How Do I Correct Inaccurate Info on my Credit Report?
It is estimated that 1 in 8 Americans have a credit report which has a major mistake on it, whilst 8 in 10 reports have a "minor" issue that could be resolved with a simple phone call. Unfortunately, due to the time constraints on people these days, many individuals find it impractical to snoop in on every entry in their credit report, and force adjustments when necessary.
Let's face it - this is a poor excuse for the inaction. The reality is that credit reports have a vast influence on our lives, and therefore if you are willing to leave your report sitting there with major or even minor mistake, your credit score will suffer, and the negative influence from that single entry could carry over to many different areas of your life - some which you might not ever expect.
In this article, we'll look at these influences - both seen and unseen - and we'll see how it is that you can easily correct issues with your credit score, without dedicating a whole afternoon to the cause!
How to Correct Incorrect Information
Correcting information which is wrong is surprisingly easy. All you need to do is identify the issue, call the credit reporting agency, and let them know why you want to dispute the entry. Following this, the agency will take the following action:
- Minor mistake - entry will be corrected immediately.
- Major mistake - you'll be asked to enter a dispute form in preparation for an investigation.
Ultimately, both of these things are extremely easy to comply with, and they present no issue or timing problem at all (filing a dispute form takes all of 5 minutes).
Influences of Incorrect Credit Report Entries
If you have an incorrect entry on your credit report which you leave unchecked and unedited, you run the risk of having a number of problems down the track, especially when it comes time to apply for extra credit or even apply for a new job.
Hence, a few direct and indirect consequences of inaction in this area are:
- Not being able to consolidate debt.
- Unable to renegotiate or restructure debt.
- Difficult to ask for extensions.
- A lower than average credit score.
So - the moral of this article? Check your credit reports, and correct any applicable errors as soon as possible!
