Dispute Negative Credit Report — Find Out Now and Clear Them Away

A credit report is an assessment of your payment track record and is a succinct measure of your financial credibility. Well, if you do not know what your score is, you must order one from the National credit reporting agencies. This is the first step to make an assessment of how you are seen by the creditors in the financial world. The three national credit reporting agencies are Experian, Equiqfax and TransUnion. You can get a free credit report once every year. Let us start by understanding the contents of a report.

A credit report can be classified into four sections that include your credit history, identifying information, records and inquiries. Since a credit report contains vital information that is used to evaluate your score it is absolutely essential that you look into the details of the report to check for the accuracy of the information. This is becoming more and more important due to the fact that your credit score is mandatorily used by all creditors or banking institutions before they decide to offer any financial service.

It is extremely important for you to check the reports not just from one agency, as any of these can be used as a source for checking your report. Even though the probability of all three agencies reporting the same score is high, there is a likely chance that something has gone wrong with the data records maintained by these agencies. Who other than you knows the truth better? It is therefore highly advisable to check and dispute the credit report in case of errors if any.

If you find discrepancies in the report start by sending a written request to the corresponding bureau. Remember to include all supporting documents as you will get a faster response and a speedy resolution. In the meantime you should contact your creditor and inform him about the same. This is very crucial as you are making an attempt to directly correct the error at source. If you receive a faster response from your creditor, following up with the reporting agency will be an easier exercise. The credit reporting agencies cannot drag the case for too long as they have to close out the inquiry within a period of 45 days. As you see, the benefits of checking your credit report regularly for discrepancies are many. You should do this exercise at least once a year or before you plan to approach the creditor for financial help.

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