The quality and accuracy of a consumer's credit score is crucial to ensuring access to loans or when taking out a utility contract. Errors can be expensive, and under the Fair Credit Reporting Act, people have the right to dispute information and have it removed if a mistake has been made. This must be done in the right way to avoid causing further damage to a credit score. A verification request should be the first step.
One mistake that many people make is to enter the dispute phase without looking at their options. For example, Lexington Law's consumer education specialist, Randy Padawer, suggests that starting a dispute too early in the process could be damaging. Instead, people should opt for a simple verification. "Both Equifax and TransUnion allow consumers to request general item verification without going through the formal dispute process," Mr Padawer says. "Most of the cases we handle for clients begin with requests for item verification." This process involves requesting that credit bureaus or creditors ensure that specific data on a credit account is accurate, fair, and fully substantiated.
To ensure that credit checks are properly investigated, it is essential to start a dispute the right way. Beginning proceedings with a verification request can help identify problems early on. This may get credit issues resolved quicker, allowing people have to access to as much credit as possible.
If you believe there is a mistake on your credit report, you can resolve it with a single click using our credit correction service.