What To Do If Your Credit Report Has Mistakes?
According to multiple surveys conducted by professionals in the field, every one in five credit card users faces some kind of error in their annual credit report. These errors can be of different types, but they all contribute towards a bad credit score.
If you are someone who likes to keep a good credit score, or you want a bigger loan in the near future then you should check your credit reports annually. Three credit reporting companies issue credit reports to all credit card users at least once in twelve months. Here is what a mistake in a credit report looks like and what you can do about it.
Errors In Credit Report
Credit card reports may have multiple errors that a company may have made unintentionally. Clearing these mistakes is extremely important especially if you want to maintain a good credit score.
Some of the most common errors in credit reports are,
1. Errors In Personal Information
Any mistake in personally identifiable information (PII) can be harmful to your credit score. Your name might have been misspelled, your phone number might be wrong, or your address might be different. These mistakes can change your identity and may be a sign of identity theft. Make sure you get the error removed as soon as possible.
2. Errors In Balance
Your total credit card balance might be written wrong. You might have cleared all your bills but the report may show pending bills
3. Errors In Account Status
The status of your account might be wrong. The date of your last payment might be wrong or you might be listed as the account owner while you are just a user.
Fixing Errors In Credit Reports
You must remove all the mistakes from your credit report to avoid trouble in the future. To correct the report, you should hire a credit correction attorney to help you with the process.
Here is what your attorney will help you do to correct the mistakes.
1. Request All Bureaus To Give You the Report
The first step in correcting credit report mistakes is to ask all three bureaus to give you the annual credit report. Then you should compare all three reports to see if the same mistake occurs in all three reports or just one. Then your lawyer will decide what to do next.
2. Get Supporting Documents
When you capture the mistake and you are sure that it is a mistake in the report, then start gathering all the documents that will act as evidence. For example, if your personal information is wrongly mentioned in the report, gather documents that prove your identity.
3. Submit Report To Bureau
Lastly, your lawyer will help you submit your report as well as the supporting documents to the concerned bureau that made the mistake in your credit report. You should then wait for the response from the concerned bureau till the dispute is resolved. The bureau will first investigate the issue and give you time till the issue is resolved. It might take up to 45 days.
