How to Write a Credit Bureau
Posted By: Chase Sagum | January 21, 2013 | 0 Comment(s)
Disputing accounts on your credit report can be very challenging and frustrating especially when you are unfamiliar with the credit report dispute process, unaware of your options, or know where to locate resources. It is easy to become overwhelmed by all the factors you need to consider to ensure you effectively dispute the account reflected on your credit report. Did you know approximately 70 percent of credit reports contain serious inaccuracies? Needless to say, understanding your rights will assist you in correcting any discrepancies, fraudulent information, and derogatory data reported by credit bureaus. Under the Fair Credit Reporting Act. credit bureaus are required to fix any discrepancies that are incorrectly reflected on your credit report. Therefore, it is essential you understand what steps you need to take to obtain the justice you deserve.
Steps to Consider When Contacting a Credit Bureau
After you have obtained a copy of your credit report and recognize there are accounts that need to be addressed, you need to identify the best approach to take to repair your credit. These simple steps can get you the response you need to dispute accounts on your credit report:
- Determine What Charges are Being Disputed. Before you begin drafting your letter to the credit reporting agencies, ensure you understand the account being disputed, why it may have been reported to the credit bureau, and other pertinent data that will need to be considered before contacting the credit bureau.
- Know Who to Contact. Equifax. Experian. and TransUnion are the three credit bureaus you will be working with to resolve discrepancies on your credit report. Contacting each agency is highly recommended to ensure your credit report is updated with each credit bureau.
- Identify the Type of Letter You Will Need to Write. There are many letter formats available to address various disputes on your credit report.
Letters requesting removal of inaccurate information, letters requesting removal of inquiries, and letters regarding debt validation. Ensure you determine which letter is most appropriate and effective to resolve your credit reporting problem.
- Know What Information to Include in the Letter. After you have identified the type of letter you will need to write, ensure you include all the required information for the credit bureau to thoroughly investigate your case. For example, identify each item you are disputing on your credit report, include factual information about why you are disputing the data, and state what action you are requesting. Additionally, you will want to enclose any supporting documentation with your letter to further support why you are disputing inaccurate information. Be sure to include your personal information, data pertaining to the account such as the account number, and creditor.
- Get to the Point. When formatting your letter, be sure you are clear about what you are requesting. Do not include unnecessary information that does not appropriately support your argument. Be sure your letter is easy to read and pertinent information is easily identifiable.
- Contact the Creditor. After you have submitted a dispute letter to the credit bureau, it is recommended you also contact the creditor. This step is needed to inform the creditor you are disputing an account, to advise the creditor you have notified the credit reporting agency, and to explain why you are disputing information that has been reported by the creditor to the credit bureau.
Knowing where to go, identifying who to contact, and understanding what actions you need to take is essential in shortening the overall length of the dispute process. These helpful steps can assist you in eliminating some of the hassle associated with fixing inaccuracies on your credit report. If this feels like too much work you can hire a credit repair agency to handle work for you; however, remember these steps to help you understand the process.