Check the reports for accuracy. There are reports that claim that as many as 79% of all credit reports are reporting inaccurate information. It may be the reporting errors that are causing you the most problems so check the reports thoroughly.

Credit reporting agencies make money based on their ability to collect information, compile it into a readable form and sell it. If the information that they have is inaccurate or incorrect that is completely immaterial to them. They don’t get paid for correct information they get paid just for providing information. You are the only one who has a stake in whether or not your credit report is accurate.

But the Fair Credit Reporting Act was enacted to help you. You have the right to know what is on your report and the right to dispute what is on your report. In fact, the only information that can legally remain on your report if you decide to dispute something is not what is accurate but only what can be “proven to be accurate”. You do not have to prove accuracy but the creditors and collection agencies must prove that their information is correct.

You have the right and even the responsibility to dispute information on your credit report. You are just asking for proof of the accuracy of the information listed and if the creditors and collection agencies cannot give that proof then the inaccurate information must be removed.

Did know that you have an advantage when disputing information on your report? Did you know that disputes cost the credit bureaus and collection agencies money and time and regardless of the outcome they cannot regain that money? For them it is a cost of doing business but basically all of the costs associated with handling disputes are considered a loss. Therefore they do not like to deal with disputes. A wise consumer will use that fact to his advantage.

You and only you have the responsibility to make sure that your credit report is accurate and as positive as possible. It is smart to repair problems and remove inaccurate information on your reports. You can hire a credit repair company or do it yourself but the crucial thing is to do it.

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