Federal Law requires the three major credit reporting agencies Trans Union, Experian, and Equifax to provide you with one free annual credit report.
Everyone should take advantage of their right to a free annual credit report. Order yours at the same time each year, on a date that you will remember. You should check your credit reports thoroughly for mistakes, and dispute any inaccurate findings.
For many people, interpreting a credit report and coping with errors is a daunting task. Credit reports are full of unfamiliar language and codes. They’re not written for the average person to read or understand. Even more intimidating can be the job of disputing items to contest or correct any mis-information.
Get Your Free Annual Credit Report and Correct Any Mistakes:
Credit reporting agencies regularly have mistakes in their reported information. Studies have shown that a large percentage of credit reports contain mistakes of one kind or another.
- 79% of credit reports contain serious errors, false delinquencies, or accounts that do not belong to the consumer.
- 41% of credit reports contain personal demographic identifying information that may be long-outdated, belong to a complete stranger, or is otherwise incorrect.
- 26% of credit reports contain credit accounts that have been closed out by the consumer but remain listed as open.
- 20% of credit reports are missing major credit, loan, mortgage, or other consumer accounts which are crucial in demonstrating the credit worthiness of the consumer.
Disputing Incorrect Information on Your Credit Report:
It’s likely that you may have some items on your credit report that need to be questioned or corrected. Each one of the web sites of the three major credit reporting agencies has a consumer resolution page.
These online resolution pages are limited in the space they provide should you need to explain something in more detail. If you are only correcting addresses and things which do not need a lot of explanation, then the online form is sufficient.
However, should you need to write something in more detail..you will need to mail an actual letter to the street address for each of the credit bureaus.
Be sure to date all correspondence and create folders on your computer for each of the bureaus. Keep copies of all the letters you have sent to each of them.
Sometimes you may need to write a second letter. In the second letter you can add more information or a more detailed explanation, if need be. Sometimes you just need to repeat what you said the first time.. just using different wording.
You can reference your first letter and include another copy. Such as: “As mentioned in my previous correspondence of June 10, 2020.. etc., etc., etc. I am hereby attaching a copy of my previous letter for your convenience.”
Handle Your Credit Problems:
You may have had major credit issues at some particular point during the past. Reviewing this could be emotionally draining, and will likely bring up reminders of the situation that was the cause of your credit issues. Nevertheless, burying your head in the sand is not going to make anything go away. Facing the issues head-on and managing them as best you can is the only way to move past it all and re-establish a solid credit history.
Read our post: Tips to Help Rebuild Your Good Credit This will help guide you as to the best ways in which to improve your credit rating.
Still Feeling a Bit Overwhelmed?
If you are still feeling overwhelmed in dealing with all of this.. consult Lexington Law.. the leaders in Credit Repair.
The site where you may order your three FREE annual credit reports is: www.annualcreditreport.com
Following is the contact information for the 3 major credit bureaus where you may dispute any inaccurate information contained in your credit reports.