Hey Frugs! So, errors on your credit report are not hot! Bad information on your report may lower your score, causing you to pay higher interest rates when you need a loan.
Boo and hiss!
So, if you check your report at annualcreditreport.com and discover some mishaps on there, the National Foundation for Credit Counseling has some tips for how to correct the error. I’ve included a few below!
Disputing Errors on Your Credit Report by the NFCC
1) Do review the report often. Frequently reviewing the report allows action to be taken promptly if a problem is found, or if identity theft is suspected. Reviewing at least three months in advance of a major financial move allows time for most inaccuracies to be corrected.
2) Do understand your rights. The federal Fair Credit Reporting Act (FCRA) provides consumers with protections around the accuracy and privacy of information in their credit file. The FCRA holds both the credit reporting company and the entity that provided the information to the bureau responsible for investigating and acting upon the dispute. The bureaus have dispute resolution processes in place, but it is up to the consumer to initiate the process by submitting the dispute form either online, by mail or by phone.
Read more about how to dispute errors on your credit report at The Frugalista’s website.
Natalie P. McNeal is the editor of TheFrugalista.com and the author of The Frugalista Files: How One Woman Got Out of Debt Without Giving Up the Fabulous Life.