whatever they buy with a credit card, cost them more, that is if they can get one

According to U.S. PIRG, a number of credit reports contain inaccurate information, and some of this erroneous information can impact credit scores. Darin Sewell, a credit repair expert and contributor to RealEstateProArticles.com, has compiled a tip sheet to help consumers fight against unjust credit scores.

“Unjust low credit scores cause Americans to pay more than they should," Sewell said. “The law allows consumers to dispute and initiate an investigation on any item on a credit report.”

TIP SHEET

The three major credit bureaus are for-profit entities, and they do not put as much emphasis as they should on credit report accuracy. Consumers need to take matters into their own hands, and use the law to have inaccurate information removed from credit reports:

1. Ask for validation: There must be documentation to back up the information on the report. If there isn’t valid documentation, the item must be removed.

2. Challenge inaccurate items in writing (keep a copy of your letter for yourself). Credit bureaus are required by law to investigate when you dispute an item.

3. Send copies of documentation supporting your case (but you keep the originals).

4. Remember to send materials via certified mail so that you can verify the receipt by the credit bureau.

5. Credit bureaus must complete the investigation within 30 days, and provide you with the results – and a free copy of your credit report. Make sure you get this information.

6. Realize that a challenge at one credit bureau won’t change information at other credit bureaus; you need to check your other credit reports.

7. Get help if you feel overwhelmed. There are reputable credit repair companies such as Lexington Law that can help you navigate the process.

A lower credit score due to unvalidated or inaccurate information on your credit report can cost thousands of dollars in interest fees. “Unfortunately, too many consumers are not aware of the fact they have this right to challenge the credit bureaus,” Sewell said. “Using my tips, consumers can have these items removed from their credit reports, improve credit score ratings, and save money.”

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RealEstateProArticles.com is a leading portal of articles written by industry experts helping people understand real estate, financial matters and credit repair.

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