How to fix credit report errors, remove mistakes and bad entries.
Free credit repair tips. Fix credit report errors and remove outdated bad credit entries that have exceeded the statute of limitations.
Inaccuracies on a credit report can be the result of human error and therefore aren't difficult to dispute. Whether the inaccuracies relate to payments not credited, late payments, or data mixed in from the credit file of someone else with a similar name, contact the appropriate credit bureau that issued the report. To fix credit report errors or disputes, supply the bureau with payment receipts, proper identity, etc.
Why check
your credit report...
Monitor
changes and potential identity fraud. Dispute inaccuracies or entries that are beyond the statute
of limitations. Check your credit report regularly to fix errors and to catch ID fraud early.
Can't
fix your credit report because of debt?
Easily
reduce bill payments
Stop
harassing creditor calls and collection agencies
The big three credit bureaus -- Equifax, Experian and TransUnion -- process huge amounts of information. A 2004 study found that 25 percent of the credit reports surveyed had errors that were serious enough to cause consumers to be denied credit.
Usually, consumers find out about errors in their credit reports after they're denied credit. To fix credit report errors, here's what to do:
Contact each bureau by phone. Get the full names of people you talk to as well as their supervisor names. Follow up each phone call with a letter which details the conversations you've had.
You want a copy of the UDF, or universal data form. It's a document that your creditor transmits to the credit bureaus when they fix credit report errors. It tells the credit bureau what sort of change is being made: a balance update, a payment history change, an update of current status, or deletion because of error or some other reason.
If the creditor won't send a UDF, ask for a letter confirming that the creditor notified the credit bureau of the inaccuracy and requested a correction.
Obtain addresses for Trans Union, Experian and Equifax to send credit bureau disputes. Be sure to send your credit dispute letter via certified mail to ensure receipt.
Avoid common mistakes that can lower credit report scores:
Pay bills on time. Lenders and credit card issuers review your past history, and often put more emphasis on this one area.
Pay at least the minimum amount required. If you don't pay at least the minimum, creditors are likely to report you as being past due.
Keep debt to a minimum. Don't max out or charge near the limit on your credit card.
Don't accumulate too many credit cards. Even if you rarely use them, or pay them off in full each month, or never use them at all, having too many open lines of credit can be viewed by creditors as a potential debt risk.
Periodically check your credit report. Review your credit report from all three major credit bureaus about once a year, and especially before you apply for major credit such as a home or auto loan. You can't fix credit report errors unless you know they exist, and which agency is reporting the error.
Use your full legal name on bank accounts, credit applications and other documents that become part of your credit history. Never leave off a Junior, Senior or similar designation, and never use a nickname. By using your full legal name, it can help to avoid having your credit report tarnished with errors caused by someone with a name similar to yours.
Notify creditors whenever you change your name or address. If you get married and change your name, or if you change your address and this information doesn't match what's being reported by the credit bureau or other creditors, this can prompt a red flag about a potential fraudulent account. This type of credit report error can easily be avoided by notifying your creditors beforehand.
Get the latest news regarding credit reports and read our tips how to fix credit report errors and maintain a good score.
Personal Credit
Closing accounts, like credit card accounts, could have an effect on personal credit scores. It depends on the documentation concerning the closing. If companies close the account and give negative comments, this could lower scores. When choosing to close accounts yourself, ask that it be documented that the closing was at your request. Note all accounts that were closed, which have incorrect details. Any false information should be corrected.
As a routine task, when reviewing reports, notice any records of late payments. Negative comments usually have a negative affect on scores. It is easy for mistakes to happen, yet it can take time to get them removed. For example, if the credit agency incorrectly reported a payment as late, but in truth it was made on time, gather the proof to dispute it. Remember, late payments can lower scores fast. Proof could be as simple as using a canceled check. Proof must be sent in, along with a letter stating what the mistake is on the report.
Inquiries from people who view your report will cover a couple of years, and will vary among agencies. That is why it is important to look carefully at each report. When reading reports, consider circling errors with a red pen to identify them. Write a letter to the bureau that shows a mistake. It is a good idea to send a copy of the report, with circled mistakes, along with an explanation about the problem. It can help if the creditor is contacted too, so they could try to get the details corrected.
Investigations requires agencies to respond in thirty days. If they do not, try contacting them by letter or contact the Federal Trade Commission. Trying to fix personal credit can be time consuming. The most important thing to do is monitor reports often and correct mistakes. Having good personal credit is important, especially when a home loan is desired.
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Review Disclaimer:
Review information was gleaned from the website, and is neither an endorsement by us nor an confirmation of content nor a warranty of any promises made by the website. Use the review information at your sole discretion and sole liability.
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Loan Application Denied? If your credit application is rejected because of an error on your report, the lender is required to provide you with the name and address of the credit bureau that issued the report. Then, you have 30 days to request a free copy from the bureau. The bureaus must disclose to you all information in the report, its source, and who has recently received the report. You have the right to have the credit bureau re-issue corrected reports to lenders who received reports within the last six months, or to employers who received one in the past two years. Consumer reporting agencies must provide you access to the information in your credit report, as well as identify those who have requested the information recently. There is usually a charge for each report, unless you have been denied credit recently. You are entitled to one free report a year if you certify in writing that: (1) you are unemployed and plan to look for a job within 60 days, (2) you are on welfare, or (3) your report is inaccurate due to fraud.
