People often talk about disputing a credit report, but in fact it is in everyone’s interests including the credit rating bureau that the credit report is completely and 100 cent accurate, as it is used as the basis for producing a credit score which ultimately determines individuals ability to loan money from Ford credit or any other financial lender.
A credit report is effectively a dossier made up of information taken from the potential customers application form, and a wealth of other personal and financial and credit information, with current and historical.
Normally an individual is allowed to see a copy of their credit report from the three major credit bureaus for free once a year. This is really important as it allows them to check the information contained in the report, and make sure it is accurate and up-to-date.
There is certain information that although accurate can normally only be used for a certain length of time. Types of information that this relates to can include things such as bankruptcy. This means that after a certain number of years a credit bureau can no longer include these items as a basis for determining your credit score.
Can You Dispute A Credit Report
If you discover information in your credit report that you believe is inaccurate or up-to-date this is really important that you get back to the credit rating agency or bureau and tell them. It is in their interest that the information in the credit report is accurate and current, and if what you are saying to them is evidently provable than they should be open and willing to change it.
The problem in terms of disputing a credit report often comes when the customer disagrees with the value of the credit score that has been determined by the credit report, rather than information contained in the credit report itself.
This is a much trickier area, as the allocation of a credit score is a judgement by a credit rating agency, normally done by mathematical algorithms largely, which they believe reflects the accuracy of information they have about you.
Trying to get them to change their mind can be tricky, but if there are exceptional circumstances or reasons why certain areas of your credit report may look worse and they actually are then it is certainly well worth contacting them and telling them.
At the end of the day, a credit bureau is there to provide an accurate assessment of what they believe your credit worthiness is.
They should be open to including any information about you that is relevant, but there will also be wary of using a focus on their own internal workings and experience to help them determine what they believe to be an accurate credit score for you or anyone applying with you for credit or a loan.
