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Davie Home Finance, 115 Donna Rd NE, Palm Bay, FL 32907
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Fixing Credit Report Errors
Credit reporting is an imperfect system and there are times when your credit is
tainted and it's not your fault.
You have the right, under the Fair Credit Reporting Act, to dispute the completeness
and accuracy of information in your credit file. When a credit reporting agency
receives a dispute, it must re investigate and record the current status of the
disputed items within a "reasonable period of time," unless it believes the dispute is
"frivolous or irrelevant." If the credit reporting agency cannot verify a disputed item, it
must delete it. If your report contains erroneous information, the credit reporting
agency must correct it. If an item is incomplete, the credit reporting agency must
complete it.
Don’t Ignore the Problem. If you just hope the problem of errors on your credit history
will disappear, then be prepared to wait a long time. Credit information can remain
on your report for as long as seven years and up to ten years in cases of bankruptcy.
It is critical when fixing errors in credit reports to first contact your loan officer and ask
that a report be run calculating which items would result in the most improvement to
your credit score if they were fixed. Do not pay off or attempt to fix anything before
discussing the strategy with the loan officer and credit specialist, as paying for things
like old collection accounts or contesting old accounts can actually reduce your fico
score in the short run, jeopardizing your loan approval and potentially increasing your
costs and monthly mortgage payments for your new program. Fix only the items
specified in the strategy developed by the credit specialist and discussed with your
loan officer, and your scores will increase, you will qualify for the program, and enjoy
lower payments.
The consumer must write a letter of dispute regarding the erroneous information
reported by a specific credit reporting agency. The letter must reference;
Your full name
Address
Social Security number
The tradeline
Account numbers
Brief statement of what is incorrect.
Copies of supporting documents (if any)
The letter MUST be sent by overnight mail, with return receipt requested. This
verifies when the 30 day clock starts ticking.
When disputing questionable items in a credit report, always remember to dispute
with all three major credit bureau agencies. When applying for a mortgage, all
lenders look at items reported by all three credit bureaus.
Make sure to keep the "acknowledgment" letters that the bureaus send to you at
about 2 weeks. There is a date they have officially acknowledged they received your
letters in which the 30 days in the FCRA should start.
Contact info for the three major credit reporting agencies:
Equifax Credit Bureau
P.O. Box 740241
Atlanta GA 30374-0241
(800) 685-1111
Experian (Formerly TRW Credit Bureau)
P.O. Box 949
Allen TX 75013-0949
(888) 397-3742
Trans Union Corporation (Credit Bureau)
Consumer Disclosure Center
P.O. Box 390
Springfield PA 19064-0390
(800) 916-8800
(800) 682-7654
(714) 680-7292
Credit reporting is an imperfect system and there are times when your credit is
tainted and it's not your fault.
You have the right, under the Fair Credit Reporting Act, to dispute the completeness
and accuracy of information in your credit file. When a credit reporting agency
receives a dispute, it must re investigate and record the current status of the
disputed items within a "reasonable period of time," unless it believes the dispute is
"frivolous or irrelevant." If the credit reporting agency cannot verify a disputed item, it
must delete it. If your report contains erroneous information, the credit reporting
agency must correct it. If an item is incomplete, the credit reporting agency must
complete it.
Don’t Ignore the Problem. If you just hope the problem of errors on your credit history
will disappear, then be prepared to wait a long time. Credit information can remain
on your report for as long as seven years and up to ten years in cases of bankruptcy.
It is critical when fixing errors in credit reports to first contact your loan officer and ask
that a report be run calculating which items would result in the most improvement to
your credit score if they were fixed. Do not pay off or attempt to fix anything before
discussing the strategy with the loan officer and credit specialist, as paying for things
like old collection accounts or contesting old accounts can actually reduce your fico
score in the short run, jeopardizing your loan approval and potentially increasing your
costs and monthly mortgage payments for your new program. Fix only the items
specified in the strategy developed by the credit specialist and discussed with your
loan officer, and your scores will increase, you will qualify for the program, and enjoy
lower payments.
The consumer must write a letter of dispute regarding the erroneous information
reported by a specific credit reporting agency. The letter must reference;
Your full name
Address
Social Security number
The tradeline
Account numbers
Brief statement of what is incorrect.
Copies of supporting documents (if any)
The letter MUST be sent by overnight mail, with return receipt requested. This
verifies when the 30 day clock starts ticking.
When disputing questionable items in a credit report, always remember to dispute
with all three major credit bureau agencies. When applying for a mortgage, all
lenders look at items reported by all three credit bureaus.
Make sure to keep the "acknowledgment" letters that the bureaus send to you at
about 2 weeks. There is a date they have officially acknowledged they received your
letters in which the 30 days in the FCRA should start.
Contact info for the three major credit reporting agencies:
Equifax Credit Bureau
P.O. Box 740241
Atlanta GA 30374-0241
(800) 685-1111
Experian (Formerly TRW Credit Bureau)
P.O. Box 949
Allen TX 75013-0949
(888) 397-3742
Trans Union Corporation (Credit Bureau)
Consumer Disclosure Center
P.O. Box 390
Springfield PA 19064-0390
(800) 916-8800
(800) 682-7654
(714) 680-7292
| Call Today!! (321) 373-4659 (866) 319-2998 toll free |