Consumers can correct credit report errors by obtaining a report every year or two, verifying information, and contacting credit card companies or reporting agencies to update incorrect information. Legal assistance may be required for more complex issues, and fraud or identity theft should be addressed with an attorney.
Few setbacks cause more heartache than credit reporting errors. They are difficult to fix and can negatively affect one’s credit report for years. However, consumers do have a few ways to correct errors on credit reports.
The best defense against credit report errors is for a consumer to obtain a credit report every year or two and check it for errors. These are available from Equifax, TransUnion, and Experian. Now every person can get a free copy of their credit report once a year.
The consumer should look at the credit report and verify each name and account number with those on their credit cards. If they don’t match, you should contact your credit card company and see if they have the correct information. If they don’t, she can correct the problem through the credit card company, and the changes should be reflected when the company updates with the reporting agencies. If it is not a company error, the consumer should contact the reporting agencies and send them a copy of a recent statement with the correct information so they can update it.
The consumer should look in the credit report for accounts that they no longer use or think they have closed, and should ensure that these accounts are closed. You will probably have to contact your credit card company to do this, but you should do so to ensure that no charges are applied to these accounts. You may need to request a closing letter from the company and send copies to reporting agencies to update the information.
The above errors are relatively simple to fix. The ones that cause the problems are those that include errors in balance amounts, accounts that the consumer did not open, and other similar problems. These may require legal assistance to resolve.
If a balance on a credit report is incorrect, or the account reflects delinquent payments when there were none, the consumer should contact the credit card company. she should ask when payments were late and have copies of billing statements handy that show payments were received regularly and on time. You should then ask the company to send a letter to the reporting agencies to remove the incorrect information. You can also send a copy of a statement showing your current balance to reporting agencies.
Sometimes someone with the same name will have an account on the consumer report. In this case, the consumer should immediately call the credit card company and request that this information be removed, and should ask them to send a letter to him and the reporting agencies confirming all personal information and Insurance numbers. Social, and ask reporting agencies to update their files accordingly. Even if the account is one the consumer did not open, the consumer should first try to resolve the problem with the credit card company and reporting agencies.
Consumers should make an effort to resolve credit reporting issues on a personal level first, but should save all documentation and communications received from credit card companies or reporting agencies. A consumer should have dates of everything he sends or receives from companies, as well as copies. The consumer should also ensure that they never make any kind of threat, either implied or overt. He can say that he will consult a lawyer or report a company to the Federal Trade Commission, but beyond that, he should not make any kind of statement about what actions he will take if the problem is not resolved. People have been arrested for this type of behavior.
For questions related to fraud or identity theft, a consumer should immediately consult an attorney for advice. These are issues that most consumers cannot address independently. For any type of favorable outcome, an attorney will likely need to be consulted. Keeping an eye on your credit report is the best way for a consumer to guard against errors and resolve them before they become problematic. However, if a consumer feels that he is above a situation, he should always consult an attorney.
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