Dispute Credit Report
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To dispute credit report information, consumers need to provide written documentation to the credit reporting companies proving why their information is inaccurate or outdated. It is free to dispute credit reports; it's not necessary to pay for a professional to handle these details. But consumers need to know the reasons for considering the option to challenge financial information. It could be because they were denied lending, or their insurance application was rejected, or because they were not hired on the basis of their credit standing. For these cases, consumers may wish to seek reputable debt counseling before launching a campaign to fight the reported information. A non-profit debt counselor can help identify the financial or budget blind spots, teach financial terminology, and explain consumer rights. With those who are better educated on their side, consumers can build a stronger case against the report information. Since negative histories are reported for up to 10 years and, in some instances, can be life-long, everyone's full understanding of how to dispute credit reports is worth the time and trouble.
Specialists who challenge financial information for a living are well-prepared to take all of their client's private information and work the system to get the right information into the right hands. However, clients will run the risk that those who are willing to offer such services may or may not be trustworthy. Choosing to dispute credit report information is not a quick fix; never believe that someone can erase negative or even wrong information easily. In the long run, individuals can do it themselves and learn excellent information while in the process. There are two main steps to dispute credit report information: make a written appeal to the consumer reporting company (Equifax, TransUnion, or Experian) and write to the creditor who has incorrectly submitted negative information. The Federal Trade Commission (FTC) gives more specific guidance on how to challenge information.
When consumers choose to dispute credit reports, they must understand that the process is detailed and involved. Individuals need to make copies like an investigative reporter and circle relevant information so that the evidence and the inaccurate information are linked. They should send all documents by certified mail and pay extra to have a "return receipt requested". Consumers need to save all correspondence until the issue is resolved. When challenging financial information, consumers begin a process that travels from the credit reporting company back to the creditor who makes the correction (ideally) and reports back to all three reporting companies to verify the true facts. It is important to dispute credit reports that rob people of their good name. Paul, an apostle of Jesus, said we should all "...lead a quiet and peaceable life in all godliness and honesty. For this is good and acceptable in the sight of God our Saviour..." (1 Timothy 2:2-3)
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