Smart Tactics to Fix Credit Report Mistakes Faster

Many surveys have shown that 25 per cent of the credit reports contain serious mistakes at any point of time. These mistakes lower your credit score by about 50 points or more and they dampen your chances to get a good deal.

When you are desperate to correct your mistakes in a shortest possible time, try using the following smart tactics:

1. You need to document everything as and when it happens. Keep a diary enter the details of phone calls and letters sent. This will be useful for all future steps.

2. Your first request for correction of mistakes in your credit report should always be in writing. Send your letter by certified mail. The consumer protection laws make it mandatory for you to inform the credit bureaus in writing the mistakes in your credit report.

3. Do not waste time in following up with the creditor. You have to dispute with the credit bureau for reporting incorrect information. You can send a copy of your request to the concerned creditor but your main focus should be on the credit bureau.

4. If you are speaking to a representative from call center, you should ask for the team number and the name of the supervisor and note it in your diary for future reference.

5. Find out the names of executives from the credit bureau. You can find them on the Internet very easily. When you write to the bureau, you should send copies to the concerned executives. It does not take much of your time, but it speeds up the resolution of your dispute.

6. If you have all the documents in support of your claim, send them to Federal Trade Commission. You be happy to see the quickness with which your dispute is resolved. Their helpline is 877-FTC-HELP

7. If the credit bureau agrees to your request of correcting your credit report, requested them to notify to all the parties (including your prospective employer) who might have reviewed your report in the last six months.

8. You should never threaten anybody who is helping you to correct your problem to file a lawsuit. Let your attorney do that for you.

Chintamani Abhyankar, is an expert in the field of finance and taxation for last 25 years. He has written many books explaining inside secrets of the magic world of finance. His famous eBook Stop donating your money to IRS which is now running in its second edition, provides intricate knowledge and tips on personal finance.