Disputing a Wrong Credit Report


Disputing a wrong entry or two in credit reports is not something totally unheard of. But this does not mean that fraudulent means can be adopted to erase the negative points which are accurate too. Secondly, if you seriously believe that you have a genuine case, don’t resort to short cut methods like creating a new credit identity attempted through employment numbers or changed addresses etc. Offenses such as these are seriously viewed as per the provisions of Fair Credit Reporting Act (FCRA).

How Can I Dispute The Errors In My Credit Report?
There is only one way for disputing your wrong report just as there is only one genuine way to erase the errors. The Federal Trade Commission for the consumer, a statutory body dealing with trade related consumer issues has laid out clear guidelines for the benefit of all Americans. Here are the suggestions in the guidelines.
1. Self help is the best practice. FTC does not require agents or touts over your own efforts
2. Write a letter to the bureau that issued your credit report. Use the sample letter, available at FTC website, if you want
3. Clearly point out the negative points you dispute and justify them by enclosing copies of appropriate documents (not originals.) Explain why your dispute them so that they are removed or corrected
4. You can underline or circle-out the entries in question with red ink for ease of recognition
5. Remember to mail the letter with relevant document copies by certified mails only

You can also dispute omissions and outdated entries. But unjustified disputes or lack of supporting evidences could mar your prospects of a job or new loan.

Your Next Step
Request the creditors or whomsoever that reported to the bureau to clarify to them about their mistake in writing. You can tell them clearly that you’re not in acceptance and that you are contesting them with the bureaus, as it is damaging your fair chances of credits or jobs.

CRA takes 30 days to investigate and correct the mistakes normally and issues a free credit report if you are proven right.

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