How to Fix Credit Report Errors
Better Credit…Better Options
All consumers have the right to correct erroneous entries in their credit reports. This is clearly stated in the Fair Credit Reporting (FCRA) Act, which also obliges the credit bureaus to correct erroneous entries in each consumer’s credit record. Some entities even attempt to profit from these FCRA provisions by offering services to fix credit histories. While there are legitimate providers who can really deliver credit repair, companies that make ridiculous claims are giving legitimate credit repair companies a bad name.
Any consumer can petition to have corrections made to his or her credit report. The process of rectifying errors in one’s credit history, however, needs to have thorough documentation. The whole exercise usually takes from three to six months or more as everything related to the disputed items or entries has to be specified and documented with supporting statements. A formal dispute letter has to be sent to the credit bureaus to contest the inaccuracies entered in a consumer’s file.
The letter should have the name and address of the petitioner and a detailed account as to why the entries are erroneous. This letter should emphatically ask that the credit report be amended to reflect the facts. Among the attachments that should supplement the letter is a copy of the credit report with each inaccuracy highlighted.
A return receipt should accompany the letter to ensure that the communication was received. Sending a request for credit report rectification can be done online, but this can also entail producing and sending hard copies, especially if the supporting documentation is quite large. A copy of the original request must be kept. The third party who caused the error to be included in the report, usually a creditor or merchant, also has to be sent a copy of the dispute. As has been outlined, credit repair can be a complicated and lengthy process. For more information about how to fix credit report errors, contact a trustworthy credit repair firm.