Get Your Free Credit Report - Review for costly errors

Get Your Free Credit Report - Review for costly errors


Upon ordering your free credit report it is common to observe several errors. First, know you're not alone, experts say that as many as 70% of all credit

reports carry errors. Having errors on your credit report can end up costing you thousands of dollars potentially. Most people are unaware of what is being reported on their credit reports and what their credit score is with the three bureaus.

What should you do about the errors?

First, you are going to need to write to each of the reporting credit bureaus about the error. Write a kind and well thought out letter - remember they only

report what is sent to them by your creditors. Even if the credit report error is theirs, rudeness won't get you any closer to resolution.

Make sure to include a copy of your free credit report with your letter and highlight the errors that you found.

When an error is reported, the credit bureaus will investigate the issue with the creditor and present the results to you within 30 days. During this period be

patient as this is not a fast process normally.

If the creditor confirms that the error should not have been reported, the credit bureau will clear the error from your report. If the creditor insists that the

entry is valid, you have the right to disagree. Write a brief statement explaining why you believe the entry to be invalid. This will be placed in your record

and a copy will be given to future creditors.

What kind of entries are errors that can be removed? Charges for: 1. Something you didn't buy or which was purchased by someone who did not have

authorization to use your account. (a stolen card, or identity theft) 2. Something you ordered that was not delivered or which you refused on delivery 3.

Something not properly identified on your bill, or does not match the actual purchase price an date of your purchase.

Other errors can be caused by a data entry mistake, a mathematical error, missing payments, or failure of the creditor to change your address after

proper notification.

The credit bureaus are interested in correcting any invalid credit report entries as quickly as possibly - because the penalties for failing to correct errors

are serious. Under the Fair Credit Reporting Act, their failure to remove information that has proven to be false entitles you to actual damages plus punitive

damages.

Once you have contacted a credit bureau about an invalid entry, a creditor may not continue to report damaging information until the inquiry has been

resolved. This includes giving information to other creditors or reporting to credit bureaus. They are also prohibited from attempting to collect on the debt

while under inquiry.

Get your free credit report now at http://freecreditshield.com/ - read it and take action if you find errors.

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