Credit Report Dispute
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Credit report disputes certainly are possible and consumers, therefore, should frequently review their credit to see if there is any incorrect, missing, or outdated information. The world today revolves on credit and when there is a blemish on a report, the results can be devastating; creditors can turn down borrowers as well as charge higher interest rates. Consumers need to know what is being reported regarding their payment histories.
If there is a discrepancy that has been recorded, a credit report dispute will need to be filed in order to report the inaccurate information. Because human hands enter the data, there always is the potential for mistakes being made. Furthermore with the increase in identity theft occurring, monitoring one's financial records has become essential. Consumers will want to submit a dispute for any incorrect information being reported, regardless of the cause or reason of the incorrect data.
When a consumer finds information on their report that is inaccurate, they can take steps to enter into a credit report dispute. These are handled in a specific manner, so consumers will want to follow carefully the standards that are already set to insure that all the incorrect information is removed from financial history as soon as possible. Under the Fair Credit Reporting Act, (FCRA), agencies, such as banks, credit cards, mortgage companies, that are providing the information to the reporting agency, must correct information that is wrong, or incomplete. When contesting information regarding their financial history, consumers need to contact both the lender that has issued a bad record, and the reporting agency or bureau.
Furthermore, when reporting credit report disputes, consumers also need to put their concerns in writing, detailing the problem by noting the wrong information as well as the correct information. Any documentation that can support the discrepancy also should be included. In addition, the the consumer should request also in their letter that the information be removed or corrected. All correspondence associated with the request for correction of financial information should be sent certified mail with a return receipt requested. Finally, the consumer would be wise to make copies of all documents.
An investigation must take place with all credit report disputes. The reporting agency will conduct the investigation for the dispute and contact the agency that provided the information. If the information listed is found to be in fact true, then the bureau will notify other reporting agencies of the information that must be corrected. When an investigation is complete, the reporting agency must notify the person filing the credit report dispute what the investigation revealed.
Finding out their is a problem with financial records can be stressful. However, if walking with the Lord, the person who finds themselves in this situation can be confident that "Though he fall, he shall not be utterly cast down: for the Lord upholdeth him with His hand" (Psalm 37:24). By trusting in God's guidance and protection, as well as following the steps to remedy the troubled financial situation, the Lord can be trusted to work all things for good.
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