Being able to dispute errors in your report is a right of every consumer. This right was strengthened even more when the Fair Credit Reporting Act was signed in 2003. This important step is one way to fight fraud and ID theft. By detecting early signs of fraudulent charges in your account, the appropriate action can immediately be done. A consumer can alert his creditors right away if someone has been illegally using his account in committing fraud. What other factors can cause errors in a credit report? Sometimes, your creditors may accidentally report wrong information to the credit reporting agency. Still, there are cases where the credit bureaus fail to update its databases, which results to erroneous reporting.
Yes, mistakes are often committed and this is why everyone is encouraged to obtain a copy of their credit reports at least twice year so they can personally check the accuracy of their reports. But what if you do find errors in your report? How do you dispute these errors effectively?
If there are figures in your credit report that you want to dispute, the first step would be to send a credit dispute letter to the credit bureau who issued your report. Then, send another letter to the creditor concerned.
Continue Reading: How To Dispute Errors On Your Credit Report
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