A credit report is the household financial history that lenders, employers, landlords, and other institutions use to decide whether or not you’re a good candidate for certain loans. If you have an error on your credit report, it can cause major issues in your life. That’s why you should fight any errors on your credit report and get your money back if possible.
If there’s an error on your credit report, which is usually a mistake made by the credit reporting agency, here are some ways to correct it.
What is a credit report?
A credit report is a record of your financial history, and it includes information such as credit scores, collections, and public records. It’s created by the three major rating agencies: Equifax Inc., Experian, and TransUnion, in accordance with how they define specific criteria.
First, you need to find out what kind of error on your credit report is causing the issue. Next, you have to figure out which credit reporting agency issued the report- Equifax, Experian, or TransUnion- because those are the only ones that can fix errors on your report. Finally, you’ll want to contact them and ask for help resolving the issue.
How to check for errors
To check for errors on your credit report, you can contact the three major agencies: Equifax, Experian, and TransUnion. All three of these companies have a specific number that you can call to verify an error on your credit report. They will send you a letter verifying the error, which you can take to the bank or lender that made the error to get it corrected.
If there is another type of error on your credit report, like someone else using your information without authorization, then be sure to contact the Federal Trade Commission (FTC). They can help with any violation of privacy and may be able to help you get compensation for damages.
How to fight an error
There are several steps that you will need to take to go through the process of credit repair and fight against any errors in your credit report. These are detailed below:
1. Write a detailed letter to the credit reporting agency
Detailed letters with supporting information that you can send to the credit reporting agency should go a long way towards getting your money back. The more personal and in-depth your letter is, the better.
2. Get an explanation from the bank
If you’re disputing an event on your account that was caused by identity theft, get in touch with the bank and ask them for more information about what happened. If you’re still not satisfied, consider filing a complaint with the Federal Trade Commission (FTC) or contacting a lawyer who specializes in such cases.
3. File a complaint with Consumer Financial Protection Bureau
If you believe there’s a violation of federal law in connection to your credit report dispute, you can file a complaint with the Consumer Financial Protection Bureau. Additionally, if you believe someone is using your information without your knowledge or consent and they’re trying to collect on a debt they don’t have, then file a complaint with the Consumer Financial Protection Bureau as well.
What happens if you can’t change your credit report?
If you can’t get your credit report changed for whatever reason, the next best thing to do is dispute the error with the credit reporting agency. The credit reporting agency will investigate and then either send you a letter or call you to let you know what they found.
Sometimes, credit report errors happen for legitimate reasons and you’ll have to live with it. However, if you notice an error on your credit report that you believe is incorrect, it’s important to take action. If you’re not sure what to do, reach out to a professional.