Everyone in a perfect world would save their money and have lots of extra money laying around. There would be job layoffs or overextended credit.
Of course, none of us live in perfect world. We do lose our jobs; we do get laid off or a partner in the family loses their source of income, forcing us to cut back on our spending. Sometimes that also means payments to our creditors can become late, or not even able to be paid at all.
This results in a bad credit mark in your credit report. Experian Credit Bureau is one of three major credit bureaus that record your credit performance and determine whether you are at risk for being approved for further credit applications.
If you are the victim of identity theft or the credit information listed on Experian’s is incorrect, you have options and there are several ways to handle this. Don’t let the wrong information damage your credit history because of a mistake over which you have no control.
Challenge what is reported on your credit report. This can be done by addressing it directily with Experian. Write a debt valuation letter, which is a letter that contains several key points and addresses some important issues. Be careful not to put all of your disputes in one letter, if you have more than one.
Make sure you send the letter certified with return receipt requested. Make a copy of your letter and any other correspondence you have with them. Your letter should request the following: the full amount of the debt, and when was it due. What is the date this debt was incurred and any contract information concerning the payment arrangements. You may not be responsible for the debt.
Your letter should also alert Experian to the legislation enacted under the Fair Credit Reporting Act, which should protect you in these circumstances. They are violating your rights if they do not comply.
If you are not able to get a response from Experian, keep trying. They are counting on you getting frustrated and giving up. Be persistent.
Of course, there is nothing that can be done if the debt is yours. You have to pay it. Clean up your credit history and secure a better financial future.
This isn’t the first time Experian has exposed consumer records. Meanwhile, Patreon also loses customer data in a breach, and Android owners need to know about the threat from a new bug.