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It was recently found that 26% percent of all consumers have at least one error on their credit reports. You need to check your credit reports – from the three credit bureaus Experian, TransUnion, and Equifax – at least annually. There could be an error in one of those reports that’s having an adverse effect on your credit score. You can get all three of your credit reports free – once a year – at the website www.annualcreditreport.com – or individually from the three credit bureaus. Many people choose to get their reports one at a time every four months as this is a way to sort of monitor your credit year around. If you do find an error in one of your credit reports, make sure that you dispute it with the appropriate credit bureau. While all three of these bureaus have online forms where you could file your dispute, it’s better to write a letter and send it registered so you can make sure the bureau got it. It will then have 30 days to have the item verified from whichever institution provided the information. In the event that the institution cannot verify the debt or does not respond within 30 days, the credit bureau is required by law to delete it from your credit report. This could cause your credit score to take a very nice jump.
For more details about the five components of your credit score and why your score is so important, be sure to watch this video.