How to Dispute Errors in Your Credit Report
They look for your credit report to decide whether you should be given finance or not. That is why it is said that a person should keep his credit score as high as possible to easily qualify for finance at lower interest rates. But there are situations when you will notice that your loan application has been rejected because of your low credit score and you may not even know about it.
When you look at your credit report you may find some entries in the credit report of which you don’t even have an idea for it. Whenever you land up in this situation, then the credit score is lowered due to such entries for transactions which you haven’t made or payments which you have made, but your bad credit personal loans lender hasn’t updated it to the credit reporting agencies and because of it your score is lower, then you must get in touch with the agencies to get it repaired.
Know What You’re Up Against
The very first thing you have to do is to contact all the three major credit reporting agencies Experian, Equifax, Transunion and get copies of your credit report. Once you have got your latest credit reports from these major credit reporting agencies then look for the mistakes in them that may be affecting the credit score. Once you get all the mistakes which might have been made by these agencies, then make individual lists and prepare a proper file of it.
Document and Dispute
When you will find mistakes made by these agencies in your credit report then you have to follow some steps to resolve it.
Under the Fair Credit Reporting Act (FCRA), if there are mistakes in individual credit reports, then it is the duty of these credit reporting agencies to rectify their mistakes and increase credit score of an individual immediately. All a person has to do is provide some proper documentation which proves that credit reporting agencies have made mistakes in publishing your credit report.
Here are steps which a person has to perform to get his credit score rectified.
Write a Dispute Letter
Write a proper dispute letter to all three reporting agencies stating their mistakes which they did in your credit report. Give them a proper explanation for your problem with documents proving you are right. Take a scanned copy of all these documents and send to the respective credit reporting agencies.
Stay In Contact
When you file a dispute against credit reporting agencies then they will take time of 30 days to rectify the mistake if they are convinced with your proof and will inform you about the rectification made by them. However, in case they don’t call you within 30 days, then you can get in touch with them about the update for your case and if they haven’t updated the same, then you can go to their office with some more additional proof which you can get from your lenders.
Keep a Paper Trail
When you challenge your no credit check payday loans lender and credit reporting agencies for the mistakes they did, then you must collect relevant information and documents related to your claim that their mistakes are disturbing your score. You need to make a proper spread sheet or checklist to keep track of your issues. You have to call and write many letters to your credit reporting agencies and your lenders, so make a record of these too, so that they cannot deny the fact that they were in touch with you. You have to make proper records of the date and time and of the person who you have spoken with. Even you have to make proper notes of their replies on your conversation.
Negative but Accurate
There might be some reports in your credit report, which is negative but accurate. In these cases you can’t help it or erase those negative reports from your credit records because it is accurate. But if in case you are not informed of this negative remark, then you can make a dispute against the respective credit reporting agency.
Legal Help
If your dispute is not rectified by your credit reporting agencies and you think that you are totally correct, then you can take legal help for getting it corrected. There is no use of making another dispute or getting your case investigated again because once credit reporting agencies look for any case then they make a proper check and conclude the case, they don’t investigate the whole case again. The only thing with which you are left with is to file a case against them and take legal help to get your credit score improved.
Always another day
The last thing which is left with you is to be calm and don’t panic as many people face such situations when they have some negative remarks on their credit score by the mistakes of credit reporting agencies. If you panic and start making a scene in credit reporting agencies then also they will not rectify your score until they will get solid proof that you are right at your point. All you can do is stay calm and look for prove that will put you at a right place.
