VA LOAN CAPTAIN BLOG & Learning Center

Correcting Credit Mistakes the Easy Way

By: Grant Moon 08/04/14 10:13 am

Credit reports contain errors. That’s certainly not groundbreaking as the media over the years has reported as much. But before consumers start yelling at the credit bureaus remember the credit bureau is only a warehouse of data and reports what is presented to them. Credit reports contain a host of data on an individual and not just limited to payment histories. Previous addresses, employers and maiden names will appear. It’s not surprising that with all that information on a single individual that something might be wrong. But when there are things that are wrong and it’s keeping a veteran from buying a home, the information needs to be corrected.

Working with any of the three credit repositories directly, Experian, TransUnion and Equifax, can be frustrating. They all work hard to provide consumers with ways to help correct mistakes but it can take time. In order to have a mistake removed the error must be documented. Simply writing a letter or arguing your case isn’t enough to get negative information off of your report. For example, say that you paid off a car loan several months ago but the lender never showed the loan as paid in full but rather you’re behind on your payments. With a copy of your statement showing the loan was paid off and when as well as a copy of a clear title report, the credit bureaus can work with you to get the mistake off your report. And remember there are three bureaus so you have to speak with all of them. The law states that bureaus must share corrected data with others but if you’re trying to get a mistake off of your report quickly so you can proceed with your VA loan you need to take the reins.

Want to know the easiest way to get mistakes off your report? Have your VA lender do it for you. Lenders have business relationships with credit reporting agencies and providing that same information about the car loan to your lender the report can be corrected almost immediately. Remember, you must document your case but when you do, let your lender handle it for you.

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