Credit Report News, Tips & Advice
Website CertifiedPrivacy Protected

Take Action: Correcting Credit Repot Errors

By Karen Anderson
Published: Wednesday, November 25th, 2009

Credit report tips usually relate the importance of the correcting errors in our credit report. However, most of us are unable to do so. There are several reasons for this. The most basic is that we don’t know how to read our credit report. Thus, we don’t know how to spot errors if they occur. Another reason is ignorance of our basic credit rights. Still another reason is that we don’t know what to do in the event that an error occurs. Finally, we rely too much on credit bureaus and we expect them to do all the work. 

This kind of mindset can be truly incapacitating. However, we have to remember that it is our credit report on the line. If any errors may ensue, we are the first to be affected. Although it may be true that credit bureaus should be responsible for the truthfulness of the information on our report, we cannot rely on them to do all the work. After all, mistakes are bound to happen so monitoring our credit report should the first among the credit report tips to be considered. 

Fortunately, we have a law that assists us in taking action. This is the FCRA or the Fair Credit Reporting Act. Aside from governing the practices of credit bureaus, it also provides us with numerous credit rights. First and foremost of these is maintaining the accuracy, fairness, and privacy of information in our credit file. Thus, they impose rules and regulations as to who are allowed to see our credit report. 

Another thing to consider among the credit report tips is to be well informed about the data contained in our credit report. The more informed we are about the information, then the more likely that we are able to spot errors or inaccuracies. We should remember that time is very important. The earlier we are able to identify the mistakes, then the earlier that it could be addressed. 

The FCRA also states that individuals who are denied credit, insurance or employment because of their credit report are entitled to a free report. The law also allows individuals to dispute inaccurate or erroneous information. The bureau in turn is allotted 30 days to investigate the said concern. Whenever there is derogatory information, it cannot be reported if it is either outdated or unverifiable. This is another advice to remember among the credit report tips for allows us to protect our credit standing. 

Lenders and insurers are able to use the information in our credit report to promote their products. However, we are given the option of blocking inquiries such as these by calling 1-888-5-OPTOUT (1-888-567-8688). 

Finally, current or prospective employers can access our report only if we have given them our written permission or consent. If they access our file without our consent, we are able to seek damages in the court of law. Remember that taking action on the various credit report tips allows us to have better control of our credit report.

No Comments

No comments yet.

RSS feed for comments on this post.

Sorry, the comment form is closed at this time.