Even credit reporting agencies make mistakes. Unfortunately, when you apply for credit, potential creditors verify information against what's in your credit report---even if it's wrong. A simple mistyped birthdate can mean you are denied credit, even if it's not your fault. When that's the case, you must take steps to correct the erroneous information. This is even more important if the erroneous information stems from something more troubling, such as identity theft.
Contact Credit Reporting Agencies
When your credit report shows the wrong information, contact the credit reporting agency from which you got the report. Equifax, Experian and TransUnion are the three national credit reporting agencies in the U.S. It's important to check with all three, because not every creditor that reports to a credit reporting agency necessarily reports to all three. Therefore, it's entirely possible that you might have different information on each report---including errors. While the three agencies are required by law to communicate with one another if you report suspected identity theft, they do not usually share information otherwise, so you must contact them separately. Their websites have forms online for disputing errors, and you can also contact them via phone or postal mail as well.
Contact Creditors
If the erroneous information your credit report was something reported by a creditor, you should contact that creditor in addition to contacting credit reporting agencies. While credit reporting agencies must follow up on your error report within 30 days of receipt, contacting the creditor that filed the report may speed up the process. Notify them of the problem, and provide any supporting evidence you may have, if they require it. For example, if a creditor is reporting that you failed to pay off a balance, yet you have bank statements and canceled checks to prove it, you may need to submit copies to clear your record. Creditor contact information can be found on your creditor's statements. If identity theft is involved, search for the creditor's website to find contact information and resolve the situation.
Follow Up
Credit reporting agencies must investigate error claims within 30 days, but it is your job to make sure that your credit report is accurate and stays accurate. All residents of the U.S. can request a free copy of their credit reports once every 12 months via AnnualCreditReport.com. As of January 2011, it is the only service that provides a truly free copy of your credit report, without requiring you to sign up for other services in order to obtain it. Monitor your credit report after the 30 days have passed, so you know that the erroneous information was changed. It is a good idea to monitor your credit report on a regular basis, whether or not you spot errors.
Identity Theft
In some instances, significant errors may appear on your credit report. Misspelled names and wrong birthdates are simple errors that anyone can make while typing. However, entire accounts with creditors that you do not recognize may be signs that your identity has been stolen, and new accounts opened in your name, without your knowledge. If you suspect that this is the case, you should still contact both credit reporting agencies and creditors immediately to let them know that you suspect fraud. Credit reporting agencies will place a fraud alert on your file. Contact your local authorities as well. If the possibility exists that the thieves have your Social Security number, the Social Security Administration has a list of steps you should take. The Federal Trade Commission also has a helpful guide available for all types of identity theft.
0 comments:
Post a Comment