Dr. Mary Ann Campbell, CFP® = "Dr. MAC"

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Credit Report Errors could be Costing You Money

Wednesday, February 20th, 2013

Inaccurate information that lenders are providing to credit-reporting bureaus could be costing you more in interest rates according to the Consumer Data Industry Association, a trade group.   The Federal Trade Commission study released this month found 26% had at least one error in their report, and 13% realized a change in their credit score when these errors were corrected.

Could you be among those who might benefit from correcting an error in your credit report?   You may receive one free credit report a year from each of the three credit bureaus by logging into www.annualcreditreport.com.  Your options are to print out your report; or print a form to complete and mail in so that your report will be sent to you in hard copy; or telephone the credit bureaus for a copy of your report.

I recommend not getting all three reports at once.  Rather, order your free credit report from a different bureau every four months, so that you’re monitoring your credit activities year round.

Gerri Detweiler writes for Credit.com and provides an excellent path to correcting errors in your credit report.  She points out you need to decide whether to send your dispute to the credit reporting agency or the company furnishing the information.  Another decision involves disputing online or by mail.   By all means provide as much documentation as possible and keep records of your dispute.

If you find your situation unique and difficult, consider a credit repair company as a last resort.  There is a Best Credit Repair Companies website that rates such companies.  A less costly service might be the National Foundation of Credit Counselors where you can receive an initial free visit to see whether or not they can be of assistance.

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