One of the easiest Spring Spruce Up Challenge tasks is checking your credit score. A low credit score can affect your financial life in many ways, including higher loan rates and qualifying for employment and housing opportunities.
Your credit score can be affected by reporting errors or even identity theft if someone else opens accounts in your name. Checking your score and report often can help you identify and correct errors and protect your identity.
Here's the great news. As a One Nevada Member, you have free access to your credit report and score right at your fingertips. Our free Credit Score service helps you monitor your credit profile 24/7/365 to ensure there's no suspicious or fraudulent activity. Simply log in to Digital Banking. From a browser, scroll to the bottom of your accounts page, or tap ‘Credit Score' in the One Nevada Mobile App menu.
As you check your report, hopefully you won't find any surprises. However, if you see something odd, find an error, or suspect fraud, don't panic. While it can be upsetting to find a mistake in your credit report, the good news is you can challenge errors.
Follow these three steps to dispute errors and fix your credit:
Step 1: File a dispute with each of the major credit bureaus.
You'll need to inform all three major credit bureaus, Equifax, TransUnion, and Experian about the error. The good news is, all three bureaus allow you to file disputes online. Visit their sites to start the process:
It's very important to identify each disputed item in your report, explain why you're disputing these items, and ask that the errors be deleted or corrected. Be sure to include your full contact information, as well as copies of any documents that support your claim. To be extra diligent, include a copy of your credit report, highlighting the items you're disputing.
You can still file disputes by mail with Equifax and TransUnion; however, Experian currently only allows you to file online. Should you decide to file by mail, it's best to send your letter via certified mail with a requested return receipt. It's also a good idea to keep a copy of your correspondence for your own records. Send your claim by mail to:
Equifax Information Services LLC
P.O. Box 740256
Atlanta, GA 30348
TransUnion LLC
Consumer Dispute Center
P.O. Box 2000
Chester, PA 19016
Step 2: Contact the creditor.
After you've contacted each bureau, it's a good idea to reach out to the creditor that's linked to the error in your report. This step isn't necessary, but it may speed up the correction process.
Most creditors will provide a link or an address for disputes. When filing your dispute, follow the guidelines above and include all relevant information and documentation. Be sure to let the creditor know you've also contacted the credit bureaus, as they'll want to include this information and a copy of your dispute if they report their findings to the bureaus. You can also ask to be copied on all correspondences between the creditor and the bureaus.
Step 3: Follow up in 30 days.
You'll typically hear from the bureaus and the creditor within 30 days after filing your disputes. If all goes well, the bureau will accept your dispute and update your credit profile. Use One Nevada's free Credit Score service to monitor any changes.
If one of the credit bureaus or a creditor refuses to accept your dispute or does not resolve the error in your favor, you can ask the bureau or creditor to include a copy of your dispute in your file and in all future credit reports. This way, a lender or creditor is aware of the alleged error when reviewing your credit. They may charge you a small fee for this service, but it's generally worth the price. If you feel the error is too significant to ignore, you can always consider hiring a lawyer to help you contest the report and fix your credit.
Always monitor your score and be vigilant about correcting errors. The payoff can affect your financial well-being for years to come. As always, we're here to help with any questions and future financial needs.