In 2004 a study found that not only were there errors in almost 90% of all credit reports by the â€™Big 3â€™ credit reporting agencies (Equifax, Experian and TransUnion) but that nearly 25% of these errors were bad enough to cause the person whose report was wrong to be denied credit. One of the biggest problems with this is that most people find out about these mistakes only when they have been denied credit.Â To that end weâ€™ve put together a guideline below on what to do to clean up your credit report if there are mistakes in it. Read along and take notes because this stuff is important.
Wars are won by the side that is the most prepared.Â If thereâ€™s a legal battle to come over your credit report youâ€™ll need to have all your ducks in a row (with little duck shotguns ready) to meet the enemy head on.Â Weâ€™re being a bit facetious but you really need to be super prepared which means that you should do everything you can to keep track of, list, print and / or document EVERYTHING about your credit problem and history. The fact is, if you go to court or face an agency that wonâ€™t budge you will need this â€˜ammoâ€™ to survive the fight.
Write down, not or keep track of everything as it happens.Â Names, dates, times, places and so forth.Â Even if you never get to court (and most likely you wonâ€™t) you can use these detailed records in many cases to get what you want, which is fix your credit report.Â The simple fact is that if you are detailed and document everything you will find that the Big 3 are more than willing to listen and do whatâ€™s legally right.
Always remember to keep it professional at all times (even though you may want to bite someoneâ€™s head off). If the worst happens and you go to court the last thing you want is for someone to testify that you were belligerent, foul mouthed or otherwise nasty. That would make any judge not happy and not exactly put them on â€˜your sideâ€™. Also, when in court (if it happens that you end up there) the same thing goes.Â Nobody likes an angry jerk screaming at them, least of all a judge or jury.
Contacting the creditor that has made the mistake is sometimes a necessary evil, even though some experts believe that the credit reporting agencies have the duty to get to the bottom of whatâ€™s happened.Â They donâ€™t always do however and so you might need to contact the actual creditor and get to the bottom of your problem. The same rules apply to decorum here so be nice.
Come back next week for Part 2 and weâ€™ll show you the rest of the steps you need to take to clean up your Credit Report.Â See you soon!