In my previous blog posts, I have discussed regarding the factors that influence your credit score and what factors don’t affect your credit score. As told, today I thought of discussing regarding monitoring your credit reports and dispute inaccurate items – one of the essential things to have a good credit score.
Here’s a brief overview of how to do that.
First of all, you should order your credit reports from the 3 major credit bureaus, namely, Experian, Equifax and Transunion. You can order a copy absolutely free of cost at least once a year. However, you can also get free copies if your loan request has been denied or you’ve been a victim of identity theft.
Now, after you’ve ordered your credit reports, you should go through it carefully. Look for the following things in your credit report:
- Accounts that are not yours
- Late payments marked when you’ve paid on time
- Closed accounts mentioned as open
- Incorrect SSN (Social Security Number)
- Inaccurate employment details
- Incomplete/wrong name, address, date of birth and phone number
- Mark the errors/inaccuracies in the credit reports
- Fill out the form, provided by the bureau(s)
- Attach the specific credit report copy
- Mention the reason of inaccuracy
- Provide enough documentation to support your dispute
- Inform the creditors about the items you’ve disputed
- Send letters through certified mail with return receipt requests
Along with this, you should also look for:
Bankruptcies (if any) reported for more than 7 or 10 years in case of Chapter 7 and Chapter 10 respectively
Lawsuits and judgments which are more than 7 years old
If you spot any of the above-mentioned things, then you should dispute them by following these steps:
So, your responsibility doesn’t end just by making your payments on time. Your responsibility is much beyond that. Ensure that your credit report is error-free. This will help you have a good score and enjoy a good lifestyle.
