CampusRd - college credit report, credit score, credit cards and student loans 312.854.7605 / Join Our Network /
 
 

Credit Rating Blog

Get the latest news and opinion pieces through our financial industry blog.
Our writers develop articles on financial matters that affect the everyday lives of all our users.
Credit rating and free credit ratings
Home > Credit Rating > Blog > Fixing the mistakes on your credit report Credit rating and free credit ratings

Fixing the mistakes on your credit report

Thursday Jun 10, 2010

Let's face it, mistakes are made every day and your credit report is not an exception. Millions of Americans may have mistakes on their credit reports that affect whether they are approved or denied for loans, leases and even certain jobs. These mistakes can be obvious like a misspelling of your name, or innocuous like a missing number in your address. Big or small, your financial future depends on having a 100% accurate credit report. It's our responsibility to police our reports. That means ordering you reports annually and looking them over with a fine-tooth comb in order to fix mistakes in a timely manner.

Here are a few steps to help you save your credit rating:

1. Keep all of your records for seven years. Yes I know this sounds intense, but it's a necessity. If you find a mistake on your credit report you'll need to be able to prove your case, and fixing an error does not mean it won't come back to haunt you later. Banks and creditors think you are guilty until proven innocent, not vice-versa.

2. If you find an error contact either Experian, TransUnion or Equifax. Sending a certified letter to one of these companies ensures that they receive your claim and they are required by law to contact the other two companies and start an investigation of your claim (make sure to keep a copy of the letter in your files as well). The creditor that reported the information then has 30 days to either verify or dispute your claim. You could contact one of the companies by phone or e-mail, but having a paper trail is always the best route to take.

3. The next step is to hire a legit credit repair agency. The Credit Repair Organizations Act requires firms to provide you with a statement of rights, a written contract and a three-day waiting period in case you change your mind. Be sure to read the contract and know what you're paying for and whether you want them to do this. There are some obvious scams claiming that you can create a new credit identity or remove negative accurate information from a file. Being in a bad financial situation can make you feel desperate, but participating in these scams is illegal and could leave you in a much worse place than where you started.

If these steps don't work for you, you might have to look into hiring an attorney and filing a suit against the creditor- however that can get very expensive and ugly.

Remember, your credit is your reputation.


< Previous Next >



Comments


Be the first to add a comment by filling out the form below



Add your comments...


 
Name
 Required

Email
 Required, will not be published

Comments
  Comments are moderated and generally will be posted if they are on-topic and not abusive

Verification `s Enter #`s here


 

Featured Credit Rating


myFICO®

myFICO®


Equifax ID Patrol™

Equifax ID Patrol™




Credit Rating Blog


Using accounting principals to predict credit ratings
Tuesday Oct 08, 2013

Fixing the mistakes on your credit report
Thursday Jun 10, 2010

View all >



Credit Rating Tweets


 

CampusRd, Credit Rating, Credit Cards, Loans, Credit Score
Call Today (312) 854-7605 
© 2024 CampusRd.com, a business unit of Uloop, Inc  
 
 
Login    
Email Address    
     
Password  (forgot password?)      
     
     
Tell a friend about this offer    
A link to this page will be sent to the
"Destination Email Address" below, in accordance
with our privacy policy and terms of use policies
Your Email Address    
       
Destination Email Address    
       
Verification #'s Enter #'s here
 
       
Forgot your password?    
Email Address