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Credit Bureau Report Disputes

Perhaps the single greatest indicator of financial health is your credit report. Poor financial decisions, unpaid utilities and even mistakes can wind up lingering on a credit report for years. The system, by which several major credit bureaus track and release the credit rating of consumers all over the country is sound, but not without flaws. In fact, many people discover errors on their credit report. Learning the ins and outs of credit bureau report disputes in important for anyone who hopes to maintain a healthy credit score.

Many people do not realize that it is possible to dispute their credit report. Doing so can remove mistaken or old information can help rehabilitate even the lowest of scores. The first step is contacting the credit bureau and requesting a copy of your report. This is simple to do online. In fact, under federal law, every consumer is entitled to a free copy of his or her report once a year or after a change. There are several services that offer all three of the major reports for a small yearly fee. Consumers who opt for this option have access to their reports for the entire year and can carefully monitor them.

Reviewing the reports is the next step. Consumers are urged to review their credit reports for erroneous or old information. In most cases, information can remain on a report for seven years; however, it often takes a savvy consumer writing many dispute letters in order for it to come off the report. After a thorough review of the credit report, it is helpful to develop a list of disputed items.

Credit bureau report disputes are often simply a matter of time. Contacting the various bureaus regarding old information is generally sufficient. In most cases, a formal letter directed to the bureau will result in removal of the negative information. Consumers can quickly improve their score in this manner. at Credit Elves, you can find samples of these letters for free, or for a small monthly fee, you can get custom generated letters. Because it may take some time to fully clear the report, it’s a good idea to have access to these letters in case you need to send them more than once.

In the case of erroneous information, for example a credit card appearing as unpaid that has been paid, more steps are needed. The reporting agency will request proof of payment. In many cases this can be obtained by a simple phone call. Proof, in the form of a receipt from the reporting company, along with a letter explaining the situation, should be sent to the agencies. Credit bureau report disputes can be easily handled in the manner. For negative information attached to your report that cannot be removed, it is possible to include a short note with an explanation in many cases.

Regularly reviewing your credit report and disputing any items that require attention is the best way to ensure you have a high credit score. Unfortunately, many do not realize the importance of this monitoring until they apply for a mortgage or get turned down for a loan. Fiscal responsibility should start early and regular monitoring of your credit report is as important as paying your bills in a timely manner.

Credit bureau report disputes are something that can be handled by the average consumer. Service from Credit Elves gives you access to letters that can be customized for your particular needs, cutting the work down significantly. An honest review of your reports and a willingness to correct errors is vital.

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