Disputing errors on credit reports must be done right

By | Feb 25, 2013

Disputing errors on credit reports must be done right
News from Dallas Morning News:

Letting an error on your credit report go unchallenged could cost you a loan.

Your credit score is based on information in your credit report, so it’s critical that you correct any mistakes, especially if you’re planning to apply for a loan soon.

Under the federal Fair Credit Reporting Act, the credit bureau and the company that provided the credit information about you are responsible for correcting inaccurate or incomplete information in your report.

If you’re planning to make a major purchase, check your credit report far in advance to give time for any errors to be corrected.

“It’s not a quick fix, and also the dispute process does take a little bit of time,” said Heather Battison, senior director of consumer education at TransUnion, one of three nationwide credit bureaus.

Most disputes are resolved within 30 to 45 days, depending on what’s investigated, she said.

To dispute an error, you must have a copy of your credit report, which will list a report number and toll-free number to call.

“It is very important to be specific with your dispute,” said Rod Griffin, director of public education at Experian, another nationwide credit bureau. “State exactly what the issue is with an account.”

The Federal Trade Commission recommends telling the credit bureau in writing what information you think is inaccurate.

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Related News:

Officials: Big Increase in Credit Report Errors
News from Patch.com:

Rep. Steve Israel, D-Huntington, and Nassau County District Attorney Kathleen Rice say there has been a sharp increase in credit report errors and tax identity theft.

In a press conference at the Bethpage Federal Credit Union Friday, Israel and Rice offered tips to keep consumers safee during tax season. According to a recent study, one in four had at least one potentially material error. Also, in the first nine months of 2012 alone, the IRS identified almost 642,000 incidents of tax identity theft. 

“The prevalence of credit report errors and tax identity theft is staggering,” Israel said. “While many believe that it could never happen to them, the statistics show otherwise.”

Israel and urged local residents to be aware and take steps to reduce their risk.

“I am also calling on the

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