Most of you probably already knew that…but, did you know a study released by the U.S. Public Interest Research Group in June 2004 found that 79% of the consumer credit reports surveyed contained some kind of error or mistake. That’s right, that means about 4 out of 5 people have information on their credit reports that is erroneous! Astonishing isn’t it?

Even worse, more than 25% of credit reports have errors serious enough to result in the denial of credit or increase rates. A good score can save you $100,000 over the life of a $250,000 mortgage. So, technically, you could be paying $100,000 more on a 30 year mortgage because of MISTAKES THE CREDIT BUREAUS MADE in reporting your information!

That’s really just the beginning of the awful things that could happen to a consumer because of credit bureau’s erroneous reporting. For this reason and many others, it’s crucial that you review your credit report periodically.

To dispute these errors you must first get your credit reports. Then, you must spend some time analyzing your credit reports. Make sure that all of the information being reported is accurate. The credit bureaus must investigate the items in question within 30 days. They also must forward all relevant information you provide about the inaccuracy to the creditor that provided the information.

After the creditor receives notice of a dispute from the consumer reporting company, it must investigate, review the relevant information, and report the results back to the consumer reporting company. If the information provider finds the disputed information is inaccurate, it must notify all three nationwide consumer reporting companies so they can correct the information in your file.

There are many more techniques to get inaccurate information removed from your credit reports. Stop by the credit repair forum to find out how you can get started repairing your credit today!

If you prefer to let professionals handle the job, give Lexington Law Firm a shot!