Credit report errors are very common. Most are inconsequential, like spelling errors in accounts or addresses. But some drive down your Fico score and point to fraud-these errors need fixing asap.
To correct credit report errors, start with creditors. They are the ones reporting to the bureaus; in fact most credit report errors originate with them. Use any documentation you have to substantiate your claim (cancelled checks, bank & account statements, discharge papers). Request that the creditor contact the bureau directly, and also send you a letter detailing the error and reporting it as cleared. Get all pertinent details on the letter-name, Social Security number, account number, dates, manager spoken to, date, address, etc.
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Are all Credit Reports the Same?
Do-it-yourself error correction for your credit report takes from 30 to 60 days. You have to gather documentation, contact the bureaus reporting the errors and wait for the bureaus to process and approve the corrections.
But what if you've found your dream home and need errors and fico scores updated fast? Sellers don't like to wait and markets are competitive with other buyers ready to pounce. Fortunately, there's a faster way to get your credit report errors corrected.
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If you've had credit troubles, the paradox of improving your credit health is that 1) you need to review your credit report regularly, 2) credit reports are typically ordered online with a credit card, and 3) people with credit troubles often don't have credit cards. Credit cards are required to sign up for a free online credit report & trial offer to a credit monitoring service, but also to help confirm your identity.
Fortunately, this dilemma will be solved soon enough. Starting as early as December 2004, consumers can get a free credit report without a credit card from each national credit bureau (Equifax, Experian, TransUnion) simply by asking, once every 12 months. This service is in response to the overwhelming movement to make the high impact credit reporting process more open and to help thwart identity theft.
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Avoid Unnecessary Charges With your Free Online Credit Report
Getting your free online credit report seems irresistible. You know you need it, the price is right, delivery is instant…what's the catch? It's the required subscription to an ongoing credit monitoring service.
These services can cost between $50- $100 or more per year. You get the option to cancel the service before any charges start, typically within 30 days. If you're the type who can remember to cancel plans that start with freebies, you'll be fine if you're really in it just for the free online credit report.
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Benefits of Free Credit Reports
What does your credit report say about you? If you don't know, take advantage of free credit reports and get up to speed fast.
Why bother? Hundreds to thousands of dollars, that's why. The rates and fees you get charged by mortgage, auto, credit card and even insurance companies depends mostly on your fico credit score, which is calculated from the report data. A percentage point higher interest rate on a 30-year loan adds up to many thousands of dollars, spiking your monthly payments. With better rates, you can qualify for more home or keep extra cash in your pocket every month.
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A Free Credit Report, With or Without Strings
Here's great news for consumers wanting to stay ahead of credit report problems: you can get a free credit report directly from each national bureau, just for asking.
There are several circumstances that qualify, including suspected fraud, being unemployed or on public assistance, or being denied credit by any lender that used your credit report in the decision.
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Understanding Your Online Credit Report Before Getting A Loan
Understanding your free online credit report is one of the most useful things you can do before applying for a loan. This is because your free online credit report, which contains a wealth of information about your personal online credit report score, is the means by which potential creditors/lenders will determine if you are a good credit risk, and a way for them to establish that you have the sufficient and satisfactory credit history for the loan requested.
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