How To Make Corrections On A Credit Report
How To Make Corrections On A Credit Report
Posted on May 11, 2021
The vast majority of credit report entries will be accurate but there is always room for error. Databases rely on the quality of information put into them to deliver quality information out the other side and mistakes can happen. So, how to you make corrections on a credit report?
Our Copetown auto loans team takes it from here.
Mistakes happen. It’s nothing personal but mistakes can have a personal impact.
Any mistake on your credit report can reduce your score or cause a lender to refuse an auto loan. Neither of which we want happening to you.
That’s why we recommend checking your credit score at least once a year even if you’re not planning to get a loan.
How to Make Corrections on A Credit Report in Copetown
If you do spot a mistake on your credit report, what happens? Many auto loan websites recommend going straight to the credit bureaus and opening a dispute. We recommend talking to the organization who made the error first as it can be a shorter and more straightforward process.
Here’s what to do.
Identify the error and the organization who made it
You’ll need to find out who made the error, what the error is and make a record of it to be able to follow it up. Your credit report should list the organization next to the entry so this is the easy part.
Now comes the more challenging part.
Gather evidence to prove your case
Even though you’re the injured party here, you have to prove it. Whether you go to the organization or directly to TransUnion or Equifax, you’ll have to provide evidence that the entry is a mistake.
If you did business with the organization who made the entry, this should be straightforward as they will have a record of you. If it’s an organization you haven’t done business with, you may have a harder time but it’s still worth the effort.
Wait for the organization to take action
Depending on how the organization responds, you may have to wait a while until anything happens. We would recommend leaving it a week or two unless you’re given a specific date by the organization.
If you don’t hear back, follow up with them regularly until they either stonewall you or take action.
Raise a dispute with the credit bureaus
You can also go straight to the credit bureaus and raise a dispute if that works better for you.
It’s an old fashioned paper exercise but it’s your opportunity to outline your case. Make sure to include documentary evidence to support your view so there is no delay. Include all the evidence you can so the bureau can make a quick, informed decision.
Here are the forms you’ll need. Equifax dispute resolution and TransUnion dispute resolution.
The bureaus may take a couple of months to get back to you but they should take action. If they find in your favour, they will adjust your credit report accordingly. If they don’t, they won’t.
Each bureau should inform you in writing of their decision. Once you receive the confirmation, you should recheck your credit report to make sure the error has been addressed.
When you’re ready for a car lease or loan, get in touch with the Copetown auto loan experts at Northway Ford for great deals on auto finance.
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