How to Make Corrections in Credit Reports – Valley Auto Loans

Valley Auto Loans

How to Make Corrections in Credit Reports

credit report corrections 150x150 How to Make Corrections in Credit Reports

Credit Report Corrections

It is quite common to find out inaccurate information and entries in a credit report. This is the reason why we suggest all bad credit borrowers to thoroughly check their credit reports. We, at Valley Auto Loans, have been working with bad credit lenders since many years. In many instances, we have seen consumers bolster their credit score simply by correction of these wrong entries and inaccurate details. Removal of these errors can certainly improve the chances for a bad credit borrower to qualify for an auto loan.  Over the years, Valley Auto Loans have shown exemplary commitment towards helping credit challenged car loan applicants qualify for their car loan.

Before deciding to apply for car loan, obtain all your credit reports. Many consumers are not aware of the fact that every person is entitled to receive one free copy of his/her credit report each year from all three credit bureaus. There are many other websites that offer the same service for a nominal fee.

After receiving the copy of your credit report, thoroughly review each of the three reports. The most common errors found in a credit report are fraudulent information, duplicate data, errors in reporting, and entries that should have expired. Be well aware of all information that is time negative in nature because the time for which they remain on credit reports can vary. For example, unpaid tax liens can appear in credit reports for an indefinite period. However, once paid, they appear for a maximum period of 7 years from the date of payment. Similarly, bankruptcy is reflected in the report for 10 years following the date of filing. Repossessions, late payments, foreclosures, closed negative accounts, and charge offs etc. can also appear for 7 years.

As a consumer, you must be aware of the fact that the Fair Credit Reporting Act or FCRA empowers every consumer in the country to dispute inaccurate and incomplete entries in their credit files. It is possible to send your grievances over mail to all three credit bureaus. Additionally, Experian also has an online system for the same. Accurately mention your name, address, and add all supporting documents while contacting them. The important documents to be included in the dispute letter are lender correspondence, account statements, and records.

On receipt of your letter, the credit bureaus should immediately start their investigation and are required to make all necessary changes within 30 days from the date of dispute filing. After the completion of the process, order a free copy of your revised credit report from the credit bureaus.