The credit report maintained by credit agencies contains personal information, credit history, inquires and public records. The information is gathered on an ongoing basis from various sources and lenders, insurance companies, employers, government agencies and companies that monitor the information for prevention of identity theft can have access to it.
As the credit report of an individual is accessed by so many people and agencies, it is important that it is accurate. It is best to check your credit report at regular intervals so that you are able to verify the authenticity of the information available and dispute if you find any errors in it.
Tips to dispute errors on credit report
If you find outdated or incorrect information on your report that has been prepared by the credit agencies, you need to get it corrected at the earliest as it may affect your chances of getting a loan at favorable terms and conditions. It is advisable to keep a copy or record of everything that you sent to the agencies when raising the dispute. You should avoid sending original documents to the credit agencies and should only enclose copies.
The procedures for disputing errors may vary from one credit agency to the other and it is best to become aware of the standard procedures so that you may be able to dispute items on your report. You can enclose copies of the relevant documents that you are disputing along with your name and accounts details clearly mentioned in the dispute.
You can list each item that you are disputing separately and specify the reasons that you are disputing it so that it can be rectified at the earliest. It is best to follow up with a phone call and letter if you do not get an immediate response from the credit agencies.
Credit report rights
Most individuals are not aware of their credit report rights and gaining knowledge about them can help you dispute any errors you may find in your report. After the dispute is raised with the credit agencies it need to be corrected within a specified period (28 days in most cases) and if you are not satisfied with the corrections made, you can go for a fresh appeal. The procedure for filing the appeal in various credit agencies may vary and it is important that you gain awareness about it so that you may be able to complete the process in an effective manner.