The right steps to take before disputing a credit error

By
Real Estate Broker/Owner with Mt Helix Lifestyles BRE# 01324429

The Washington Post

Right steps to take before disputing a credit error

Credit scores and reports continue to be one of the most important factors in determining whether

consumers are extended lines of credit, and the amount they are offered. Credit reports provide lenders

with a consumer's credit history, including missed or late payments. Consumers concerned about errors in

their credit reports should contact the three major credit bureaus to dispute the inaccuracies.

KEEP THIS IN MIND

• Not all lenders report to the three major credit bureaus - Equifax, Experian and TransUnion -

which means a mistake could appear on one, two, or all three reports. Rather than calling or

mailing a dispute letter to one central agency, the errors must be disputed separately with each

bureau.

• Consumers may obtain free copies of their credit reports once a year at

www.annualcreditreport.com. This report will only show credit history, and not credit scores. To

obtain a credit score, consumers can visit www.myfico.com.

• To dispute an error, consumers first should contact the lender that reported the information to the

credit bureaus. Next, contact the credit bureaus using the numbers listed on the credit reports.

This also can be done online at www.transunion.com, www.equifax.com, or www.experian.com. If

the report is more than 60 days old, consumers should obtain a new report, which may have a new

phone number. Also, if the report was obtained from a third-party site rather than directly from the

credit bureau, consumers may have to order a report from the bureau to begin the dispute process.

• Bureaus typically have 30 to 45 days to "resolve" disputes. If it's a simple factual error that is

acknowledged by the lender, it could take as little as two weeks. Either way, consumers are

notified of the bureau's decision via regular mail or e-mail.

To read the full story, please click here:

http://www.washingtonpost.com/wpdyn/

content/article/2009/05/16/AR2009051600021.html?wprss=rss_business/personalfinance

Posted by


Jason Kardos, Real Estate Broker/Owner

Cell (619) 303-2826

www.JasonKardos.com

Lic# 01324429

For Property Management

San Diego County Property Management

James Burrell (619) 742-8543

www.sdcpm.com

Lic# 01113057

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