Finding a mistake on credit report can be frustrating. Learn How to deal?

The world runs on the basis of information. Information is everything, what makes an individual powerful is information. Similarly you might be having lots of information about different topics in your life. Some may have information about a new web series to be released or someone might be having information about the latest vehicle which is going on sale next Friday. What makes an individual truly powerful is when the person holds information about finances and how to deal with it. The world revolves around finance and finance is really a vast topic to discuss.

One of the topics which is gaining traction is a credit score. A credit score is nothing but a financial representation of yours in from of your lenders. A good credit score can get you a financial product like a loan or a credit card in no time at all. All you need to do is pull up your free credit report and see how you are doing and keep up the good work. Many a times while checking your report, you see unusual transactions and are in doubt if the transactions are yours? Those transactions can be mistakes done from the credit bureau’s side and you can easily report it and get it fixed.

For a lot of us, we do not have time to check this report and after checking we do not have time to raise a dispute thinking it will be time consuming and frustrating.

Today, we will sight you some simple and easy steps while considering raising a dispute,

  1. Check your credit report from time to time

A lot of us make this mistake of checking our cibil report only when you are applying for a loan or a financial product. You should stop this practice and consider checking your report at least twice a year. You can pull up your report and check it for free and also this would not be considered as a hard inquiry as the report is requested by you.

  1. Check and mark up errors on your report

The next thing you do is, if you find any error on your report highlight the same and raise a dispute towards that transaction at the bureau. You will have t make a proper report justifying why you think it is an error from the bureau’s side and attach all the possible transactional details to support your claim.

  1. Raise different disputes

If there are multiple errors on the cibil report, raise different disputes for different errors. This way you will have multiple people working on your mandate and can expect your work to be done in an efficient and faster way.

  1. Have patience

Once you have raised a dispute, you cannot expect things to happen on a fast pace. Credit bureaus take time to investigate each dispute and it takes a lot of time to reach the conclusion as there are many factors to consider towards the dispute.

  1. Don’t take no as an answer

The credit bureaus with taking a lot of time can also come up with a conclusion which will state that the dispute is been barred and the transaction status remain the same. Do not give up; raise a dispute again if you think the judgment is not in your favor.

  1. See if the error is been resolved

Even if you have won the dispute, you will have to recheck and monitor if the credit score has gone up after the dispute. It should not show a low cibil score after you have won the dispute.

Credit disputes can be frustrating and takes a lot of time of yours. What’s important here is that you get to raise your credit score and it can help you get a speedy loan when needed.

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