Your credit score has a massive impact on your life. Everything from applying for a credit card to buying a home can depend on the state of your credit report. Accordingly, it is extremely important for everyone to review their credit report at least once a year and clean up any inaccurate or outdated information.
Cleaning up your credit report doesn’t have to be a difficult process. The three major credit bureaus, Equifax, TransUnion, and Experian, allow each individual to pull his or her complete report every twelve (12) months.
Once you have a copy of your credit report, look through each entry carefully. Many credit reports contain inaccuracies, including a wrong notation about how an account was closed, outdated information that should no longer be on the report, or accounts that belong to someone else.
After compiling a list of inaccurate information, look for documentation that supports what should be changed. For example, if an account is wrongly listed as open, look for documents that prove that you closed the account.
Once you have this information, send a dispute letter to each credit reporting agency that lists the inaccurate information and the reasons why you believe that the information should be changed. You may also need to contact the creditor individually to dispute the status of the account.
After the credit bureau receives your information, it will investigate the discrepancy and should remove the inaccurate information. If the credit bureau refuses to remove the information and you can prove that the credit report is inaccurate, you may have a claim under the Fair Credit Reporting Act. This Act allows consumers to file a claim over inaccurate credit reporting information, and provides legal remedies when a creditor or credit bureau intentionally violates your rights.
If you believe that a creditor is intentionally misreporting your credit information or if you have been wrongfully denied credit as a result of inaccurate information, you need the help of an experienced debtor rights attorney—like those at Fitzgerald Campbell—to review your case and discuss your options with you. Our attorneys have decades of experience representing clients in all types of debtor defense cases and we are here to help you!