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Your credit score – that little three-digit number that controls your financial life – can be incredibly frustrating. You could be paying all of your bills on time only to find your credit score hasn't gone up. You feel that you are doing everything right but you're not seeing any improvement in your credit score. Why is this the case? You're not going to like this answer but it’s … it all depends.
Assuming you now have your credit reports and we certainly hope you do, you need to then review them very carefully looking for errors that could be keeping your credit score lower than it really should be. These errors could be anything as small as your name misspelled or as big as Identity theft. If you do find errors that are serious enough you believe they’re having a negative effect on your credit score, you need to dispute them. The way you do this is by writing a dispute letter to the appropriate credit reporting agency. You will need to send it via certified mail so you'll know it was received. You will also need to include copies of whatever documentation you have to support your dispute. Be sure to send copies and not the originals. And the more evidence you can provide that the information is in error, the more likely it is that the credit bureau will remove the item from your file.
Once the credit bureau receives your letter it will contact whatever entity reported the information and ask it to verify it. If that organization can’t verify the information or if the credit bureau does not get back to you within 30 days, the erroneous information must be deleted from your credit file.
Watch the following video for more information on disputing credit report errors and how to do it properly