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The Difficulties of Disputing Errors in Credit Reports

By Karen Anderson
Published: Saturday, October 10th, 2009

Sometimes it is just so difficult to dispute errors especially if they are so absurd. For instance there are errors where the current employer listed on your credit report is your old boss who has passed away ten years ago. You may also find that there are at least a hundred ways to spell your name. Aide from this, you may also find a medical bill that you have resolved 5 years ago has been recorded as a delinquent debt, making your credit score drop. This is why credit report tips are made available, so your will know how to dispute such errors even if it can be very difficult.

All these errors can hurt your financial future. For instance, your low credit score may cause your mortgage to be tied to higher interest rates. If your encounter such errors, you should have it corrected right away? Credit report tips will tell you to first examine which among the errors you encounter is making a big impact on your credit score. You might want to pay least attention to your misspelled names and try giving utmost attention to the erroneously recorded delinquent debts. Do not get easily agitated and try to sort things out calmly for more chances of having positive results.

Your next actions can be very rigorous and it will certainly require lots of patience. After you read credit report tips, you will be more aware of the processes you have to go through. Contact the credit bureau that has prepared your erroneous credit report directly. You may also choose to send your dispute online but sending a certified mail so you can request for a return slip. You can also send the dispute to supplier of the wrong information (i.e. the hospital who sent the medical bill, your bank or your credit card company) because the credit bureau is not likely to do so.

Included in your dispute will be the usual things that you read on credit report tips: your personal information with your social security number, the account number of the disputed charge, the statement of the information that you are disputing, the copies of supporting documents, and a statement of what you think should be done about it. According to the Fair Credit Reporting Act, credit bureaus should correct all inaccuracies within 30 days.

So, why exactly can the process of disputing be very difficult? Credit report tips would tell you how the process is done but few would tell you that the difficulty really lies in the limited information available. There are multiple recorders of public record data such as those who record bankruptcies, liens and collections. Multiple recorders can be inconsistent in their data collection making the information they record limited or outdated. There may be some important things that they omit and they may include incorrect credit limits. They may also record some other person’s debt as yours. Adding all this up, you can have a high rate of errors. Credit bureaus will tell you that after everything is resolved, it comes out that the real issue in these erroneous reports is really the misunderstandings on the part of the consumer.

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