You do not send in the information that comprises
your credit history -- your creditors do. However, you are responsible
for the accuracy of the information contained in each of the three
credit reports about your financial life.
Expect that there will be some problems. Statistics
show that approximately 70 percent of all reports contain at least
one error. These mistakes can sometimes cause you to be turned down
for a loan or to be charged the highest interest rate on a credit
It's not difficult to get rid of mistakes, just time
consuming. As the wheels of correction grind slowly, there may be
weeks -- or even months -- of phone calls and exchanging of real
mail or e-mail.
Steps to correct mistakes
There are standard procedures to get rid of mistakes on your credit
Report credit errors quickly. Even the smallest error
could seriously dent your credit chances. If
you find a mistake, send a separate letter to each agency where
a mistake is found. Be sure to explain the situation in detail and
include a copy of the credit report with the faulty information
Any error that you find must be investigated by the
credit reporting agency (Experian, Trans Union or Equifax) with
the creditor who supplied the data. The credit reporting agency
will remove from your credit report any errors a creditor admits
are there. If you disagree with the findings, you can file a short
statement in your record giving your side of the story. Future reports
to creditors must include this statement or a summary of it.
The Fair Credit Billing Act requires creditors to
correct errors promptly and without damage to your credit rating.
What is an error?
||The law defines a billing error as any charge: