Your credit report is one of the most important pieces of financial information associated with your name. It can have a monumental impact on both current and future credit related decisions that you make, and in some cases it can even bar you from getting that all important loan that you may desperately need in some cases. While there are places like creditninja offering creditninja.com personal loans, sometimes having a poor credit score can leave you with very few options to work with.
If you have a poor credit score, there are a lot of things that you can do to improve it. One of the first things that you should be doing, however, is analyzing your credit report to see if there are any inaccuracies on it. If you notice any inconsistencies then you will need to dispute it. How do you do that though? If you have noticed that your credit report is inaccurate, then this is what you need to know.
The Importance of an Accurate Credit Report
Having an accurate credit report will certainly go in your favor. One truth remains certain – if your credit score is good then you will have a much easier time getting approved for things like credit cards and loans. You are less likely to be paying extortionate interest rates too if you have a good credit score. Ultimately if you need to borrow money in any capacity, having a good credit score will be one of the biggest assets in your favor.
Even one tiny inaccuracy on your credit report can cause your credit score to plummet. It may not even be a fault of your own – it may be that the lender got your details wrong and the result is that your credit score has taken a hit. Since an inaccurate credit report can sometimes mean a detrimental effect on your credit score, it’s something that you need to rectify as soon as possible.
Ways To Dispute a Credit Report Error
So how do you remove errors from your credit report? Here’s what you need to know.
Speak To The Credit Bureau
It’s time to put your letter writing skills to good use. The first thing that you need to do when you are disputing a credit report is to speak to the credit bureau, usually through writing them a letter. All of the major credit bureaus will allow you to do this. In the letter, explain how to get in touch with you, what the problem is and the reasons it is incorrect. The bureau is also going to want to have evidence of such an error, so make sure that you send the evidence off with the letter too. Keep a copy of the letter at home just in case you need it, and ensure that you are covering your safety when sending the letter, with return receipts and certified mail.
Contact the Original Lender
In some cases – though not all – it may also be necessary to speak directly to the original lender. Since the lender is the one that would have provided the information to the creditor, you will want to make sure that your information with them is up to date so you can avoid further issues with them as well.
Patience Is a Virtue
When you have sent your letter, the credit bureau will have around 30 days before they actually have to respond to your letter and look into the error report. When they have finished looking into the issue, they are also required to tell you their findings within a five day window. If the bureau sees that information you’ve provided is inaccurate then they can also ignore your letter, and they can do the same if you’ve tried to submit a similar claim before without evidence. It’s vital that you send off the appropriate evidence!
Checking the Results of the Investigation
Eventually you will get the results of the investigation back. This will usually be a written report that should also come along with a printed version of your credit report. The bureau will give you the information of the lender too, since they would have been the ones to have initially provided the wrong information. If the lender still isn’t budging on the fact that they made a mistake then you are going to need to go back to the bureau for further investigation. This may require going back and forth a few times, but staying in contact with the bureau is the best method of success.
Check Your Credit Report for Changes
If everything has been adequately resolved, then you should eventually see an update on your credit report to reflect the situation. This update to your credit report isn’t likely to be something that happens overnight – it may take a few days or weeks to happen. For that reason, it’s a good idea to keep a close eye on your credit report for any changes that may be happening. If you still aren’t seeing any updates within a couple of months, then you will need to get in touch with the credit bureau once more so that they can ensure that the changes take place.
It can be a little distressing to notice that your credit score is incorrect, but you need not fret. Given a little bit of time, patience and the right communication, any issues should be corrected in barely any time at all. If you do notice any errors then it’s vital that you get them corrected as soon as you possibly can. If your credit score is still looking quite poor, then you can do a few things to change that, such as ensuring that you are paying your bills on time or working on your credit mix. Changing errors on your credit report is one of the simplest ways that you can get a better credit score though, so it’s worthwhile to follow this advice!