It can make you look like a risky borrower to lenders and impact your ability to get credit. Write a letter to each organization (bank, collection agency, credit union, etc.) Make the payment in certified funds – so you have proof the debt is paid. The answer is yes, especially if you care about your credit score. If you choose to do this, start with the most damaging items first. Our #1 priority is you, our reader. Suite P04-1239 Los Angeles, CA 90010. Write a letter—with the help of the Federal Trade Commission—and send it to each agency that needs to take action. State all supporting facts and say why you are disputing the information. In some instances, that line of credit will remain on a person’s report even after the account is closed, says Steve Bucci, author of “Credit Management Kit for Dummies.”. However, Checklist: What to Look for in Your Credit Report. To clean up your credit by disputing errors, you must contact both the organization that reported the information to the bureau and the bureau itself — as quickly as you can. Going forward, take care to avoid taking on more debt than you can handle, and implement a strategy to pay down your debt quickly. Specific information about what is incorrect. All Rights Reserved. The first time that you assess your credit history, download a report from each of the major credit bureaus by following these steps. It’s not as neat and simple.”. Next, work on paying down your debt to provide positive information. You'll have to send the letter directly to the CRA. Notice to Alaska, Arizona, Florida, Hawaii, Indiana, Kentucky, Louisiana, Michigan, Minnesota, Montana, Nebraska, Nevada, Ohio, Oklahoma, Oregon, South Dakota, Washington, and Wyoming Customers: Installment loans are originated by FinWise Bank, a Utah chartered bank, located in Murray, UT, Member FDIC. In fact, one in five people have a ‘material’ mistake on their report, making it crucial to keep a close eye on what your credit report contains. The last thing you should do is attempt to resolve debts in collections. Despite the high cost, legitimate companies provide a valuable service if you’ve been the victim of identity theft and you want someone else to do the work for you. If the information provider finds the disputed information is inaccurate, it must notify all three nationwide credit reporting companies so they can correct the information in your file. been helping you master your money for over four decades. https://www.risecredit.com/how-it-works-new-mexico. We value your trust. You are arrested for a crime someone else allegedly committed in your name.