Having errors on your credit report can be a frustrating experience. In today's financial world your credit report is the financial equivalent of your resume. It is one key in enjoying a financially stable life.
In my practice I am getting an increasing numbers of calls about credit report errors. These potential clients often have clear errors on their reports and attribute some type of adverse decision to those errors whether it be a denial of a loan from the local bank or an increase in their insurance. These potential clients want and need help sooner than later.
The problem is that under the Fair Credit Reporting Act, no action can be taken against a credit reporting agency until a dispute letter has been written. Even then, if the error persists, bringing a legal action may not be a good option if legitimatly negative information is on the credit report that arguably caused the problem. Thus, to effectively confront an error on your credit report may require a series of correspondence and also phone calls to establish a clear trail of trying to correct the problem. When a consumer is facing denial of a loan or other adverse action, this may seem like a frustrating requirement - after all they did not cause the problem. However, in the end this documentation not only will satisfy a requirement of the FCRA but also could yield significant damages in the appropriate. Ultimately, the best resolution will be a correct credit report. For some sample dispute letters see the FTC website.