Helpful Tip In Disputing Errors In Your Credit Report
Disputing errors in your report is a right of every consumer
. This right was strengthened even more when the Fair Credit Reporting Act was signed in 2003. This important step is one way to fight fraud and ID theft. By detecting early signs of fraudulent charges in your account, the appropriate action can immediately be done. A consumer can alert his creditors right away if someone has been illegally using his account in committing fraud.
What other factors can cause errors in a credit report? There will be instances that wrong information are given by creditors, accidentally, to the credit reporting agency. Still, there are cases where the credit bureaus fail to update its databases, which results to erroneous reporting.
Yes, mistakes are often committed and this is why everyone is encouraged to obtain a copy of their credit reports at least twice year so they can personally check the accuracy of their reports. But what if you do find errors in your report? How do you dispute these errors effectively?
If you find errors in your credit report that you want to dispute, your first step should be sending a letter of dispute to the credit bureau who has issued the report. Then, send another letter to the creditor concerned.
Some people may think that writing a dispute letter is difficult. If you want to get some ideas on how to write a dispute letter, examples are available online. You can read sample dispute letters and observe how they were written. Nevertheless, these sample letters are meant to serve as a guide only.
Also, don't be tempted to use readily-made templates on the web. If you do, your creditors may not take you seriously or consider your disputes at all. Just point out the items in question and explain why you think these charges have been a mistake. Enclose a copy of your report with the items you're disputing encircled. You can also enclose copies (NOT ORIGINALS) of supporting documents or receipts in your dispute letter.
Make sure that you keep your courtesy and professionalism when composing your letter of dispute. Don't use foul words or offensive terms. When requesting for a change or the removal of your charges, be polite and express your sincerity about the issue. After completing your letter, check for typos or misspellings. More importantly, make sure that the details of your letter are accurate and pointing to the right items in your credit report.
After sending your dispute letter via registered mail, you may need to wait up to 30 days before the issue is resolved. Once the credit bureau receives your letter, the creditor concerned will be notified and an investigation will be conducted. If your creditor agrees with your dispute, changes will immediately be made on your credit report. The credit bureau will also alert the other two credit bureaus to update their reports.
You can expect a response from the credit bureau about the result of their investigation along with the updated copy of your credit report. However, if the issue isn't resolved because your creditor disagrees with your claims, you can ask the credit bureaus to include your dispute letter with your credit report each time a lender requests for it.
Copyright (c) 2009 Suzy Vanstrusen
by: Suzy Vanstrusen
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