Credit File Disputes - Don’t be Afraid to Confront Creditors

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Credit File Disputes - Don’t be Afraid to Confront Creditors

By admin ⋅ June 28, 2008 ⋅ Post a comment

Creditors often make mistakes in reporting credit histories. People who check their credit reports regularly will catch these mistakes, but even so, many people still do not submit credit file disputes when errors are discovered. This is a huge mistake. You have a right to make credit file disputes whenever you find errors in your credit report. Fail to do so and your credit scores will suffer.

When reviewing your credit reports, be especially vigilant for any account that does not belong to you. When an unrecognized account appears on your credit report, credit file disputes should be submitted as quickly as possible to remove it. Not only to remove the account, but also to protect yourself in case the account was opened by someone else in an attempt to steal and use your identity to obtain credit.

Identity theft is a serious problem that everyone should be watchful of. When someone gains access to your social security number and personal information, they will be able to open charge accounts using your name and identity. You can be sure the thief will never make a payment on these fraudulent accounts. And you will be completely unaware of their existence, since you will never receive a bill. Once you see an unrecognized account on your credit report, you should submit credit file disputes immediately. If it appears that the account is in fact a fraudulent one, you should also file reports with the appropriate authorities.

Other productive types of credit file disputes that consumers can submit are those where accounts show as being a “slow Pay” when you can prove it isn’t, or when a balance is showing for an account that has been paid off. Credit file disputes for these types of errors need to be quickly submitted as well.

Credit file disputes that result in removing derogatory information from your files will add as much as 100 points or more to your credit scores. Never overlook your chance to improve your credit scores when you can. Failing to follow through on making credit file disputes when errors are spotted is one of the costliest mistakes you can make.