Watch Out For Credit Report Errors

Over the past few years many people have been complaining that they have seen more errors on their credit report. That’s very alarming because errors on your credit report can cause serious damage to your credit rating and score. Also if you’re already in debt and struggling financially then the last thing you need are errors and inconsistencies on your credit report. More credit report errors equals higher interest rates, which means more money out your pocket that you don’t have.

So my free personal finance tip of the day is to check your credit report regularly for errors because that’s the only way you’re going to find out.

Federal law requires that the 3 largest credit reporting agencies in the United States, Equifax, Experian, and Transunion provide one free copy of consumer credit reports a year.

Also, if you have been turned down recently for a loan, mortgage, credit card, line of equity, or any type of credit by law you’re eligible to receive a free credit report within 60 days of being turned down

Once you obtain a copy of your credit report you need to scan it carefully for errors. You should immediately contact Experian, Equifax, TransUnion, or all three in writing to contest the dispute. It is in your best interest to provide as much detail information as possible and any documentation that you have in your possession. Two, also send photo copies of your important and not the originals.

The credit agency is then obligated to investigate the credit entries in question within 30 days. Then, they must give you the results of their investigation, along with an additional free copy of the credit report if the report has changed due to the dispute.

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