Financial Advisor

Disputing Credit Report Errors: It Could Improve Your Credit Score

Trying to improve your FICO rating is an easy thing to accomplish. Many people look for a quick answer, but none are really overnight answers. A place a lot of individuals do not begin with is the credit report. A decent percent of reports contain inaccuracies and getting these cleared will help raise your FICO score.

To begin, you will want a copy of your credit reports by the three credit bureaus. individuals are granted access to view their credit reports free one time a year. An Additional procedure is to obtain a 3 in 1 credit report which combines all three of the reports into one. It is easy way to review them and gets around you going between three individual reports.

Next, you should go through each bit and make record of any potential mistakes. Go through the lines of credit for any late payments and any of these over 7 years should be removed. Also, you need look at your credit applications because any older than 2 years can be removed. Next you need to look for any accounts that you don’t know about or any locations which you never lived at since these are a possible sign of identity theft.

Then, you will need to look into every one of these possible mistakes and keep a record of all the information you discover. After you have come up with a detailed list of the items you are going to dispute, you can contact the credit bureaus. The fastest way is to complete an online dispute form on the internet, but you do have the option of using mail.

By law, the credit reporting agencies have 30 days to complete their research. Upon completion they will get back to you with their results. If there were changes you are given a fresh version of the credit report.

This is not a guarantee that they will be taken off. When the credit reporting agencies investigates the possible errors, they will contact your creditors. If the creditor says the info on the report is accurate it will remain. You then will need to get in touch with your account to have the error taken off.

The method of confronting credit report errors should be one the first places people start with to raise their credit score. Furthermore, this is nevertheless not an overnight method to raise your credit score, but it is one of the best.
To read more about  the FICO score calculation visit William’s website. There is more in-depth information about the FICO score formula

Disputing Credit Report Errors: It Could Improve Your Credit Score / Author: William Lathrop