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Going Three Rounds With The Credit Bureau
Posted By Ron On January 21, 2010 @ 5:05 AM In Credit,Tips & Techniques | Comments Disabled
 You got into the ring, applied for credit and everything seemed to be going according to plan — name, address, phone number, income, SS number, CHECK! Then, out of the blue, you were knocked down by a cheap shot when the ref wasn’t looking. Now what? Get back up, square your shoulders, and head to the post office (or your computer)! It’s time to contact the three credit bureaus to get a free copy of your credit report — just make sure it’s within 30 days of the date on your “Credit Declined” letter so you can find out why you were turned down. Have you even seen your credit report in the last 6 months?
|Information Services||Consumer Relations||NCAC|
|PO BOX 740256||PO Box 2000||PO Box 9556|
|Atlanta, GA 30374||Chester, PA 19022-2000||Allen, TX 75013|
|www.equifax.com ||www.transunion.com ||www.experian.com |
When you contact a credit bureau, make certain to provide the following information as well as a copy of your “Credit Declined” letter. And remember to sign your request for an investigation! You should also provide:
You should receive a copy of your credit report in 10 to 30 days.
The credit bureaus are required by law  to investigate and correct inaccurate or incomplete information in your credit report once they have been notified of the errors (generally 30 days or less). For the record, accurate information CANNOT be removed except by the passage of time or the benevolence of the creditor. Anyone who convinces you otherwise is simply after your money. Attempting to remove accurate information could be considered fraud and could be prosecuted. Inaccurate information CAN be removed and the credit bureaus will willingly remove it once the inaccuracy is substantiated.
Follow these three steps to make sure the credit bureaus resolve any problems with incorrect information in your report:
If you file a dispute and the resulting investigation does not verify your claim and correct the inaccuracy, you have the right to submit a statement explaining why you believe the information is wrong. The credit bureau is required to include the statement (up to 100 words) in your file.
These statements aren’t worth much, though. For one thing, it may be impossible to explain the dispute fully in 100 words. Also, many creditors don’t read through entire credit reports but instead depend on a computer generated credit score , which often ignore such statements entirely. You may have better success simply explaining your situation in person when you meet with a creditor to apply for a loan.
If the credit bureau doesn’t verify your claim and correct the error, you can contact the information provider directly. The process of disputing credit information with an information provider is similar to the process of submitting a dispute to a credit bureau:
Note: It’s always a good idea to send ALL correspondence via registered or certified mail, return receipt requested, so you have proof the credit bureau or creditor received your request. Registered or certified mail generally costs only a couple of dollars. And make copies of everything, I mean EVERYTHING for your own records.
If you’ve successfully disputed something in your credit report, please tell us what happened and the outcome in the comments below.
Photo by reway2007 
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