Errors In The Credit Report: Here's How To Fix

Outlook Money

Credit Report

A credit report is one of the important financial papers that has the history of our borrowing and payments. 

Credit Report

Steps To Correct Errors 

Step 1: The first step is to take the credit report and read the report carefully, considering the four bureaus. 

Steps

Step 2: Identifying The Errors 

Once the report is received, one should identify the errors, that include incorrect personal details, account details errors, wrong payment history and duplicate charges. 

Identifying The Errors

Step 3: Filling A Dispute With Credit Bureau(S) 

Once the mistakes are located, one must submit the dispute to the concerned credit bureau(s).

Filling A Dispute With Credit Bureau(S)

Details To Be Mentioned In The Report

The details typically include personal details, information about the errors, and supporting documents. 

Details To Be Mentioned In The Report

Step 4: Credit Bureau's Investigation 

Once the complaint is received, the credit bureau has to investigate the issue. There is a deadline of 30 days for the credit bureau to finish the investigation. 

Credit Bureau's Investigation

Step 5: Review The Outcome 

The credit bureau has to send the results once the investigation is complete. This is also updated on the credit report. 

Review The Outcome

Step 6: Follow Up

If the decision of the investigation is not satisfactory or if the decision is not received within 30 days, one can then file a complaint with RBI.

follow up on the process

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