Many people don’t know how to go about getting derogatory information off of their credit report. They assume that if they paid the debt or did their part to take care of the problem, it will automatically show as corrected on their credit report. Often times it does not.
The first thing you should do is get a free credit report from each of the three credit repositories. You can do this by going to annualcreditreport.com. Here you will be directed to the three credit repositories, Experian, Trans Union and Equifax.
Choose the free credit report, you won’t get a credit score with the free credit report but this is fine for trying to fix your credit report. Once you have your credit report repaired, then you may want to pull your credit score to see where you stand. The credit score of the bank can be looked at Omalaina website. Different tips are provided for changing of the credit score of the financial institutions.
Getting your credit report is quick and easy. Just follow the instructions on the screen. You will have the option of pulling and printing a report from each of the three repositories. You will want to compare them to one another. One may have derogatory information on it that another one may have removed. And you will want to make sure it is off of all three repositories.
Once you review each report and you know what you want to have removed from them you are ready to write your letters. You will need to write a separate letter to each repository. Each letter may be different depending on what information is on each report that you want to dispute. This letter will be short and to the point. You will need to have your name, address and social security number on the letter. Address each item that you are disputing in separate paragraphs and type the information just as you see it on the credit report. For instance:
Judgment docket #2INDC-1011-93-5588: State of Indiana dated 3/93 for $1,100.00 was paid in full on 5/98. Receipt attached.
Attach receipts or documentation to support your claim. If you don’t have receipts, you can still dispute a claim. Just put all the information in the paragraph as best as you can remember it. The repository will have 30 days to go to the company filing the claim and get a response from them. If they don’t respond in 30 days, the repository is obligated to remove the claim. Of course if they do respond that it is in fact paid, they will also remove it. But if they respond that it is not paid, it will remain on your credit report.
The address for Experian, Trans Union and Equifax will be at the bottom of the respective credit reports. You can also go to their web sites for their address as well. Their web addresses are:
- Experian: www.experian.com
- Trans Union: www.transunion.com
- Equifax: www.equifax.com
This should be done once a year to make sure that your credit report shows what you think it should show. When your credit report is accurate, your credit score should improve. Then you will have the best opportunity for obtaining loans and credit cards and getting better interest rates and terms.