Credit reports may play a major role in determining your eligibility for certain types of loans and credit applications. The items shown in your credit report may demonstrate your reliability and creditworthiness, or lack thereof, to potential lenders and creditors. If you find yourself in bad debt, chances are your credit report would show a bad trend with low credit score and any delinquent payments may be recorded into your credit report. Before your bad debts get out of hand, it is advisable that you seek help from companies such as Freedom Debt Relief (FDR) that offer debt management services including negotiation and counseling. However, prior to signing up with agencies like FDR it may be a good idea for you to be sure that you are being fairly portrayed in your credit report.

Before you venture out on your quest to right a wrong that you feel has been done to you, it may be a good idea for you to go directly to the source or root of the problem – your credit report. You may request a copy of your credit report from one of the major credit bureau companies like Equifax, Experian or TransUnion. Normally you may be able to get your credit reports for free. If you are on a vendetta then by all means request credit report from all the major credit bureau companies. After all, it may be a known fact that different bureaus may have slightly different versions of your credit activities. So it probably would not hurt you to go the extra mile and flip through every version of your credit activities. Once you have received the reports, you may want to check your reports thoroughly by reading them through carefully. You may highlight any errors or items that appear to be incorrect.

If you did not find any inaccuracies, you may proceed with your initial plan to sign up with debt management agencies with the current version of your credit report. However, if you did find one or more discrepancies, it may be a good idea for you to inform the respective credit reporting agency about the error that you found and tell them specifically which information was inaccurate. You may call these agencies or write a dispute letter but either way, it is advisable that you keep accurate and detailed records of every correspondence. Any phone conversation (don’t forget the name of the person you spoke with), letter or e-mail may be recorded for future reference. Generally these agencies may also require proof of your dispute. Therefore, you may attach your proof in the form of receipts or canceled payment checks along with your dispute letter or e-mail.

You may also want to inform your creditors about the error you found in your credit report. Normally you may be required to write to your creditors informing them of the item that you wish to dispute. If they have put in a false item in your credit report you may request that they remove the item completely. If the information in your credit report was centuries old, you may request that your creditor update the information as soon as possible. There may be a slight tendency of dillydallying on the part of your creditor so it may work to your advantage if you get more assertive and firm in your request. Of course, you may have to expect that your creditors would disagree with your claim. If they do, you may request that they explain the accurate information to you. If they are correct and you accept their explanation you may write back to the credit bureau to retract your complaint. If you believe your claim is true, then you may have to write your creditors another letter.

The process of correcting your credit report may seem a tad tedious. However, your credit report could be the lifeline for your future financial activities so it is advisable that you ensure all information pertaining to your credit history and rating is correct, otherwise you may be setting yourself up for more financial disappointments in the future.

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Category: Finances
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