Credit Report Dispute
A recent study by the Federal Trade Commission revealed that 1 in 20 people may have a meaningful error on his or her credit report. These errors can have a negative effect on a person's credit score and credit worthiness, leading to either the denial of credit or higher interest rates on approved credit. So how does a person go about checking his or her credit report for errors?
The first step in any credit report check is to review your credit report with the 3 major credit bureaus (Equifax, Experian and Transunion). You can obtain your free credit report once a year by visiting www.annualcreditreport.com. It is recommended that you obtain all three credit reports via Equifax, Experian and Transunion since the information contained on each report may vary.
Checking your credit reports with the 3 major bureaus should be a yearly task. It may take time to properly dispute and remove errors on your credit report and for that reason you should remain diligent on a yearly basis.
Once you have your credit reports, you have to determine if any errors exist. Certain errors are easy to determine and there are instructions on the last few pages of each credit report showing how to dispute errors, as well as a summary of your rights and other helpful information.
Other errors, however, may take a more in-depth knowledge base to determine. For example, creditors are not allowed to re-age debts but some creditors use this tactic to try and keep negative information on your credit report beyond the legal limits.
If your credit report contains inaccurate, unverifiable, misleading, or obsolete information, we know how to streamline the process to challenge those types of errors. Unlike credit repair companies, we do not charge monthly subscription fees and only charge you if we are able to successfully correct your credit report information. If your rights have been violated pursuant to the Fair Credit Reporting Act or other consumer protection laws, we will file legal action on your behalf which could lead to monetary damages in addition to having the errors corrected.
BUYER BEWARE: Any credit repair company that claims they can remove accurate, complete, verifiable or otherwise legally compliant information on your credit report is a scam. Do not waste your time or money with such companies. Also, companies that charge up-front fees should be avoided. As a result of misleading and fraudulent activity in the credit repair industry, the Consumer Credit Protection Act was amended to include laws related to Credit Repair Organizations.
HELP IF YOUR RIGHTS HAVE BEEN VIOLATED.
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