How to Dispute Errors on Your Credit Report

A lot of times Creditors end up entering wrong data for your credit account which gets reflected on your Credit Report and seriously affects your score and chances of getting a credit or loan.

Mistakes are bound to happen but if you want to make sure that your credit report always displays correct data then you would need to step up for it. Next time you feel that something isn’t right with your credit score, just follow these steps and get the mistake rectified:

Step 1: Get a copy of your Credit Report

If you feel like there might be some incorrect or fraudulent data on your Credit Report, you should immediately get a copy of your credit report. Credit Bureaus collect your information from all the loan providers, credit card issuers, debit card collectors, etc. and store it together in a credit report.

According to the Fair Credit Reporting Act, you can ask for a free copy of your credit report, one each from the three national credit bureaus which are Equifax, Experian, and TransUnion and you can do this by either calling them up or by getting your report from the AnnualCreditReport.com. I’d personally recommend Lexington law as one of the best credit repair companies, however, I would encourage you to read Lexington law reviews before making the final decision. That advice stays true for any company that you might choose to go with.

Step 2: Spot the error on your Credit Report

Once you have your copy of the Credit Card, you need to inspect it carefully and check for any errors. Errors can be categorized in the following ways:

  • Account-Related: This includes old late payments, credit account and loan account which you haven’t opened or if an account closed by you shows that it was closed by the provider.
  • Identity Theft: Many times your Social security number could be stolen and someone might use it to create a new credit account in your name.
  • Derogatory Marks: This can include if a paid off debt still shows as unpaid or if a bankrupt account is still showing as active.
  • Personal Information: Wrong address, name or incorrect employer information will come under this category of incorrect data.

So make sure you check for all these errors and once you spot something, make sure to dispute it.

Step 3: Contact the Credit Reporting Agency once you spot an error

As soon as you spot an error, collect all the supporting documents and then contact your Credit Reporting Agency. You can ask the credit bureau to dispute the errors on your behalf. Once you have informed them that an information is incorrect, they will reach out to the respective creditor and inform them that you dispute the information and an inquiry will be conducted.

If the creditor doesn’t respond back within 45 days, then the inaccurate information will be removed. If the creditor replies and agrees with your dispute, they will then provide the bureau with correct information and that will be reflected by your report.

Step 4: Contact your Information Provider

You can also directly contact your creditor or the information provider and show them the proof that the data which they have is incorrect.

Once you do that, the information provider themselves would reach out to the credit bureau and provide them with corrected data.

Step 5: Follow up on the dispute

Once you have disputed an inaccurate information, check up on it after a month. You will receive a notification from the bureau after 30 days and if your information gets corrected, you will receive a fresh copy of credit report with the corrected data.

If your dispute gets rejected, you can provide them with the proof and follow other steps to get the information rectified.

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California Officials Sink Their Teeth Into Illegal Shark Fin Operation

SAN FRANCISCO — More than a ton of illegal shark fins were seized from a vendor in San Francisco, state wildlife officials said Friday.
Michael Kwong, 42, of Kwong Yip was cited for having 2,138 pounds of fins, which violates a California ban that went into effect in July, said Lt. Patrick Foy of the California Department of Fish and Wildlife.


Possessing shark fins, selling or trading them is a misdemeanor under California’s law, so Foy said it will be up to a judge to determine any penalty.
Investigators were led to Kwong during an investigation of an Emeryville restaurant that was cited for selling shark fin soup on Jan. 27.
“We consider this an extremely egregious violation of the law,” Foy said. “We will work with San Francisco’s district attorney and push the case forward.”
A message left for Kwong at his business was not returned.
Kwong has been an outspoken opponent of the state’s ban, and he was a member of a Chinese-American group that sued to challenge its constitutionality, Foy said.
Conservation groups have estimated that 73 million sharks are killed each year globally for their fins, which are often cut from live animals.
Opponents of shark finning praised the state’s bust.
“California’s shark fin ban is critical to ending the cruel practice of shark finning, and to protecting sharks and ocean ecosystems for future generations,” Jennifer Fearing of the Humane Society of the U.S. said in a statement. “This important bust by California’s ‘thin green line’ sends a strong message that breaking California’s animal protection laws has consequences.”
Kwong insisted that the fins be kept refrigerated during the investigation, in the hopes that he would get them back, Foy said.
The fins are often used to make shark fin soup, a traditional Chinese dish.
Delaware, Hawaii, Illinois, Maryland, New York, Oregon and Washington also have state bans on the possession or sale of shark fins, according to the Humane Society.

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Bernanke’s Parting Words; Manufacturing Data: Best of Kass

NEW YORK (TheStreet) — Doug Kass of Seabreeze Partners is known for his accurate stock market calls and keen insights into the economy, which he shares with RealMoney Pro readers in his daily trading diary.
Among the posts this past week were entries about Ben Bernanke’s last major speech and the ISM index for December.

Bernanke’s Parting Words
Originally published on Friday, Jan. 3 at 2:59 p.m. EDT.
Ben Bernanke’s last major speech as Fed chief before he exits stage left provided no new information on future policy under Janet Yellen but was more of a pat on the back for what he has done since the financial crisis began.

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