Is your credit report accurate?

Check your credit report

The first order of business is reviewing your credit reports. In doing this, you can identify and address any errors that have been made which adversely affected your score. You are permitted an investigation into incorrect, misleading, and incomplete information contained in your file. Miracle Credit Repair's partners can help you identify and dispute these errors. Your report may be entirely accurate, but reviewing your reports also helps you recognize negative patterns that lowered your score so you are better equipped to avoid similar spending and payment errors in the future.

Obtaining one report per year from each of the three major consumer reporting companies-Equifax, Experian, and TransUnion-is free, though requesting additional copies will incur small fees. You are also entitled to a free report in the event of adverse action against you because of your report (denying employment, credit, or insurance, for example), or if you are unemployed or on welfare. Certain stipulations may apply, and you will need to make the request within sixty days of the date you were denied.

Addressing inaccuracies in your credit report

Clearing up your credit reports to reflect complete and accurate information is vital to your future as a borrower. Doing so revitalizes your credit worthiness. Serious errors within your credit file can result in a lender denying your loan application, and even seemingly minor errors can slowly erode your credit, or prevent you from obtaining desired loans. Errors in your personal information, such as your name and address, could cause identity confusion. You, John Smith, do not want Jon Smith's bad credit habits reflected in your credit report. Depending upon the inaccuracies in your reports, the process of correcting your reports is not always a quick or minimalist process. There are certain steps you can take, however, to begin the process of clearing these errors from your credit. The updated Fair Credit Reporting Act (FCRA) and the Fair and Accurate Credit Transactions Act (FACTA), both legislated in 2003, give consumers improved rights in obtaining, reviewing, and disputing their credit reports. One of our credit repair company partners can help you through the process. The bare basics of the typical process are as follows:

Because both the consumer reporting company and the business that provided the information to the consumer reporting company share responsibility for inaccurate information in your file, both companies should be contacted with the claim dispute. With the assistance of your Miracle Credit Repair partner, you will send a letter to the consumer reporting agency, stating what information in your report you are disputing and why you dispute it. You will need to provide copies (not originals) of documents that support your claims. It is sometimes a good idea to include a copy of your credit report on which you circle or highlight the disputed information. Clearly explain your dispute and request that the bad information be removed from or modified on your report. Granted the reporting company finds your claim credible, they will launch an investigation and notify the company that provided them with the allegedly faulty information. If the results of the investigation agree with your claims, the errors will be removed or changed and all three major consumer reporting companies will be notified in writing, as will you and the company or companies from which the flawed information came. You should also be provided with a free revised copy of your report. You may request to have your revised report sent to companies who recently received the incorrect version of your credit report. If the investigation does not end in your favor, you still may request that your dispute be filed, and it will be included in your future credit reports. Your credit repair company should maintain copies of every document, letter, and report for your files.

Wrong credit information could also have something to do with credit repair scams. For more about avoiding scams, read the warning signs we have given that might be indicators of scams.