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How to Correct Errors in our Credit Report

By Karen Anderson
Published: Saturday, November 7th, 2009

Our credit reports usually come from a credit reporting agency or a credit bureau. They are the one responsible for gathering and compiling our financial information. These reports in turn are what lenders and other companies use in assessing whether they would do business with us or not. Thus, it is very important that the reports are accurate.

However, instances do occur wherein there may be errors in our report. This is because so much information is processed that mistakes are bound to happen. One of the most useful credit report tips to keep in mind is knowing what to do when errors are spotted in the report. Although some errors seem trivial to us such as incorrect spelling of our name, we should not take this for granted. This is because it might be an indication of identity theft or fraud.

Incorrect identity is an example of inaccuracies in credit reports wherein our account reflects information of another person with a similar name as ours. It could also be that old information are not dropped on time or settled payments are not reflected. One of the vital credit report tips is correcting erroneous data as soon as possible.

First of all, we should try to locate where the error originated. One of the things we could do is to clarify the mistake with the credit bureau. There is usually a “request for investigation” form we could use which is included with our report) We could also address the credit bureau directly by means of a letter. We are to state the incorrect data and explain what the correct information is. Most credit report tips advise us to enclose copies rather than original documents that would support our claim.

It usually takes a month or 30 days for the credit bureau to investigate our claims. Thus, we should be keen to follow-up on the bureau if the said errors still remain uncorrected after the allotted time span. When the corrections have been reflected, we should not forget to notify the concerned individuals or companies of the changes made.

If report remains the same even after the investigation, then there is a good chance that the error may have originated with our creditor. If so, then we should request a documentation of our transactions with them. When our creditors are unable to supply the information, we should inform the credit bureau immediately. This is because only verifiable debts can be reported.

Proper documentation is among the key credit report tips to consider whenever there are errors we wish to dispute. We should always have a coy of the letters we send as well as the names and positions of everyone we have talked with. In order to make sure that our letters were received, we should them through certified mail and request for a return receipt.

Among the credit report tips, an equally valuable advice is including a statement in our file. Our statement would explain our side of the story.

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