Credit reports often come with a love-hate relationship. We love them when our credit score is good and hate them when our credit score is plummeting. You probably already know some of the negative impacts a bad credit history can come with. You may not have to settle for less. If you found an error on your credit report, you have the option to fix it. Consider talking to a Chattanooga bankruptcy attorney for help if you find yourself slipping into bankruptcy.
DO I NEED TO CORRECT MY CREDIT REPORT?
Technically you do not have to correct an error on your credit report. You can let this error slide and move on with your life. However, most people do not want to do this when their credit score is at stake. The benefits of disputing credit errors include:
- Repairing your credit history
- Improving your credit score
- Potentially prevent an error like this from happening again
- Gaining access to better interest rates and other financial benefits with your improved credit score
The negative consequences of not correcting a credit report error range from higher interest rates to not being hired for a job. Other negative effects include:
- Not being able to buy a house or car
- Being denied a credit card or personal loan benefits
- Limited to certain loan amounts
- Not being forgiven for certain financial mistakes
- Losing access to mortgage
You would think credit report errors are rare, but this is often not the case. Credit report errors are quite common and certain laws have been put in place to protect you from them. If you find an error, take action as soon as you can.
HOW TO CORRECT YOUR CREDIT REPORT
Correcting a credit report requires a few steps. The first step for correcting credit reports is to alert your credit reporting company. All you have to do is do this in the form of a written letter. Then send the letter their way. Be sure to include:
- Copies of the errors you found
- Copies of documents to support your claim
- Details on why you think there is an error
- Description of what you want changed
Do not forget to also tell your creditor about this error. Run through the same process you did with the credit reporting company. Expect to see the results of your credit report claim soon after. Some claims are accepted and corrections are made while others are denied. If your claim was accepted, the credit bureau should notify of the correction who will see your credit report.
If your claim is denied, you can tell the credit bureau to include your claim with any future credit reports others will receive like your employer.
BANKRUPTCY ATTORNEY IN Chattanooga, TN
Bad credit history can make escaping financial crises difficult or impossible for some people. Feel free to contact us today at Tom Bible Law by dialing (423) 690-7712 to ask one of our lawyers about your financial options. Our legal team of Tennessee bankruptcy lawyers might be able to help you navigate and escape your financial situation. You can find us located in the Tennessee cities of Chattanooga and Tullahoma.