How to Dispute a Credit Report Inaccuracy

Video Transcript

"How to deal with credit report report inaccuracies. Now inaccuracies may come from different ways. It could be from fraud, fraudulent activities going on in your credit report. It could be just pure error. Just coming directly from whoever the lender may be. So now lets discuss how you go. You know in trying to resolve these two items. Obviously with the fraud you defiantly first and four most. Want to contact all the three major credit reporting agencies. Being TransUnion, Equifax and Experian and ask them to put a fraud alert on your credit report. Meaning that every time your credit report is run and a lender looks at it. There will be some form of fraud alert on there. So the lender can compare to make sure that it's matching information and it is really you and it's not just a someone else. Using your information to obtain credit. Now with the other part. If it's some form of inaccuracy. That the lenders do. I mean there very good at reporting things appropriately. But at times as you know nobodies perfect. There may be some things that kind of fall right through the cracks. Now the first way for you to do. Would be for you to go back obviously and contact the lender and ask them. What is the status of my account? What are the type of balances showing? If it's an account that you've paid off. Or you've paid everything is always down at zero balance. But it showing outstanding balances. You obviously want to request. First of all again a letter from them. To make sure you have something within your hands. That is showing what your claim is. Now the other part is you want to make sure your bring this up to the lenders attention. Give them, send them a copy of your credit report if you have it and ask them. Hey, here's what you are reporting on that. Please go ahead and you know correct this error. Now if it is credit debt collector. That is reporting inappropriately on this case. Then obviously what you want to do. Will be to obviously do the same thing as well. You know just tell them. Hey, this is not right and this is, these are all the supporting documents that I have. If all else fails. You've tried contacted the bank. You've tried contacting the debt collector. To try to dispute their account. Everything it's just not quite working out. Then again go back and contact the three major credit reporting agencies. Again Equifax, TransUnion and Experian and let them know. What the accounts are and tell them that you are disputing those accounts. So what they will do is they will put a little memo under those accounts. So when the lenders looking at. It will say account in dispute. Or you know borrower or whoever. However they, whatever they do to kind of put that on there. Will say you know this account is in dispute. So again those would be the ways for me. Or at least that I can advise you. On how to go ahead and dispute credit inaccuracies."