The job of a credit reporting bureau is very important in the United States. There are three credit reporting bureaus that keep track of consumer credit information. Whenever an individual wants to borrow money, rent an apartment, get auto insurance or even get a job, the lender, landlord or company is likely going to obtain information about the applicant from a credit reporting bureau. Unfortunately, credit reporting bureaus can make mistakes, which can end up costing consumers in a major way.
A Credit Reporting Bureau Can Make Mistakes
Credit reporting bureaus are supposed to obtain detailed information about your mix of credit, the types of debt you have, and how responsible you have been with paying your bills. This information is supposed to come from the creditors that you have a relationship with. All of the details provided by the creditors are listed on a credit report, which is in turn used to set a credit score that lenders look at to decide whether to lend to you.
Unfortunately, sometimes credit reporting bureaus obtain incorrect information or include the wrong information on your credit report. For example, a credit reporting bureau may accidentally include information on your credit report that applies to someone with a similar name or with a social security number that is close to yours. This incorrect information could be used in calculating your credit score, and could be seen by lenders who don’t know it is a mistake. This could mean you might not get a loan that you should qualify for, or that you might have to pay more to borrow.
Credit Bureaus Need to Correct Mistakes
If a credit reporting bureau does make an error, you have the right to have that mistake corrected. You can request in writing via mail to have incorrect or inaccurate information removed from your credit report. You can also request to have inaccurate information removed online by contacting the credit reporting bureau using available forms over the Internet. It is up to you to let the credit reporting bureau know that a mistake has been made that you want corrected; if you do not alert the bureau and ask to have the inaccuracy fixed, it might not be caught ever.
How to Spot Mistakes
In order for you to alert the credit reporting bureau to the fact that they have made a mistake, you need to know that the mistake is there. You should check your report from each of the three major credit reporting bureaus regularly so that you can learn as soon as possible about errors that have been made and so you can move forward as quickly as possible to get those mistakes corrected. Order your reports from each credit reporting bureau today using a service that provides all three credit reports and scores.