How to Fix a Mistake a Creditor Made On Your Credit Report

Everybody makes mistakes, but if one of your creditors makes a mistake on your credit report, how do you correct that?

Difficulty: Moderate

Instructions

1. Review your credit report and find out the exact nature of the mistake.

2. Carefully document the mistake. You will need to provide copies of all relevant receipts and every related document to prove the error.

3. Send the request with copies of the documents to the creditor. Never give anyone the originals.

4. Make a phone call to ensure that your request is received by the creditor.

5. Follow up any phone calls in writing. Written resolution is the only kind that counts.

6. Give your creditor fifteen days to respond to your claim.

7. Make follow up calls. Keep a detailed journal. Record the names of the people who spoke to you, what they said, and when they said it.

8. If the creditor agrees there is a mistake, see that he contacts the credit-reporting agency and modifies his remarks.

9. Get the creditor to issue you a copy of the modification. Keep it, securely, in your records.

10. Wait for thirty days and get another copy of your credit report to make sure the modification was made.

Tips & Warnings

• Many companies offer paid services to correct your credit report. There is really no need to pay someone else to do this. Only you always have your best interests at heart, and no one is more familiar with your financial situation than you.
• Written resolution is the only kind that counts. Anyone can say anything on the telephone; whatever is in writing becomes a matter of record.