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Correct your credit rating by filing a dispute

By Ruth Racey
Published: Friday, October 9th, 2009

There are times when you see something not right with your credit report. This is not at all surprising. Reporting agencies are human too. At any rate, it is your responsibility to safeguard your credit history. A lot rest on it. A poor credit score because of an unreliable credit report can limit your future resources for investing in important things like the education of your children or buying a new house. So what do you do when things like this happen? Contact your agency immediately, its address on the report, and file a dispute. This should fix whatever needs fixing because reporting agencies are required by law to act on it within thirty days of receipt.

Make it easy for yourself and the agency by including in the letter all the details of the dispute. Enclose the credit report with the questionable entries duly highlighted for easy identification by the agency. Go over the letter and the credit report a few times to make sure that everything is in order and you have not left out something important. Send only photo copies of documents supporting your claim. Something might happen to the letter along the way and you lose the opportunity to file the claim again. Communication is very important to settling disputes. Make sure that the agency receives the letter by sending it via certified mail. This way you know the agency received the dispute and you can expect action 30 days hence.

Once the agency receives your dispute, the responsibility now rests in its hands. It has to investigate the veracity of the documents you have submitted to contest the credit report. The agency will communicate with your creditor or creditors to clear matters up. If the creditor or creditors accepts your documentary support as valid, then, the agency has no choice but to make necessary corrections in your credit report.

You don’t have to worry about the cost of the process. Except for mailing and copying expenses, there are no other expenses involved. The agency will even provide you a copy of the revised credit report for free.

Mistakes are a fact of life. Mistakes happen whether you like it or not. When you see a credit report not to your liking because it contains erroneous entries, count to ten, take a deep breathe and let a few moments pass until you recovered your composure and think that you will have the problem ironed out in 30 days. It actually does not take much to correct and incorrect credit report.

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