Credit reporting bureaus are not infallible; indeed, many consumers find mistakes on their credit report every year. It is very important for those who find mistakes on their credit report to fix them quickly as they apply for a car loan, because the longer they stay on a report the harder they will be to remove. Clearing up incorrect information on a credit report is usually a simple process, but you do need to be very clear about your needs and you will want to be prompt about addressing the problem.
How to Clear Up Incorrect Information
You can contact your credit bureau in a few ways: fax, email or letter. Usually it’s preferable to contact them multiple ways, but to let them know they are doing so. This will allow them to check to make sure that the problem hasn’t already been fixed by another agent before attempting to fix it themselves. It’s also very important for you to contact all three bureaus, because sometimes the mistake could be on multiple sides. You may also want to copy your creditor to make sure they don’t make the same mistake on their end.
Three Things to Include
Be specific about the problem that is on your report. The more specific you are, the easier it will be for the agent who gets your report to assess it and take action. You will want to tell them the exact name of the account and the exact number. It can also be beneficial to simply send in a copy of your current report with the erroneous items marked.
Be specific about the solution that you require. Otherwise, the agent may actually end up guessing. You will want to let them know exactly what you expect them to do in regards to the mistake that they made, because otherwise you may have to waste time on a follow-up with them.
Offer all of the documentation you can. You may find it excessive, but it’s very important for you to send them everything they might possibly need in regards to your problem. This will again lower the amount of time that is required for follow-ups and also provide them with evidence of your claim. You can get a car loan online at any time, but taking care of these issues ahead of time will make it possible to get a slightly better rate.