How to Correct Credit Reports
Provide your information
Whenever you apply for a car loan, a mortgage, a credit card, or any other type of loan, you will have to provide information to the bank or credit company you are dealing with. This information is used by them to make decisions as to whether or not to approve you for the loan or to deny your application altogether. This information, and the data provided by you, is called a credit report.
Your credit report will contain information such as: employment history, employer, sources of income, locations of residences, activities in the past that may have impacted your credit score, and any other important data that the lender you deal with might require. This data is vital for deciding your eligibility for a loan.
What can you do about inaccurate or out of date information on your credit report? First of all, you can request a copy of your credit report from each of the three credit reporting agencies. To obtain your credit report from Equifax, Transunion, and Experian, call their customer service numbers, or visit their websites and fill out the free form provided.
In order to receive copies of these reports, you must submit proof of identity, addresses, Social Security number, and employment records for all individuals listed on your credit report. (See the link below for detailed instructions on how to accomplish this.)
How to get a credit report?
You may also request a copy of your credit reports from different agencies at one time. When requesting these reports from agencies that provide one report to multiple lenders, it’s important to understand that you must sign up for each company’s services in order to receive a copy of your credit report.
By law, you have the right to dispute any errors that are in your report. Some things that could cause a discrepancy between reports include applying for a loan from a company that was a credit bureaus’ competitor, receiving many credit cards, or taking out loans from several companies. If you believe that a discrepancy exists between your report and the company’s information, you must request an immediate correction from each of the companies involved.
When you reach the company that supplies your loan or credit information, they should be able to offer you steps to resolve the data errors. You can contact the companies individually and report your findings to each credit agency you are dealing with. You may also call the FDCPA Compliance Division to report inaccurate information or inaccurate furnishing of information.
If the incorrect data cannot be remedied, you should contact the company whose information you have requested and dispute the report. You can use the laws that were enacted to force the company to stop furnishing false information, as well as your state laws to enforce the resolution of your dispute.
Using this process will ensure that the company does not try to falsify financial information in order to obtain more money from you. It’s important to take these measures when dealing with credit agencies because there are consequences to using false information in order to obtain a loan.
How to review and correct credit reports
You could be denied a loan, insurance policy, or credit card if you’re listed on these reports as being a consumer who’s not worthy of credit or other forms of financial information. If you’re found to be receiving negative information on your credit report, it could prevent you from securing a loan for any period of time after the error is noted on your report.
You must always be aware of the laws that apply to you and your financial information. It’s important to remember that you can dispute any inaccuracies you discover and use the laws to restore your credit rating.
Use this guide to learn how to review and correct credit reports. You can make a difference in your ability to get financing, and be assured that the laws are in place to ensure your rights are protected.