How to Correct a Credit Report Error
Present the Proper Information to the Credit Bureau
Jul 23, 2009
When a consumer's credit report contains an error, it's imperative the individual take the necessary steps to correct the mistake. Here are some basic tips on what is required when disputing an inaccuracy.
Contact the Credit Bureau
The first thing a consumer needs to do is contact the credit bureau as soon as possible. Consumers are advised to include copies of all documents that support the claim of an erroneous charge. The individual needs to provide his or her address and proper identification of each and every dispute.
Advisors recommend the consumer essentially circle the false charge or charges on the copy of the report submitted to the bureau. Consumers are also advised to clearly explain why a certain charge is being disputed using fact based evidence.
Make additional notes or compose a letter stating the reasons for the dispute as well as submitting a copy of the report.
Credit Bureau Investigation
Typically within a 30 day period, the bureau will investigate the claim and forward all information to the company who made the alleged erroneous charge. If the charge is deemed inaccurate, the company responsible must alert all credit bureaus as soon as possible in order to fix the mistake.
Once the issue is properly handled, written results will be provided to the consumer courtesy of the credit bureau. By this stage in the process, the false charge should be removed from the report if no other legal or financial matters are pending.
Mass Correction Notices
If the report which contained the error was received by numerous job applicants or any other outlets, the credit bureau is required to send out notices of correction to any and all parties who received the inaccurate report. This is vital for not only the consumer’s credit, but also financial reputation.
Future Company Dealings
When the issue is finally resolved and the consumer’s credit report is corrected, many advisors recommend the consumer cut ties with the company which made the erroneous charge.
Here again, this decision is solely up to the individual, but it is suggested. Many consumers feel a sense of financial insecurity or even a sense of financial violation when his or her credit report contains a bogus charge.
Depending on the individual, breaking connection with the company or establishment could be a wise decision based on a consumer’s unique circumstance. If the individual feels trust has been broken, the best choice could be to move forward and no longer conduct business with the company in question.
Source
creditcards.com
 |
 |
 |
 |
 |
