One of the worst things that can happen to a person involves applying for a new line of credit. For example, you may be completely shocked and devastated when you find out that your new line of credit application has been rejected. This may even be worse when you do not know why the line of credit application has been rejected. Once this happens, the common reaction would be to take a look at your credit report. You might realize that there are entries in your credit report that do not look familiar to you. Although your credit report is a part of your permanent record, there is no need for you to start to worry. There are various things that you can do in order to fix the problems that may be on the credit report of one of the larger credit bureaus. It is important for you to document all of the efforts that you make to solve the problem that is on your credit report. It is also important for you to continue trying to solve the problem. Do not get discouraged.
Studying Your Credit Report
Once you notice an error on one of the credit reports that you obtained from one credit bureau, it will be beneficial for you to get a copy of your credit report from every leading credit report agency. This can be done on the phone or online. Once you have each relevant credit report you will need to sit down and go through each one. Each credit report is likely broken up into various sections. For example, your credit reports might contain information about different possibly negative items on your credit report, different credit items, any accounts that are still in good standing, any credit report requests that you have made and a little of your personal information.
Look through all of these credit reports and make sure that all of the information that you find is correct. You should be able to recognize most of the items that you find on your credit report. For example, any loans that you have taken out will be listed on your credit report. If you notice any mistakes on any of the credit reports or anything that you have questions about you should write them down. You should also list any differences that you noticed between any of your credit reports.
Disputing the Errors on Your Credit Report
If you find any mistakes on your credit report there are different things that you can do to fix these mistakes and clear your name. For example, you can start to solve the problem by contacting the credit agencies.
Writing a Letter to the Credit Bureaus
One of the things that you can do in order to try to fix the errors that you find involves writing a letter to the major credit bureaus. You should try to have a precise explanation that describes your current situation and why you think there is a mistake on your credit report. You should also provide any evidence that you think could be relevant. If you have any documents that could prove your case, you should provide this information as well. It is also important for you to remember to make copies of any letters that you send and receive that have anything to do with the problems on your credit report. You should also send all of your letters through certified or registered mail. This ensures that there will be records of when these letters were sent and when they were received. It is important for you to have a paper trail when you are dealing with a credit report issue.
Stay Persistent and Continue Contacting the Agencies
Once you have contacted all of the credit agencies they should start to investigate the issue. It is very common for the agencies to bring the problem directly to the organization, business or person who provided the information to begin with. The person, business or organization that provided the information to the credit bureaus would then be required to investigate the issue and report back to the agencies at a later date.
If there is proof that you are correct and there is a problem with your credit report the errors will be changed. However, if the dispute with your credit report is never resolved it is possible for you to ask each credit bureau to include the dispute statement in your credit report.
Paper trails are essential in the event that the same problem happens to you again. When you officially begin challenging your creditors and credit reporting agencies you will have to come up with some type of system that helps you stay organized. This system should be able to help you keep up with all of the contact that you have had with your creditors and the credit reporting agencies. It should also help you keep track of where each error on your credit report that you are dealing with is headed.
Remember that it will take multiple phone calls and letters before the issue with your credit report can be resolved. This is why you need a system to help you keep track of everything. You should have records of each time you called or wrote to each credit agency. You should also take notes on how the agency responded to your letters or phone calls. If you have a phone conversation with a creditor or with a credit report agency, you will need to record the date and time of the phone call. You might also want to include the name of the person that you spoke to and the conclusion of the phone call.
After the problem with your credit report has been solved, you should still keep all of your paperwork. It is a good idea for you to keep the paperwork for a few years. There is always the chance of the error showing up on your credit report again.