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Errors in Your Personal Credit Report: Stay Calm |
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A personal credit report is a picture of how you, as an individual, have paid back the companies from whom you borrowed money or how you have met other financial obligations. Your personal credit report, sometimes referred to as your credit history or credit file, contains personal information gathered from many sources on an ongoing basis. The contents of your personal credit report can have a bearing on whether you are given a credit. Factors other than the information held on a credit report may contribute to a lending decision as well (such as the information you provide on your application form), but your credit report is important because it can affect your ability to get a loan, a credit card or a mortgage. Have you checked your personal credit report recently? If not, try to check it out as soon as possible, because several people have complained of errors in their personal credit reports. According to one report, nearly 80% of all credit reports contain mistakes. Although most mistakes on your personal credit report are small and trivial, such as typos and incorrect dates, there can be significant mistakes also. In fact, 25% of the personal credit reports contain severe mistakes for which lenders might reject the credit applications. You have the right to view the information contained in your personal credit report to make sure that it is accurate. If errors are found, you are entitled to apply to have them corrected. That's why if you detect any kind of error in your credit report, start correcting them by pulling copies of your credit history from the three major credit reporting bureaus: Equifax, Experian and TransUnion. You are encouraged to check your name, social security number, date of birth and addresses to make sure that they are correct. Also check out whether there is a late payment history more than 7 years old, credit inquiries more than 2 years old, bankruptcies more than 10 years old, or any other wrong information in your personal credit report. If you really find any kind of error in your personal credit report, don't be depressed. Keep your nerves tight and try to stay calm because the errors can be corrected. Take the following procedure to dispute errors on your personal credit report. --Try to make a copy of your personal credit report and circle every item that you think is incorrect. --Write a letter to the reporting agency explaining each dispute. Request the agency to resolve the issue. If you have supporting paperwork, send it, but only send copies. --Send a similar letter of dispute to the creditor with whom you disagree regarding your credit report. Don't forget to send a copy of your present address, place of employment and your driving license. --Send all of your materials by certified mail only. When the reporting agency gets the letter and the related documents, it would initiate an investigation by contacting your creditors. If the credit-reporting agency can't verify a disputed item, it must delete it. When the investigation would be completed, the agency would send you a free copy of your personal credit report. If the investigation catches an error, you have the right to ask whether a corrected version of your personal credit report has been sent to everyone who received the report during the past six months. You can contact your credit-reporting agency online also. To process your personal credit report request, you provide specific information, such as name, current and previous addresses, and social security number. Remember, there is usually a charge for reports, unless your request comes within 60 days of having been denied credit, employment, or insurance as a result of a credit report. Credit bureaus also provide free copies of your credit report under other circumstances. You are entitled to one report free of charge per year if you certify in writing that you are unemployed and plan to look for a job within 60 days, or you are on welfare, or your report is inaccurate because of fraud. |
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