So, you’ve decided to take control of your credit report. That’s great! You’re one step closer to experiencing financial freedom. However, you’ve conducted an audit of your report and noticed an error. There’s something on your report that doesn’t look right. It could be an extra line of credit or an inaccurate credit amount outstanding.
It’s your responsibility to do something about this. Instead of sitting back and deciding not to apply for the line of credit you need, get to work clearing up the issue as soon as possible.
Here is how:
First Thing’s First, Gather Evidence
Find the problem, and get your hands on any paperwork, statements, or letters related to the issue. For example, if the amount outstanding on a credit card is different than the true amount, find your latest credit card statement to prove it.
Get in Touch with Creditors and Bureaus
There are two people you need to contact once you find a discrepancy.
- Creditor: This is the company giving you the credit line in the first place. Tell them what you’ve seen on your report, and see what they say.
- Credit Bureau: Call the bureau that holds the credit score. Inform them of the error, and mention you’ve spoken to the creditor to confirm it’s likely a reporting error. You may prefer to email or send a letter. Different agencies have different disputing pathways to follow.
Follow the Creditor Process
After you’ve been in touch with the credit bureau, they have 30 days to analyze the problem and fix it. They will send the details you provide on to the creditor, who will then report back to the bureau. Then, the bureau will decide if an error has been made based on what they receive. When the investigation is complete – no matter the result – the credit bureau must send the findings to you.
What do you do if they say there is no error!?
Taking It Further
If you still believe there’s an error after the investigation is closed, you still have options. You can involve the state attorney general, the Better Business Bureau, and the Consumer Financial Protection Bureau. This will allow further investigations to take place on your behalf. It’s possible that some mistakes are made within the Bureau itself, so it’s always wise to invite an independent view on the subject.
Keep Good Records
There’s no point in all of this if you don’t keep good records. Records keep you safe, and they ensure you have all the information needed. From the beginning of the dispute, create a folder or file to keep the paperwork in one place. Print out emails or online banking statements, and make photocopies.
Save all of the letters you receive, and make a note when you make particular phone calls. This way, if something happens in the future, it will be easy to get the details and resolve the problem.
Don’t Worry, We Can Help!
Are you panicking about a black mark on your credit report? Are you confused about a historic line of credit that’s showing up with an unexpected balance owed?
Something negative on your credit report does not have to stay there. By following the proper process, you can nip any issues in the bud before they begin to take hold of your future finances.
Let us help you! We are here to go through your credit report to ensure everything is accurate and true. We have experience fighting to help our clients get the justice they deserve on their credit report. Give us a call today!