How to Dispute a Credit Rating
A good credit rating is important to your financial planning. Get your credit ratings regularly from the three credit reporting bureaus: Equifax, Experian and TransUnion. You should check the reports for errors. They affect your credit rating and your ability to get a line of credit. Always dispute a credit rating if you think the information is wrong. The Fair Credit Reporting Act (FCRA) requires credit reporting bureaus and lenders to correct errors in your report.
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Instructions
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Apply online at AnnualCreditReport.com to get a copy of your credit report from all three bureaus. Reports are free once a year. Getting the reports will enable you to dispute a credit rating if there are errors. Select your state from the dropdown box. Click "Request Report." Complete the application form accurately. Re-type the alphanumeric security code shown at the bottom of the application form into the box. Then, click "Continue."
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Choose the reports you want to view: Experian, Equiifax or TransUnion. Choosing all three is best since report information can vary. Click "Continue," and your identity will be verified. You'll be given a link to set your username, password and password reminder. Click "Continue," and you can then access your chosen reports online.
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Check your reports carefully. To dispute a credit rating, identify any errors and highlight them on your report. Make a note of the error, the lender and the credit reporting agency. Write down the correct information clearly.
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Write to the credit reporting bureau. Provide detailed information of why you're disputing your credit rating. Be specific and identify each error separately. Enclose other supporting documentation and a copy of your report with the errors highlighted. Make sure you provide your full name and address, and retain a copy of everything you mail. Errors should be investigated within 30 days. The credit reporting bureau will contact the lender with details of your dispute. The lender must investigate and respond to the bureau. If the lender confirms that there are errors in your report, all three credit reporting bureaus must be informed, so the errors can be corrected. You will receive a written copy of the results and a copy of your credit report.
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Make a written statement if you are not satisfied with the result of the investigation. Your statement must be concise. Detail the reason why you dispute your report and what you believe the correct information should be. Send the statement with a cover letter to the credit reporting bureau. Ask for the statement to be included in your credit file. Request that it be mailed to anyone who recently accessed your report. A fee may be required for this service.
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Tips & Warnings
You can ask the credit reporting company to mail corrections to any organization your report was sent to during the previous six months, or two years if the report was for employment purposes.
Get your reports from all three credit reporting Bureaus since your credit rating may be different on each.
Contact each credit reporting bureau separately to correct errors, even if the errors are the same on each report.
The only place to obtain free credit reports is AnnualCreditReport.com. Avoid websites that suggest you can obtain a free report, they will most likely charge you.
References
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