How to Correct Mistakes at the Credit Bureaus
It is extremely important to regularly get a copy of your credit report from each credit bureau so that you can see if there are any mistakes on those reports.
Even a simple mistake like the wrong address or even the wrong house number on your address can lead you to being turned down for a loan, even if you have fantastic credit.
And with the amount of identity fraud growing, keeping careful oversight of your credit reports and fixing any errors becomes even more important.
Some of the most common errors come as the result of name confusion. The more common your name, the more likely it is that you will have problems of this variety.
People have found accounts listed on records that don’t belong to them, found themselves listed as deceased, found the before noted wrong addresses, and incorrect statistical information such as birth year, etc.
If any of these items disagree with the information on a credit application, it raises a red flag. Often these errors come as the result of a person with a similar name moving, passing away or opening a new account, and the information is mistakenly put on your account instead of theirs.
Even more dangerous are the problems arising from a person who steals your identifying information and uses it to open credit accounts.
To fix an error on your credit report, you must initiate the procedure. You should call or send a certified letter to each of the credit reporting bureaus that show the error. In the case of data entry mistakes, you may need only contact one of the bureaus, but in the case of fraud, you will need to contact each bureau.
In the letter or phone call, you should provide your complete name, current address, date of birth and social security number.
If you dispute your ownership of an account listed on the report, you need to provide the name of the company listed as owner of the disputed item, and the account number that you dispute.
If there is an error is a factual error or error in personal information, note the incorrect information and what the correct entry should be. Make a formal request that they correct the information on the credit report.
Before sending the letter to the bureau, gather any supporting evidence or documentation that might help. Credit bureaus are required to remove any items that cannot be verified and fix any factual errors.
You may have to persistently pursue the bureaus, but they often fix mistakes promptly. When there is a dispute over a record’s accuracy, there may be more difficulty.
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