There is a misconception about the question, “is it possible to correct errors on a credit report?” The truth is, it is entirely possible to get credit report errors fixed. Once you know the steps for correcting your credit report, it becomes that much easier to put it into action.
The best way to get credit report errors corrected is to write a dispute letter to the credit bureau. It is the most effective way that consumers can fix their credit reports. Read on to learn how to correct your credit report.
How to Correct Credit Report in Two Ways
As mentioned above, a dispute letter to credit bureau is an excellent way for repairing one’s credit report. Before starting on your dispute letter, you should first obtain the most recent copy of your credit report from each of the three national credit bureaus (Equifax, Experian, and TransUnion).
The reason for getting the most recent copy is to make sure that there are no new errors on your credit report that did not show up before. If you didn’t know, you can get a free annual copy of your credit report from all the three credit bureaus at AnnualCreditReport.com.
Once you have your credit reports, go through it and see there are any items that look off or is incomplete. Circle each of the items as you will be using copies of your credit reports to send to the credit reporting agencies (CRA) later on.
There are two ways for a consumer to correct their credit report:
- Writing a dispute letter to the credit bureau
- Filing a lawsuit against the credit reporting companies
Let’s first go over how to write a dispute letter.
Writing A Dispute Letter to Credit Bureau
The first way to correct your credit report is by writing a dispute letter to credit bureau. Since you have already found all mistakes on your credit report in the previous section, it will be easier to write one.
If this is your first time writing a dispute letter, you can follow the sample letter here. When writing, make sure to list the items you want to be fixed as detailed and clear as you can. If the credit reporting agencies determine your claims to be frivolous (lacking information), they do not have to pursue your case.
Also, send the letter in via certified mail, return receipt requested, to document what the credit bureaus receive. And make sure to include any supporting documents to your letter that will help the credit bureau find the inaccurate items quickly.
Once the bureaus receive your dispute letter, they have 30 days to investigate and correct the credit report errors mentioned in your letter. If all goes well, your credit report errors should be corrected after the 30 day period.
However, things can go sideways. What happens when the CRA refuses or ignores your dispute? Is your dispute a lost cause? Fortunately, the Fair Credit Reporting Act (FCRA) considers such action a violation of the law.
As such, consumers are able to sue the company for failing to fulfill the guidelines mentioned under the FCRA. This is the second way consumers can correct errors on their credit reports.
Suing Credit Reporting Agency
You’ve put all that work into your dispute letter, and the credit reporting agency just ignores it. Well, it’s time to sue them for their irresponsibility. When CRAs fail their duties, the consumers can file a lawsuit against them to get the credit report errors corrected. They may even recover for any damages the errors may have caused.
For this circumstance, it is recommended to seek out a credit dispute lawyer who will be able to assess your situation. The lawyer can then file a lawsuit against the CRA and get you compensation if possible.
Speak To A Credit Dispute Lawyer – Free Consultation
Having errors on your credit report is risky. Don’t wait too long to take action. If you have questions about your situation, seek out a credit dispute lawyer. An experienced lawyer will be able to tell you legal advice that will move you closer to getting the errors fixed.
When you contact Consumer Action Law Group, you will be able to talk to an experienced credit dispute lawyer who will be able to assess your situation. At the end of the call, you will have learned about your next steps.
Call (818) 254-8414 to speak to a credit dispute lawyer. The consultation is FREE!
