How to Remove Multiple Refinances from Your Credit Report

According to a study conducted by Public Interest Research Groups, 79 percent of credit reports contain mistakes. The contents of your credit report can have a profound impact on your life, since negative or incorrect information can damage your ability to rent or purchase a home, obtain credit or insurance, open a bank account, and even get a job. Sometimes, refinanced loans appear on your credit report as being separate, active, open debts. Consider some steps to take to correct errors like this, as well as other credit reporting errors you might encounter.

Step 1 - Credit Report

Have your most current credit report, from within 90 days. Go online to access all three credit reports (Equifax, Experian, TransUnion) from AnnualCreditReport.com. If you cannot access your credit reports online, request them in writing by providing your name, current and former address, Social Security number, date of birth, and signature.

Equifax Inc.
 

P.O. Box 740241 

Atlanta, GA 30374 

(888) 685-1111 

equifax.com



TransUnion 

2 Baldwin Place 

P.O. Box 2000 

Chester, PA 19022 

(800) 888-4213 

transunion.com



Experian
 

P.O. Box 9595 

Allen, TX 75013 

(888) 397-3742 

experian.com

Step 2 - Check for Errors

Circle any repeated entries or other errors and complete the dispute forms online. You can also choose to write to each credit-reporting agency if you wish to provide supporting documentation. To dispute online, you must have a current credit report and follow the instructions for disputing errors. To dispute over the phone, you must have a current credit report which shows the contact number to call for disputes.

Clearly explain your situation and request an investigation. Credit-reporting agencies have 30 days to contact creditors and verify your claims. After that time, the credit bureaus must inform you in writing of their findings and provide you with a new, free credit report if any changes were made.

Step 3 - Contact Creditors

Contact the creditors in question and request that the multiple refinances be removed from your credit history. Show your creditors where the same debt is appearing as multiple refinances on your credit report, and provide them with the credit bureaus' contact information to make it as easy as possible to correct errors.Tips
You can always add a consumer statement on your credit report explaining any negative accounts or clarifications like multiple refinances. Your statement remains on the credit report until you request its removal, and lenders might take it into consideration when granting credit.Warnings

Don't send original documentation, and always keep copies of your correspondence. Use certified mail for legal, verifiable proof of your communication.

References

USPIRG.org: Serious credit reporting errors wreak havoc for consumers

http://www.uspirg.org/uspirgnewsroom.asp?id2=13650&id3=USPIRGnewsroom

FTC.gov: Fair Credit Reporting Act

http://www.ftc.gov/os/statutes/031224fcra.pdf

Resources

AnnualCreditReport.com: Free Annual Credit Report

http://www.annualcreditreport.com

FTC.gov: How to dispute credit report errors

http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre21.shtm