Your credit score has a massive impact on your life. Everything from applying
for a credit card, to buying a home, or even getting a rental car can
depend on the state of your credit report. For that reason, it is extremely
important for everyone to review their credit report at least once a year
and clean up any inaccurate or outdated information.
Cleaning up your credit report doesn’t have to be a difficult process.
The three major credit bureaus, Equifax, TransUnion, and Experian, allow
each individual to pull his or her complete report every 12 months.
Once you have a copy of your credit report, look through each notation
carefully. Most credit reports contain some types of inaccuracies, including
a wrong notation about how an account was closed, outdated information
that should no longer be on the report, or accounts that belong to someone else.
After compiling a list of inaccurate information, look for documentation
that supports what should be changed. For example, if an account is wrongly
listed as open, look for documents that prove that you closed the account.
Once you have this information, send a dispute letter to each credit reporting
agency that lists the inaccurate information and the reasons why you believe
that the information should be changed. You may also need to contact the
creditor individually to dispute the status of the account.
After the credit bureau receives your information, it will investigate
the discrepancy and should remove the inaccurate information. If the credit
bureau refuses to remove the information and you can prove that the credit
report is inaccurate, you may have a claim under the Fair Credit Reporting
Act. This Act allows consumers to file a claim over inaccurate credit
reporting information, and provides legal remedies when a creditor or
credit bureau intentionally violates your rights.
If you believe that a creditor or credit bureau is intentionally misreporting
your credit information, or if you have been unfairly denied credit or
penalized due to inaccurate information, the Loan Lawyers may be able
to help. Call (844) FIGHT-13 (344-4813) to schedule your free, confidential
case review today.