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Credit Report Errors

Credit report errors can be frustrating and seem unfair. A credit report error can result in bad credit. For the consumer to have a credit report error removed a credit dispute must be initiated by the consumer. It is important to check your credit report occasionally in case a credit report error such as a billing error has occurred o. The credit report error is damaging to your rating and in many instances is reported by one of the three credit bureaus, Experian formerly TRW, Equifax or Trans Union, as a negative remark.

If you feel something has been added to your report in error contact the creditor immediately. It is highly recommended you contact them by letter so that you can keep a copy of the letter as record for future referral during the credit dispute.

You can obtain a free credit report from many agencies online and most of them are instant credit reports so if you have been turned down for credit and do not understand why, it could be because something is recorded that is negative and it is an error. If a loan has been paid off on time or a payment is listed as late that was not make copies of checks and receipts and include them with any other documents that you send to the creditors.

An error on your credit report is annoying and time consuming for the consumer. It is important you take care of contacting the creditor and it is wise to contact all of the credit bureaus once the dispute is resolved.

The law is in the consumer's favor regarding matters of errors on a credit report. The most important step for a consumer to take is acting promptly in matters of the error. The law is in the consumer's favor when errors appear on their credit report. The Fair Credit Reporting At is a watchdog organization that protects consumers and errors on credit reports certainly falls within the perimeters of this act.

The Act protects the rights of credit active consumers. One of the ways it does this is by placing a limit on who may see a copy your credit report. Your credit report is private and can not be viewed by the public. This law is to protect your privacy and protect you from identify theft and other matters similar to that.

If you initiate a credit dispute regarding the credit error, either with a creditor or the credit bureaus, you will need to file an amendment with all the three of the credit bureaus. The amendment is a statement that will explain to the credit bureaus what your side of the dispute is and why you feel it is an unfair or erroneous reporting on your credit statement. The amendment is also required to be included in your records each time the debt is reported. Unfortunately filing an amendment will not clear up your bad or negative credit rating. Nor does it guarantee that the debt will not be held against you. It is a notation for lenders or employers to look at when reviewing your credit report. The party or parties reviewing your credit report however can and probably will ask you about the credit dispute and you can explain. The lender or employer can then take the issue into consideration and use the information, if they choose, while making their decision.