How can I correct errors on my credit report? How long does it take?
You have the ability to correct errors on your credit report directly through the credit bureau in question, or you can work through a your mortgage broker to correct errors at the credit bureau level when applying for a mortgage loan.
When working directly with the three major credit bureaus.
You should follow these steps when you discover incomplete, inaccurate or missing information being reported by one or more of the three major credit bureaus.
First, you should file a dispute with one or more of the credit bureaus listed below, depending on the bureau reporting the incorrect information. But, before you dispute an item with the credit bureau, we advise you to contact the original credit grantor reporting the information to the credit bureaus to ensure that your records are being accurately reported.
Dispute and Correction requirements
Inform the credit bureau in writing which information you believe to be inaccurate. Your communication should provide the following information for each disputed item:
- Company name of the disputed item (from the credit report)
- Account number of the disputed item
- Reason for your dispute
- Send copies of documents that support your position (do not send originals)
- Send your name, complete address, previous address and phone number so that the bureau can contact you and verify your information
The three major bureaus offer online dispute methods for credit report items, as well as, traditional methods. The bureaus are required by law to reinvestigate the disputed information and make any corrections to the file, as well as, provide the consumer with confirmation and a copy of the corrected file within 30 to 45 days depending on the circumstances.
Our company specializes in helping consumers through the process of seeking a “quick dispute” which can correct errors and recalculate the credit score in 3-8 business days.
FCRA - www.ftc.gov
The Fair Credit Reporting Act gives borrowers specific rights designed to promote accuracy, fairness and privacy of information. Under the
FCRA, borrowers must be told if information in their credit file has been used to deny credit. Borrowers may have additional rights under state law.
-Analysis provided by Birchwood Credit
If you or someone you know is considering either refinancing or purchasing a new home, now is the time to research your options and speak with a professional mortgage planner.
Often times, a negative loan decision can be avoided by choosing the right person to assist you. In times like these, it takes more than good credit to get the right loan program, it takes knowledge and experience. My goal is to provide new and existing homeowners with the information they need to make an informed decision, I learned a long time ago that if you act in the best interest of your customer, you won’t ever have to worry about keeping them.