When you are applying for an auto loan or a mortgage, your credit score can become very important. A good credit score can save you hundreds or maybe even thousands of dollars in interest charges. If you are considering a large purchase and you just found out that your credit report has errors on it, then you will want to get those errors taken care of quickly.
Do It Yourself
According to the Federal Trade Commission, a credit company must respond to every dispute filed by a consumer, and it will normally respond within 30 days of receiving it. A complaint filed over the Internet or by phone is considered filed immediately, while a complaint that is mailed in can take several days to be registered. Use the credit agency's online form or its toll-free phone number to get the fastest dispute results.
Go to the Issuer
If you have tried to have an erroneous credit entry removed from your credit report but it will not be removed, then the chances are that the credit issuing company is reporting back to the credit agencies that the information on the credit report is correct. If you have proof that there is an error, then your next step has to be to contact the credit issuing company and dispute it directly with the company. You may have to fax a few pages to the company to prove your point, but if you show the company that it is wrong then it can let the credit reporting agencies know about the error and have it removed instantly. Be sure to ask the credit company to document the change in writing to you and keep that letter in a safe place when you receive it.
Rescorers
According to Liz Puliam Weston writing for MSN Money, there is a service referred to as credit rescoring that banks and lenders use to quickly repair your incorrect credit entry. If you are ready to close on a loan and one of the credit agencies makes an error on your account the day before you close, then the lender has the right to alter the deal and add on interest points or even deny the loan completely. If you have proof that there is an error on your credit report, then the lender can bring in a credit rescorer to evaluate the information and get the report changed with the credit agencies. The rescoring company has a relationship with the credit reporting agencies that allows them to speak on your behalf and get results. So if you are about to be denied a loan for something that you know is an error, ask the bank to get a rescoring agency involved to quickly repair the error. Rescorers can only be retained by lenders, but they can get results quickly.
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