provide an order confirmation number as proof. However, that may not always be the best way to file a dispute, and it is not necessarily the method suggested by the Federal Trade commission (FTC).
According to the FTC, disputing by mail may be the best way to correct items in your report. This is for a variety of reasons. When you write to the consumer reporting agencies (CRAs), or the three national credit bureaus, you can, and should, attach copies of supporting documents for items you want to credit report dispute online I hear if you have a copy of your report, it is also recommended to include a copy of the credit report with the information in the credit report dispute circled. In your letter, each item being disputed should be clearly identified. Your reasons for disputing should be just as clear.
It is recommended that you send your letter and documents by certified mail to the bureaus to credit report dispute, I reccomend you request a return receipt. This is so you can document and track when the credit bureaus received your credit report dispute information. The national credit bureaus are obliged to investigate your claim within 30 days, unless it is deemed frivolous. The bureaus must also provide the information provider (credit card company, mortgage lender, etc.) whose information is being disputed with all relevant information pertaining to the item in question. If the information provider determines the disputed information is incorrect, it is responsible for notifying the credit bureaus and reporting accurate information.
When the reinvestigation ends, the bureaus have further obligations to uphold. The credit reporting agencies must provide you with the results of their investigation in writing, and if this investigation results in a change or modification to your report because of the credit report dispute, I have read that the bureaus are also required to provide you with an updated copy of the trade line or item. If a dispute involves incomplete information, CRAs are required to complete it; accounts disputed that are found to belong to someone else must be deleted from your credit file.
There are additional requests consumers can make of credit reporting agencies. For instance, if you ask, the CRA is required to notify anyone who received a copy of your credit report in the prior six months, and to report to them the corrections made on your report. Consumers can also request that corrections be sent to anyone who previously ordered your report history for employment reasons up to two years prior.
Disputing inaccurate information via credit report dispute, I think this is certainly not a fun process, but in the interest of better credit, it is definitely worth it.