Suggestions On How To Fix A Credit Report
The use of credit is a wonderful privilege that many consumers enjoy. This is especially true when a household needs to buy a big ticket item. Some of those big ticket items could be major appliances, an automobile, or even the purchase of a home.
Not only is it important to have credit for these purchases, but good credit to get the best possible interest-rate. That is because many lenders look to an individual's credit report to see how well they have handled this privilege of credit. If the consumer has handled credit well, has paid on a timely basis and has fulfilled the obligations of the credit contract they generally qualify for lower interest rates.
However, there are factors that sometimes cause a negative impact on an individual's credit report. Some of those factors could be the fault of the individual or sometimes information is erroneously imputed and reflected in the consumer's credit report.
Therefore, it is important that the individual request a copy of their credit report on an annual basis. This annual review of one's credit report will allow them to look over the report and make sure that all of the information is correct. If, however, a review of the report shows erroneous information the consumer has a number of steps that they can take to correct any issues. Those three steps to take to fix a credit report should include written correspondence, submitting documentation and keeping one's composure.
Written Correspondence
The first step to take in order to fix a credit report is to initiate written correspondence. This letter should be written as professionally as possible and should be addressed to an individual at the company. The contact company that you are at dispute with should provide you with an individual at the organization who handles such disputes.
Also, the letter should be mailed using the post office's certification option. This will ensure that the letter has arrived and documented proof will be provided to you.
In addition, all of the facts should be clearly stated as to why the consumer thinks that the credit report is inaccurate. Information included in the letter should also include the account number, the transaction in question, the date of the transaction or any other information that will help to get resolution of this error.
Additionally, the credit agency that is erroneously reported this item should be cc'd on the letter sent to the company that the consumer is disputing the error with. This will ensure that all parties concerned are informed as to what the issues are and the steps that are being taken to resolve those issues.
Submitting Documentation
The second important factor to fix a credit report is the submission of documentation. This documentation could include a canceled check, a letter from the lender stating information that sheds different light on the issue, correspondence with the lender, etc. It is important not to send the original documents but send copies. These copies should not only be sent to the lender that you are disputing the error with, but the credit bureau reporting your error as well.
Final Suggestion To Fix A Credit Report
One final suggestion when endeavoring to fix a credit report is to maintain one's composure. Often when dealing with companies the individual may experience a lot of bureaucracy and red tape. Therefore, it is important for the consumer to maintain their composure and act as well mannered as possible. This commitment will go far in keeping the lines of communication open.
