Correcting Credit History Mistakes

Have you checked your credit history lately?  It is a good idea to check what is on file at all three credit bureaus at least once a year.  Most of the time, you will see items you already know about, attempts to purchase a car for example, or opening a new charge credit account. But what happens when you examine your credit history file, and there are errors? What can you do? One of the little known facts is that the credit bureaus do not check for accuracy.  The credit bureaus exist to keep records on financial deals for lenders; the information is stored for commercial credit and banks to use.  Because they store material sent to them, it is assumed it is correct.  This is something many people do not realize, that if there are mistakes on your credit history the only person to get action taken on it is “You’.  Period. A mistake on your credit file is one that can potentially keep you from getting credit. You have a right to inspect and examine your credit history, and a right to challenge any material or entries that are in error.  The Law says you can contest or dispute any information that is found your credit report that is outdated, in error, or just plain wrong.  So how do you contest information? You have to deal with the bureau that has the credit file.  The law states they have a certain amount of time to contact the original creditor. Normally this is five days.  Then, they have thirty days to investigate the accuracy of any item you have disputed.  After that, you have to be notified and told what the finding was, and the credit file must be updated. If during their investigation the information cannot be verified within the thirty days, or if the item being disputed item is inaccurate then the law says it must be erased from your credit history. If the item is verified, you can request the name, address and phone number of the creditor that verified the item. If a deleted item is later verified, the credit bureau must notify you within five days that the information has been reinserted on your credit report. When disputing items on your credit report, keep a record of everything.  When you send something to the credit agency, send it certified mail, return receipt requested.   And write down Everything you do, each step.   That way if you find a mistake and try to correct it, you will have a written record of what you tried to do.  Only you can correct mistakes you find, and insist that corrections be made.

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