When you last checked your credit report, did you find mistakes? Studies show one in five reports has a mistake, and until recently there wasn’t much you could do. The new weapon in the fight to fix credit report mistakes.
Consumer agency to help with credit report issues
The Consumer Financial Protection Bureau (CFPB) is accepting consumer complaints about financial products. You can let the agency know about your credit card, mortgage, bank, or student loan experience. Now, add credit reports to the expanding list.
Credit reports impact the price we pay for many products like credit card interest rates and insurance. The CFPB will help consumers with credit reporting issues. Previously, the credit agencies didn’t always take action when a consumer notified them of a problem. Before the CFPB began offering help, consumers had no choice but to hire a lawyer if they wanted the error removed.
If you can’t get an agency to fix an issue, report it to the CFPB. The agency will help with complaints, mistakes, improper use of a credit report, your inability to get a score or report, problems with credit monitoring or identity protection services.
How to fix credit report mistakes
You shouldn’t rush to file a complaint with the CFPB just because you notice a credit report mistake. You should still try to correct it yourself. The process is explained at the end of your credit report.
You can get a free credit report through Annual Credit Report. While you’re entitled to a free report once a year, there is a trick to getting credit reports year round for free. Make sure you only get the report through Annual Credit Report. It’s the only true free site.
If you find a mistake, be patient with the dispute process The complaint process is timely and doesn’t always yield the results you want. If you get nowhere, file a complaint with the CFPB. The government agency might be able to help mediate a solution.
The government monitors the complaints looking for patterns and trends. If they find a pattern, the CFPB considers new rules to prevent future issues.