Fixing Credit Report Errors Just Got Easier

The Consumer Financial Protection Bureau has scored a big win for consumers. By placing enough pressure on Equifax, Experian, and TransUnion, the agency has changed the way in which credit report disputes are handled.

The “big three” credit reporting agencies have introduced a new system that makes it easier to correct mistakes on reports, by providing dispute information directly to the company that filed the negative credit report notice.

In the past, complainants would submit their paperwork to the credit reporting company, at which time a code was assigned to the complaint. The reporting agency would then only share that nearly useless code with the original reporting company. Under new guidelines the consumers actual complaint documents will be shared along with the report code.

A recent government study showed that 42 million Americans have a mistake on their credit report, and 20 million of those errors are significant “partial matches” such as mixing up someone with another person who has a similar name.

If you can prove that your name, social security number, or other identifying information is incorrect, or that you paid off a bill before it went to a credit reporting agency, you now have a better chance to fix your credit report.

The post Fixing Credit Report Errors Just Got Easier appeared first on Finance Patch.

Fixing Credit Report Errors Just Got Easier