It is estimated that you can expect to find a mistake on your credit report almost 75% of times. Fortunately, the fair credit reporting act requires that any inaccurate information they collected with approximately 30 days from the consumers filing of respect requests over a dispute. There are some of the common areas where you can find mistakes on your credit.
Items you should dispute if they are inaccurate:
- Personal information: your name, address, phone number, Social Security number and date of birth.
- Employment: name of company, hire date, position, and phone number.
- Information on accounts belonging to someone else.
- A late payment recorded when you had paid on time.
- Balances that are higher than they really are. You should understand that sometimes creditors only the highest that you ever used on account. This can affect your score by more than a few points. If the balance being reported is lower than what you have for, you want to you to leave that entry be.
- Debts that were incurred by your spouse before you got married.
- A public records showing as active, such as judgment, tax lien, bankruptcy filing that was actually paid, dismissed or discharged.
- An account that was closed by you but is being reported as closed by the creditor.
- Duplicate accounts. This can happen when an account is turned over or sold to a collection agency.
- A bankruptcy vacation that does not include a chapter of the bankruptcy code that it was filed under or its disposition.
- Inquiries that were not authorized by you.
Section 611 of the credit of the fair credit reporting act doesn’t give a very detailed description of what inaccurate stands for in the information on your credit report. When you communicate the inaccuracy to the credit bureau, do not describe the error as simply being inaccurate as you will not get a helpful response from the credit reporting agency. You should either describe the item with a simple “account belongs to me” or provide correction details yourself if you think that will improve your credit score.
Find the mistakes and inaccuracies and minor ones such as transposition of numbers of a collection or a charged off account, and the credit reporting agency will mostly just correct account number specially if you provide the number you believe is the correct one. However, if you believe that the account number is not the one you have on record, tell the credit reporting agency that it is not your account. If they cannot verify it from the collection agency or the creditor, they will have to delete the account from your credit report.
Remember that an account can be considered inactive for many reasons. Look for errors in all places such as dates, balances, payment history and how the conference title such as joint selling single. The. Deal with the account accordingly if in your dispute that by either having or either trying to collect the information or having it removed from your credit file altogether. The result of the dispute will depend upon the outcome of the investigation done by the credit reporting agencies and the verification it receives back from the creditor.