Credit is important for various aspects of life that range from financial deals to employment opportunities. Having bad credit can make life complicated in multiple ways and sometimes bad credit comes from credit report errors. This is something that can be fixed. However, if your financial concern is bankruptcy, do not hesitate to ask a Chattanooga bankruptcy attorney for advice.
WHY SHOULD I CORRECT A CREDIT REPORT ERROR?
Some people may not realize how something as simple as a credit report error can hurt their financial options. Not everyone knows that consumer reporting companies can give consumer reports with credit scores to several companies. Employers, insurance companies, debt collectors, loan lenders, landlords, banks, and utility companies can all have access to your credit report information.
A bad credit score due to a minor credit report error could create limitations for you with any of these companies. This is why checking your credit report regularly is so vital for protecting your financial freedom. Otherwise, you could face employment problems, higher interest rates, restricted access to financial deals or resources, and less lenience on paying the money you owe.
Identity theft is another way your credit report and credit score can be destroyed. This can all happen despite your good faith efforts to maintain healthy finances. The problem is that the companies receiving your credit information do not know this. You can take action by correcting these credit report errors.
HOW TO CORRECT CREDIT REPORT ERRORS
The first step to correcting credit report errors is obtaining a copy of your credit report. You can do this by reaching out to a credit bureau. Once you have your credit report, look for and identify any credit errors you come across. Do this by:
- Checking for inaccuracies in the information you know is true, such as your personal information
- Payment history errors
- Expired financial items like foreclosures or liens
- Duplicate accounts
- Outdated account statuses with debt
Be sure to write down each error you find followed by evidence you have of each error. Specify what the error is, where to find the error, and the evidence you have to support your claim. Then you can write this out in a letter to the credit bureau and they are expected to respond within 30 days.
Many people are unsure what to include in their credit report dispute letter. Looking at a credit report dispute letter example can be helpful for figuring this out. In general, you want to include your basic contact information and a statement about what you are disputing.
Be sure to include information on where to find the errors in the report and attach the report you see the errors in. State what changes you want to be made.
BANKRUPTCY ATTORNEY IN CHATTANOOGA, TN
Bankruptcy is often the last situation people want to find themselves in but you do not have to go through this alone. Feel free to call us at Tom Bible Law at (423) 690-7712 for a consultation today. Our experienced Tennessee bankruptcy lawyers might be able to help you better manage your bankruptcy situation. We serve clients in the Tennessee cities of Chattanooga, Kingsport, and Tullahoma.