Credit Report: Know What's in Yours (cont.)
Contributed by Julia Reese
What should you do if you do find discrepancies in your credit report?
There are a couple of main reasons that discrepancies can surface on your credit report. One reason is if your name is very similar to another person's name; information in your files can mistakenly be interchanged. The other reason is much scarier, identity theft. Federal and state laws exist for correcting errors in your credit report. Oftentimes, when you order a copy of your report, enclosed will be instructions for handling such situations.
Also, national credit bureaus are required to have a contact phone number for you to reach them. Once you have informed the credit bureau of your dispute, federal law allows thirty days for the bureau to investigate the matter. The bureau must review all of the relevant evidence you provide and errors must be rectified. If the credit bureau is unable to verify negative information, it must be omitted from your file.
Then you are entitled to receive a revised copy of your credit report, and you can request that it be forwarded to any party who has denied you credit or services.
The bottom line is to make sure that you know what is written about you. Your credit is yours and no one else's. Protect it.
