How To Dispute Problems on Your Credit Report?
Your credit report is a document that is very important and gives detailed information about your credit history. It also provides information about where you work and how your bills are paid. If you have filed for bankruptcy, this information will be on the report as well.
Credit agencies collect and sell information of customers to different institutions. These institutions will then use these reports to determine if you apply for various products or services.
Because of this, it is important for the information on these reports to be accurate. If there are errors on the report, people could find themselves denied from getting a car, home, or even a job. Many experts advise consumers to regularly check their credit reports to make sure there are no mistakes. If you plan on making a large purchase such as a house or car, it is critical that you review your credit report beforehand. Making sure your information is accurate can make the credit approval process a lot easier.
If you have been blocked from getting loans or other credit products, the company that denied you will need to provide information about the CRA, or credit reporting agency. You will want to get their address and phone number. If you make a request for your credit report within two months, you will receive it free of charge. Under the Fair Credit Reporting Act, the credit agency or banks responsible for submitting the information to them will have to make corrections on your report.
You will need to submit a report in writing explaining to the CRA what is inaccurate on your report. Send the copies of documents which support your argument. You should have all of your information listed, and you should give details as to why you feel your report has errors. It is important to make sure your information is sent by certified mail, and ask for a receipt so that you can have copies of what was sent to the CRA.
By law, the credit reporting agencies must review the information within 30 days of receiving it. All of the data you send to them will also be sent to the institution which provided them with your information. If the information you provide about the errors on your report is correct, the institution must notify all the CRAs of the mistake, and it will be corrected. That’s all for how to dispute problems on your credit report.