How to Dispute a Credit Report Inaccuracy

Contesting an inaccuracy on your credit report may seem like David fighting Goliath, but the result - a clean and accurate credit history - is worth the battle. Here's how you do it.

Difficulty: Moderately challenging

Instructions

Things You'll Need:

• Credit Cards And Loans
• Credit Counseling Services
• Credit Reports

1. Request a copy of your credit report from one of the major credit bureau companies or another provider. These are all typically accessible through the Internet.

2. Read the report carefully. Highlight any items you don't recognize or that appear to be incorrect.

3. Call the credit bureau company reporting the information in question. It will provide you with the appropriate credit card company phone numbers.

4. Call the credit card companies and ask them to research the situation. If they made an error, request that they send a written correction to the major credit bureau companies and a copy to you as well.

5. You can write your side of the story and ask that it be posted on your credit report, if the credit card company is unwilling to correct the reporting on your credit bureau.

6. Request a copy of your credit report annually to keep on top of the situation.

Tips & Warnings

• Meet with a credit counseling agency if you have serious concerns about your credit report or about managing your credit in general.
• Purchase a car on credit financed through the dealership to build back credit. Be sure to make your payments on time.
• Apply for a secured credit card and make regular payments.
• A negative mark on your credit report due to bankruptcy or foreclosure could remain for 7 to 10 years.
• Secured credit cards often carry higher interest rates and membership fees.

[phillygta]

on 4/21/2009 Can I use http://www.MyCreditEdit.com?

[cinnamongirl]

on 9/13/2008 Disputing credit needs to be done in writing! There is no paper trail with phone calls. Federal law defines time limits for verify and researching disputed credit reports which will be completely ignored if you don't have a paper trail.

on 11/22/2005 If you can not get an old debt removed from your credit report, you can negotiate to pay a smaller percent of the debt in full. If it is written off they will work with you to get that off your report. The company had already file your debt as a business loss. They may work to get a pay off, it doesn't hurt to ask. Tip: Do not let them know you are trying to get other credit (house, car etc.). they won't work with you as well.

on 11/22/2005 Dispute any credit info, no matter how small, with the creditor or collection agency. Most of the time, they don't want to be bothered with the time it takes to do this and will have to remove the negative info after 30 days (if it isn't validated by the original creditor to whom the debt is owed). There are many websites that have sample letters that you can send to the creditor asking for validation of the debt. It will bring your credit score up tremendously if they have to remove it from your report.

on 11/22/2005 Beware of credit counselor services. Although they may help you with your payments, they don't help repair your credit-worthiness. Never go on a 5-year program that is preset. Structure your own program to pay off your debts one by one, not as a whole.