Do you have errors on your credit file? Are you stressing about how to remove these errors ?
In order of getting out of credit prison, you need to understand what your credit file contains. Your credit file contains a detailed history of your debt habits—how you manage debts and how many times you incurred one. It warns potential creditors of delinquent borrowers and encourages them to lend money to those who manage their debts responsibly. That’s why, it is important to ensure that there are no mistakes reported in your credit history. But, what will you do if you find errors in your credit report? Will you file disputes with your creditors or the credit bureaus or leave them as they are while you watch your credit score go down as a result?
Always get a copy of your credit report
It is possible that your creditors may make some mistakes in reporting your credit history to the credit bureaus. But, if you don’t request for a copy of your report, it is impossible to spot these mistakes. So, the first thing you need to do is to check your credit report annually. You can obtain your free copy from credit bureaus once a year. It will help you check if the expenses charged on your credit history are correct, or if they do not tally with your bills/receipts.
Check your credit history for wrong entries
Something as important as your credit report might have a few mistakes engraved in it. You may wonder how this happens. As mentioned before, you can’t always rely on the bank for your credit report. You yourself should be aware of the loans you’ve taken and debts you owe and debts you’ve already paid so that you could correct any mistake that they might have on your report. Computers aren’t always correct.
If you haven’t seen a flaw in your credit report, check it again. You might have overlooked some while you were in such a hurry. Remember, you should always check for mistakes, no credit report is perfect. Check your personal information- which may include your FULL Name, address, birthday, so on and so forth-, your name might have a few mistakes here and there.
For example, instead of it being Bridget, it’s Bridgette. Your middle name or initial might even have some mistakes in them, so rechecking everything when you have time wouldn’t hurt. Things like that may not be coincidences sometimes. Another person’s credit may be going to your credit report which may give you false information- or may ruin your credit report at times. If you know that you don’t borrow much from the bank, but your report says otherwise, it’s time to check for errors. When you find them, ask the people in charge of making and editing them if they could correct the mistakes you’ve seen to prevent any more damage to your report.
File a dispute with the creditors
As a borrower, you have the right to dispute any inaccuracies in the items reported by your creditors to the reporting agency. Rather than ignoring it, you can go directly to collector or the credit company itself and report the said information. Let’ say you have paid your credit card balances in full for the last two months. But, your history shows that you have only paid for a month. It will be helpful if you could bring this matter to the attention of the company. There are many instances when the collectors were not able to remit the money correctly, and there are many cases of data entry errors as well. So, if you have a receipt, keep it—so that you can attach it to your complaint every time you do so.
A lot of people live with bad credit in the country. But, if you like to save money on credit cards, loans and insurance–repair your credit. A good credit score also helps you find good employment and business opportunities. The security of knowing that you can take a loan anytime you need it is also an added perk of having a good credit score.
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