In a perfect world, no one would get laid off from their jobs or overextend their credit. People would save their money and have loads of discretionary income and live as lavishly as they would like.
Of course, none of us live in perfect world. We do lose our jobs; we do get laid off or a partner in the family loses their source of income, forcing us to cut back on our spending. Sometimes that also means payments to our creditors can become late, or not even able to be paid at all.
This results in a bad credit mark in your credit report. Experian Credit Bureau is one of three major credit bureaus that record your credit performance and determine whether you are at risk for being approved for further credit applications.
But what happens if your credit report from Experian lists the wrong information about you and your credit history? What if you are a victim of identity theft and have not created the credit nightmare that is now your life? You do have options and there are things you can do.
First, you can challenge what is reported on your credit report. Write a debt valuation letter to Experian, which consists of several key points. If you have more than one dispute, don't put it all in one letter. Space your letters over a period of time so they are not inundated with requests.
Make sure you send the letter certified with return receipt requested. Make a copy of your letter and any other correspondence you have with them. Your letter should request the following: the full amount of the debt, and when was it due. What is the date this debt was incurred and any contract information regarding the payment arrangements. You may not be responsible for the debt.
Alert Experian to the fact that if the debt is in fact not yours, they are violating your rights under the Fair Credit Reporting Act, which is legislation enacted to protect you.
If you are not able to get a response from Experian, keep trying. They are counting on you getting frustrated and giving up. Be persistent. If you are responsible for the debt, there are no two ways around it. You have to pay it, and the only way to get a bad mark off your credit report is to clean up your financial outlook.