Good
credit is an important part of your overall financial well-being. It can impact
everything from the interest rates you'll pay to being a prerequisite for
employment. As a result, you'll want to try to fix any errors on your credit
report and have them removed as soon as possible.
Your
first step should be to contact the credit reporting agency in writing to
indicate that you are disputing the information contained on your credit
report. The credit reporting agency usually has 30 days to complete an
investigation of the disputed information. Once the credit reporting agency
investigation is complete, they must provide you with written results of their
investigation.
If,
during its investigation, the credit reporting agency confirms that your credit
report does contain errors, the information on your report either must be
removed or corrected.
If
the investigation does not resolve the issue, you still have a couple of
options. First, you can try to mitigate the disputed information by adding a
100-word consumer statement to your credit bureau file. Even though consumer
statements are often dismissed or ignored by potential creditors, it can at
least provide you with a chance to tell your side of the story. You can also
try to resolve the issue with the creditor that submitted the inaccurate
information in the first place. The creditor will be obligated to investigate
the disputed issue and notify you of its findings.
If
you believe that the error is the result of identity theft, you may need to
take additional steps to try and resolve the issue, such as placing a fraud
alert or security freeze on your credit report. You can visit the Federal Trade
Commission (FTC) website at www.ftc.gov for more information on the various identity
theft protections that might be available to you.
Finally, due to the amount
of paperwork and steps involved, fixing a credit report error can often be a
time-consuming and emotionally draining process. If at any time you believe
that your credit reporting rights are being violated, you can file a complaint
with the Consumer Financial Protection Bureau (CFPB) at www.consumerfinance.gov.
