You Then Submit It To The Credit Bureau

Category: Finance, Credit.

Have you ever had a problem that just won t be resolved?

Often, there are mistakes made on credit reports that are difficult to correct. The endless phone calls, letters and hours of worry can really start to get to you. Perhaps someone else s account is showing up on your credit. I had a lender once report a late payment, while providing a payment schedule that showed I never missed a payment. Maybe a lender reported the wrong information. They refused to remove it, saying that it was indeed late, though they couldn t give the month it was late.

They had submitted the routing number as the account number, causing the missed payment. Another lender said that I sent them a check that came back as non- sufficient funds, when it had been an electronic debit over the phone. Yet they argued with me for days that they were" holding in their hands" the check with NSF marked on it. It can be frustrating. It took a phone call from my bank to straighten it up. Yet, vital.

A mistake can cost you thousands of dollars if not cleared up. Your credit report dictates what you pay to borrow money and have insurance coverage. You ve gone through the appropriate channels and provided all of the necessary paperwork. What do you do now? Yet, the creditor still refuses to fix the report. You can start by writing a statement of up to 100 words that states your dispute of the accuracy of a credit report item.

It will be added to your credit report at no charge. You then submit it to the credit bureau. The law, through the Equal Credit Opportunity Act, requires lenders to consider information that shows that your credit report may be inaccurate. It is best to do this in advance of the lender s credit check. You simply provide the lender with the documentation that proves your dispute. That way, you are all prepared.

If you win, your court costs and attorney fees will be paid. If you feel it is the credit- reporting agency s fault that the inaccuracy remains on your report, you could sue the credit- reporting agency under the Fair Credit Reporting Act for" negligent" or" willful" noncompliance. You can continue to gather your documentation and re- submit your dispute. In general, the best way to remove something is to have the creditor request it be removed. Perhaps new info and a new set of eyes at the agency will lean more your way. You may be required to provide the creditor with your documentation.

For example, a credit card company recently sent me a credit card in my maiden name for my mother s account. They will not admit to having it right out. She had never requested me to be added to her account. The company swore that they had no records of my name ever being on the account, but that they would have it removed from my credit. When it showed up on my credit report after three requests to be removed from the account, I was angry. It took six months.

You are entitled to one free credit report annually from each of the three major agencies. Make sure you check your credit report three times a year. You can go to www. annualcreditreport. com for more information. Most credit scores can be purchased online for less than$ 1Make sure you check your FICO score, as it is the one used by lenders. When applying for a loan, ask what your credit score is, just for curiosity.

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