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Correcting Your Credit Report Years of responsible spending, hard work and financial discipline typically results in an excellent credit rating. So imagine how shocking it might be for an individual in that position to be turned down for a modest loan or a small line of credit. However, this is not as uncommon as many people might suspect. Generally this situation is caused by an inaccurate report(s) on the individual’s credit. When this occurs it is important that a person act quickly to have the information corrected and the credit rating restored. Let’s take a look at the steps that need to be taken in order to address an inaccuracy.
The best way to ensure that your report is accurate is take preventative action. It is wise to obtain copies from all three reporting agencies on an annual basis. If it is discovered that a mistake has been made then it is important to act immediately. When contacting the creditor and the reporting agencies it is also important to keep records of all correspondence including: dates, times, names, circumstances, etc. This will be a big help in the event that a dispute happens to arise. Additionally, it is important to note that certified written letters are the favored means of communication because it provides documented proof that your information was received.
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