How to Dispute Errors on your Credit Report in Four Easy Steps

Accuracy in all areas of life is important and like Vision 2030, it’s no easy feat to achieve, so yes mistakes do happen, even on your credit report. However, with every mistake, comes solutions. Some of the most common errors found on credit reports include outdated personal information such as incorrect names and addresses. You may also find fraudulent and incorrect account details among the errors.  But fret not thyself, here is what you can do to dispute errors on your credit report:

 

1) Get your free credit reports - You are entitled to one free copy of your credit report each year, from all licensed credit bureaus operating within your jurisdiction. If you find that you’ve exhausted all your free copies, you can still access your report through bureaus like CRIF NM, for a fee.

In some cases you may find the error is not reported to all credit bureaus and as such it is imperative you examine all credit reports carefully to ensure the error is clearly identified, because you only need to dispute the error with the credit bureau that reported the incorrect information.

2) Gather documentation supporting your dispute – A lawyer can’t present his case without evidence and a doctor most certainly can’t provide treatment without a diagnosis. Therefore, you need proper documentation to support your dispute claim. For example, if the year you opened your mortgage account is incorrectly reported, you need proof showcasing when the mortgage actually originated. Circle the error on your credit reports and make copies of your supporting documentation to present with the dispute letter.

3) Draft a dispute letter or complete a dispute resolution request form - We are finally at the stage where you can adequately state your dispute claim. This is the letter you will send to all the bureaus reporting the errors present on your credit report. It’s always a good idea to dispute the error in writing and ensure you keep a personal copy. Don’t forget to include documentation supporting your error as well as the credit report clearly identifying the error. It is extremely important to this process that you ensure the letter is sent certified and marked with ‘return receipt requested’ so that you will have a record of the credit bureau receiving the letter. Most credit bureaus will have a form you can complete to detail your dispute.

4) Follow up on your dispute -The credit bureau is required to investigate your dispute and is mandated to do so within 14 days of receiving notification of the dispute. The bureau will also send any information about the inaccuracy to the company or organization that provided the information, such as your credit card issuer or mortgage lender. The company will then investigate the dispute and report back to the credit bureau.

If your dispute is successful, the company is required to notify all credit bureaus operating within the country. The credit bureau also has to report the results back to you and include a free copy of your credit report if there was a change made on it due to the investigation.

If you haven't heard back about your dispute after around a month, contact the credit bureau to follow up.

Finally, it’s important to dispute incorrect information on your credit report because it can have an impact on your credit health and financial future. To ensure that your credit report remains clear of errors in the future, monitor your credit with CRIF NM Jamaica.

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