Whether you’re contesting an error or combating fraud, Kiplinger put out a great guide on how to secure the best chance of success.

“The three major credit-reporting bureaus—Equifax, Experian and Trans­Union—have logged the most complaints for four years running, according to a report from the U.S. Public Interest Research Group. Most of the complaints involve hassles remedying inaccurate information on credit reports. But some are from consumers who find themselves caught in a tangle of red tape or facing an impenetrable wall of indifference. ”

“In a battle of you versus the credit bureaus, the bureaus have most of the power—and Congress has been reluctant to regulate them. It took Equifax’s massive data breach two years ago to get the attention of lawmakers. That led to the legislation that allows you to freeze your reports for free but provides few other new protections involving the credit bureaus.”

“You may have discovered that something was amiss when you were un­expectedly rejected for credit or received notice of a change from a credit-monitoring service. Rather than wait for a surprise, make it a habit to regularly visit annualcreditreport.com, where you can collect one free report from each bureau every 12 months. Review your reports to ensure that all of the accounts are yours. Check that any accounts you’ve closed are marked as such (accounts in good standing continue to appear on your reports for about 10 years after they’re shut down) and that details such as balances, credit limits and dates that accounts were opened are correct. Make sure your personal information is accurate, too. An incorrect address, for example, could be a sign of a mixed file or identity theft. If your credit report shows information that is inaccurate or incomplete, you have the right to dispute it and have it corrected or deleted. Fixing an error is especially important if it could prevent you from getting credit (or result in a higher interest rate on a loan), renting a home or getting a job. A new collection account that mistakenly appears in your name, for example, will likely cause your credit score to drop significantly. Errors crop up for a variety of reasons. A lender or other furnisher of information may tell the credit bureaus that you’ve missed payments when you haven’t or provide an incorrect balance for your account. Or a bureau may continue to report a delinquency after it should have been removed from your credit file (by law, negative information must disappear after seven years—except for bankruptcies, which may remain for 10 years).”

To read the full article and get their full guide, including tips and tricks to battling the credit bureaus and improving your credit click HERE to go directly to the article on Kiplinger.com. Remember, it pays to stay on top of your credit reports. Take advantage of the access you have to your free credit reports. You can get your free report yearly at www.annualcreditreport.com or the Kiplinger article shares other ways to get additional free reports throughout the year.

This blog is in reference to an Article by Lisa Gerstner, Contributing Editor / From Kiplinger’s Personal Finance.
https://www.kiplinger.com/article/credit/T017-C000-S002-battle-the-credit-bureaus-and-win.html