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File your credit report correctly

By Andy Snyder
Published: Friday, March 19th, 2010

A credit report is very important information that can be used by creditors to decide whether you are worthy of a loan. Many a times, the information on the credit report is inaccurate or wrong. This can lead to serious consequences to the person to whom the credit report belongs.

The credit report basically contains the following parts. It has the personal information which includes name, bank accounts numbers, and social security number etc. it also has your credit history, which involves a listing of all your previous and current credit activities. Then it has the public hearing section. This is the part which lists all bankruptcies, tax liens and court hearings. Then there is the enquiries list. This has a listing of all the enquiries received over the past one year about your credit activities.

We will now discuss the procedure to file a complaint and make rectifications to your credit report. The fair credit reporting act (FCRA) is the body which is responsible for this mechanism of reporting a dispute.

First you need to know whether your credit report has accurate information in order to file a complaint. Hence you must first request for a copy of the report from the three credit reporting agencies. Usually, if there is a mistake in one of them there will be a mistake in all since the creditor would have given the same wrong information to all the agencies. So it is better you get all the credit reports. You have to apply for the credit report through the centralized credit reporting agency, this way it will be free of charge.

Once you get the credit reports, thoroughly scan them and find out if there are any errors in the reports. If there are any errors, immediately alert the credit reporting agency as well as the creditor who has given the wrong information. Always communicate with them in writing. This way you will have proof of your transactions.

And do attach copies of cancelled checks or statements which verify your claim. Because they would obviously need proof in order to take action. And whenever you carry out any correspondence for disputes, send it in a registered mail which has a return receipt option. This way you will receive proof that the agency has received your mail stating the dispute.

The agency has to get back to you within 30 days of receiving the mail. It will immediately send you the changed copy of the credit report. And it also has to contact the creditor who provided the wrong information and ask for correction. The new credit report that you receive will be free of charge.

And you can also request that the credit bureau must send a correction report to each of the enquiries received over the past six months, so all your creditors will get the new and corrected credit report.

That is a concise review of the process of going about placing a complaint about a credit dispute.

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