When a creditor muddles your Credit Report

Everybody makes mistakes, but if one of your creditors makes a mistake on your credit report, how do you correct that?

The mistake may have been accidental, but the credit reporting agencies are not going to remove the mark against you just because you ask.  You need to fix things with your creditor first.

• Review your credit report and find out the exact nature of the mistake.
• Carefully document the incident.  You will need to provide copies of all relevant receipts and every related document to prove the error.  Make copies.  Never give anyone the originals.  In litigation, if it comes to that, only the original documents are considered.  Always keep the originals for yourself.
• Follow up any phone calls in writing.  Written resolution is the only kind that counts.  Anyone can say anything on the telephone; whatever is in writing becomes a matter of record.  Make sure you send copies of every related material to the address for filing such a challenge.  Do not mail these materials to the address where you send your payments.
• Follow up on your dispute.  Give your creditor fifteen days to respond to your claim.  When making follow up calls, keep a detailed journal.  Record the names of the people who spoke to you, what they said, and when they said it.  Make your responses part of your written record as well.
• You really should journal the whole incident.  Keep a written record about when you first discovered the error, exactly what the error is and everything you did to correct it from that point forward.  Nothing can compare to a written record and, you can bet, the creditor is writing it all down, too.
• The law requires that your creditor must consider your dispute within thirty days.  If the creditor agrees there is a mistake, they must contact the credit-reporting agency and modify their remarks.
• Get the creditor to issue you a copy of the modification.  Keep it, securely, in your records.
• Wait for thirty days and get a copy of your credit report to make sure the modification was made.

Many companies offer paid services to correct your credit report.  There is really no need to pay someone else to do this.  Only you always have your best interests at heart, and no one is more familiar with your financial situation than you.