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How to correct Errors in your Credit Report.

Monitor credit report and report errors to the credit reporting company or the Consumer Financial Protection Bureau if all else fails.

There are three major Credit reporting Companies. These are Equifax, Experian and TransUnion and they maintain financial records of over 200 million people in the United States.

Banks, Credit Card companies and other lenders rely on information maintained by these Credit reporting companies to determine whether to give you loans and at what interest rates. So the information held here is very important for your financial well being.

However, there are some instances when information in these credit reporting companies is wrong. There are instances when bank approved short sales of your home are listed as foreclosures, when car loans that are paid off are listed as repossession and sometimes paid off credit cards are listed as unpaid.

In light of these errors, the Federal Government created The Consumer Financial Protection Bureau (CFPB) to monitor and supervise the top 40 Credit reporting companies. Most people donít know but there are over 400 credit reporting companies.

The CFPB will monitor the data these Credit reporting companies receive, how it is maintained and how it used to create the consumer credit report.

They also look into what procedures these credit companies have to resolve disputes and errors.

To make sure your credit report is accurate, you need to order a free yearly credit report at www.annualcreditreport.com and check for accuracy.

If you discover an error or an omission, you should write a letter to the credit company to report the error and ask that it be corrected. Be sure to include supporting documents.

The agency is obligated to investigate and provide written report and also correct any errors they discover.

If they fail to correct the error, you should contact the CFPB at their website www.consumerfinance.gov and report the issue.


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