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A clean credit report is a must if you want to get approved for a loan. To determine your eligibility for a loan, all lenders closely examine your credit report. Thus, having a clean credit report will contribute greatly to increase your chances of approval. If you have stains on your credit history, you need not worry as there are ways to improve your credit history and raise your credit score.
Usually, lenders verify your credit report from three credit bureaus and credit card companies to assess your past payment history. So, if you discover any mistake on your credit reports or even correct information about late payments or any other negative info related to debt, then you should strive to clean your credit report. In order to do so, you have to contact each of the three bureaus and request them to clear any incorrect information. This is due to the fact that cleaning the report with one of them does not automatically extend the new information to the rest of them. Negative but correct information cannot be erased unless you negotiate with your creditor or the time passes.
How To Dispute Inaccuracies On Your Credit Report?
To find out the mistakes on your credit report, you should go through it seriously and circle every inaccurate item or information. Then, you can write a letter to the reporting agency. In the letter, you should elaborate every dispute and request an investigation to solve them.
If you possess any supporting documents, then dispatch its photocopies (not the originals) along with the letter, highlighting the pages to support dispute paragraphs. Mail all documents through certified mail, requesting for a receipt that you can use to prove that your packet was received. Mail a copy of the letter of dispute to the creditor whose reports you are challenging.
The special mailing address for disputes is mentioned on most of the billing statements. Your dispute should also contain personal information like the address of your place of employment or present home address. You can include a copy of a pay stub or W2 for employment verification and a copy of your driver's license or a utility bill in your name to verify your present address.
On receiving your request, the reporting agency will immediately begin an investigation. It will contact your creditors to establish whether the information is correct. If the creditor is unable to verify the accuracy of the entry, then it must be deleted. When the investigation is complete and modifications are made, the agency must mail a free copy of your report to you. If any mistake is detected during the investigation, then you can rightfully request the agency to mail a corrected copy of your credit report to all who got the report during the last six months. You can also make online disputes for correcting your online credit report.
What If The Information Is Correct?
In case the agency discovers the information to be correct, then it must give you a written notice mentioning the name, address and phone number of the provider. If you still find it inaccurate, you can begin another investigation. If all your repeated efforts to correct an entry fail, you can request the reporting agency to include a 100-character detail next to it that elaborates your point of view.
Correct Negative Entries
Certain negative entries like bankruptcies stay listed on your credit report for ten years, while others remain on the report for seven years. You can request your creditor in writing to delete all cleared negative entries. If a previous due account has been made current, and has been either cleared or maintained current for a year, the lender might agree to a quick removal of past due information. You can also dispute a negative entry even if you know that it is correct.
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