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Know About Dispute Credit Report

Your credit report contains valuable information about the way you make payments, your address, bankruptcy (if any) and it also contains information on your background. This report is extremely important because all of this information is taken into account by employers, insurers, and creditors before approving your credit. The Fair Credit Reporting Act (FCRA) maintains that the Federal Government ensures the privacy and accuracy of the credit bureaus. It is best to review your credit reports occasionally to avoid errors in the report. This report will be required for any job application, home loans or car purchase. When you check the report, you will then be able to find out if there are any errors and dispute them accordingly.

Checking the credit report can also ascertain whether there has been any identity theft. Someone else can assume your identity and make transactions that will be added in your report. If that fraudulent person opens an account in your name and refrains from paying the bills, the delinquency will be added to your credit report. This will damage your reliability. Hence, draw out free credit reports annually from these major credit bureaus: TransUnion, Experian, and Equifax.

Any incorrect information will be corrected by the joint effort of the creditor, the company, organization or person providing your personal information and the credit reporting company. As soon as you find any inaccurate information included in your credit report, write a dispute letter to the bureau clearly stating which information is incorrect. The letter must contain your name, address, and all documents validating the correct information. It should also include a copy of your credit report highlighting the mistake. Write in detail where, why and which information is incorrect and make a request to rectify the mistake. Always send the letter through certified mail with a request of return receipt. Retain copies of the receipt, letter and other documents.

The credit reporting company must look into the matter within one month of your sending the letter. After the company deems your disputed credit report letter to be legitimate, it will forward the letter along with the document to the information provider. The provider will investigate and if it finds the information to be incorrect, it will notify all  three major credit bureaus to correct it.

Whatever the end result, the credit reporting company will provide a free credit report and a written document stating the results. The company will also provide the contact number, address and name of the information provider along with the letter. In case of any changes made, the company can only include the information after it has been verified by the information provider. You can ask the credit reporting company to send copies of your corrected report to those whom have had access to your report in the past two years.

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