Correcting Credit Report Errors

So, you’ve gone to AnnualCreditReport.com and printed out your credit report. You find an error or maybe more than one. What next? Again, thanks to Kellie Allen of Countrywide Home Loans for some excellent advice on disputing the errors.

1. Ask for a Credit Dispute form from your mortgage broker.

2. Complete one form for each erroneous piece of information on your credit report. Attach any documentation you might have to support your claim. Be sure to print
your name, address, phone number and social security number on the form. Sign and date the form.

3. Mail the form to the reporting repository with a return receipt requested.

4. Per the Fair Credit Reporting Act, the repository has five days to notify the specific trade line of the dispute. Within 30 days, the trade line must complete its inves-
tigation of the item and report back to the repository with its findings and the need for modification or deletion, if applicable. If there is no response from the trade line, the repository must remove the item from your credit file. If a change is to be made to the consumer’s
credit file, the repository must notify the consumer in writing within five days.

5. After notification by the repository of the correction or change, a new credit report may be run to get a new score for underwriting purposes.

Or if you need to get it resolved quickly, ask your mortgage broker about the rapid dispute resolution process.