Is fixing your credit report really a years long nightmare? It doesn’t have to be…..

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I read an interesting article that I agreed with in many respects by John Matarese of Channel 5 News in Florida. My one point of disagreement is that there is another solution — read below.

First, here are some interesting quotes from this excellent article:

“You will hear that’s easy to do, to simply write a dispute letter,” an exasperated Gayle Collier said.

TransUnion, one of the “big 3” credit bureaus, tells you the same thing. They even have an online video to tell you exactly how to dispute an error.

Federal law mandates all credit reporting agencies to investigate any dispute.

But critics say that investigation often goes nowhere.

Ohio Attorney General Mike DeWine states his opinion bluntly: “It’s a joke, the investigation that they do,” DeWine told us.

DeWine, and other attorneys general across the country, say they have started a large scale investigation into credit report errors that plague millions of consumers.

“This is a system that works real well for everybody but the consumer,” DeWine said.

And the process to fix errors?

Here are some things you should do, according to DeWine:
-Check your credit report with the 3 credit bureaus every year: It’s free at www.annualcreditreport.com .

-As soon as you find an error, start writing letters to get it corrected. You’ll want that mistake gone next time you apply for a loan.

-If you get nowhere in 2 months, contact your state attorney general’s office and ask for their help

My suggestion is when there really is false information on your credit reports — and you have properly disputed those errors with the credit reporting agencies/bureaus (and normally with the furnisher of the false information), then you sue in federal court.

It is amazing that when you sue Equifax, Experian, and Transunion as well as the furnisher (Bank of America, Capital One, etc) in federal court, then these guys will quickly fix the error and will agree to pay you money damages.

Since they know you will sue if there is false information, they will generally make sure not to mess with you again. If they do, you repeat the process and sue again.

If you have questions about your credit reports in Alabama, call us at 205-879-2447 and ask to speak to Randi or Carolyn who will gather some basic information and then set you up an appointment by phone or in person with me. You can also read more about how to get an accurate credit report here.

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