Keeping track of any errors on your credit report is important to ensure good credit standing, security of loans, and lower interest rates. Errors on a credit report can put the user in possible hindrances to financial wellbeing. If Midwest Fidelity is showing on your report and you think it's an error, you will need to know the right way to contest it.
This article will take you through a process that will guide you on the removal of Midwest Fidelity from your credit report and help keep the good will of your credit.
What Is Midwest Fidelity and Why It Might Show Up on Your Credit Report
Midwest Fidelity is an agency of debt collection that could appear as an account on your credit report if you previously owed a debt that was sold or assigned to them as an account in collection. Midwest Fidelity engages in the collection from debtors who are overdue in payment, while they are regulated to report the accurate information to the credit bureaus.
However, errors do take place, with a debt that one does not owe or that is not accurate in some way reflecting on one's credit report. If one does not identify with Midwest Fidelity or believes the debt that appears on his/her credit report is incorrect, he has to act fast to prevent long-term dangers on the health of credit because of inaccurate negative marks that will bring down the credit score
The first thing to take care of in these problems is to know why the entry was put up in the first place.
Types of Errors Midwest Fidelity Might Report
There are various kinds of mistakes that could prevent the medical bills from being reported correctly on your credit report. These may include:
- Wrong account details: The debt listed might not be yours, or the amount due is incorrect.
- Duplicate reporting of debt: Sometimes, there is a single debt reported under several entries that can make it seem like you owe too much.
- Old information: Debt that should have become obsolete under credit report status after some time is still on display.
- Mistaken identity: The debt collector could report the debt of someone else as that of yours if your name or other particulars mistakenly connect to someone else's financial record.
These classifications of mistakes will help you understand why Midwest Fidelity appears on your credit report and undertake the right steps to appeal. At CreditSage, we handle the entire dispute process for our clients, to make sure any errors are addressed timely and efficiently.
Checking Your Credit Report
The first thing you need to do prior to trying to remove Midwest Fidelity from your credit report is check your credit report very carefully for any inaccuracies. It entitles you to a free credit report, once a year, from any of the three major credit bureaus: Equifax, Experian, and TransUnion. You can get these reports from AnnualCreditReport.com, the one and only approved source of the free annual credit report.
Upon receiving the credit report, you will need to go through the following:
- Verify the Debt: Check if the debt listed under Midwest Fidelity is something you recognize. If not, that may be a sure indicator of an error.
- Check for Duplicates: See if there are any duplicate listings. On some occasions, collection agencies report the same debt several times, which has an undue adverse effect on your credit score.
- Check the Status: Ensure the debt is marked as paid, settled, or charged-off, and the balance listed matches what you actually owe or do not owe.
- Look for Old Information: You should no longer see debts that are supposed to be removed from your report after seven years. If you do see them, you have the right to dispute it.
While it is tempting to go ahead and dispute all debts reported by Midwest Fidelity right away, spend some time gathering all relevant information about it. Collecting all the facts will help you avoid unnecessary inconveniences down the road.
How to Dispute an Error on Your Credit Report
The next step after you have perused your credit report with a watchful eye and uncovered an error about Midwest Fidelity is to set the record straight with the credit bureaus. You may file a dispute online, by mail, or by phone, but the best way of disputing an error is usually to do so in writing. A written complaint, besides being seen as more credible and formal, becomes a legal record of the complaint.
Do the following steps when disputing errors:
Collect Supporting Documentation
Collect documents that are relevant to support your case. This may include account statements, proof of payment, or any records in relation to communication about the debt that shows it to be erroneous or non-existing.
Contact the Credit Bureaus
You need to dispute each credit bureau where the error appears. Each has a different process for submitting disputes.
- Equifax: Online dispute system, or written letter.
- Experian: Submit your dispute online or by mail.
- TransUnion: Online or written dispute.
Give a detailed explanation of why you believe the information is inaccurate. Attach copies of any documents that support your dispute.
Wait for the Investigation:
The credit bureaus must investigate your dispute within 30 days by law. In the meantime, they will contact Midwest Fidelity to verify the debt. If they find that the debt is invalid or inaccurate, the credit bureaus will delete the entry from your credit report. If they contest your option, you can appeal their decision.
What If Midwest Fidelity Stands Firm on Reporting the Debt?
If you've gone as far as disputing the debt with the credit bureau and find Midwest Fidelity still showing up, then there are other possible steps you can pursue.
Contact Midwest Fidelity Directly
Should the credit bureaus stand firm and confirm that Midwest Fidelity is reporting the debt incorrectly, you should contact the agency. Request for the verification of the debt, explaining also why you think it is not correct. They may be willing to work with you to provide an alternative.
Request Debt Validation
You can send a debt validation letter to Midwest Fidelity. According to FDCPA guidelines, collection agencies will supply a verification of the debt upon such request. If they are unable to furnish proper documents, they must cease all collection attempts, including reporting to credit bureaus.
Consider Contacting CFPB
If you think that Midwest Fidelity has acted wrongly or they are issuing incorrect reports, you can bring a complaint before the Consumer Financial Protection Bureau (CFPB). They will handle investigation matters and will act on behalf of the consumer.
File a Lawsuit
In case Midwest Fidelity has not considered or acted on the dispute raised, you may have to contact a lawyer about taking legal action.
CreditSage understands frustration while going through all these disputes alone. Our professional team will take care of your complete dispute process to get such errors as those of Midwest Fidelity removed as soon as possible.
Preventing Future Bad Credits
Once you are successful in getting Midwest Fidelity off your credit report, you must take steps to ensure that such errors are not repeated. While you might not be able to stop a company from sending erroneous, false information to the credit bureaus, you can take steps that ensure that your credit report is not filled with wrong information.
Regularly Monitor Your Credit
Credit monitoring services or requesting a credit report regularly will keep you informed of changes and help you catch errors early. This way, you can rectify them before too much damage is done to your credit.
Know Your Rights
Get familiar with the Fair Credit Reporting Act (FCRA) governing your rights relating to credit reporting. Knowing these rights can help you a lot in your dispute against errors and also ensure that you are treated fairly by credit bureaus and collection agencies.
Keep Detailed Records
When dealing with creditors and collection agencies, always keep a paper trail. Document every communication, whether by phone, email, or mail. This can be invaluable if disputes arise in the future.
Take Action Quite Early
The sooner you tackle wrong items on your credit report, the better. The bigger the delay, the tougher it becomes to settle the issue.
Through CreditSage, we give our valued clients expert guidance on managing and disputing credit report errors to guarantee long-term credit health. By acting smartly and being vigilant, you are protecting your credit report against errors of Midwest Fidelity and all other inaccurate entries.
With the help of the steps given above, it becomes an easy task to get rid of Midwest Fidelity off your credit report and get towards a better credit health. It may take time to remove information, but persistence pays off, and this makes sure that your credit history showcases your true financial standing.
You do not need to fight this battle on your own; CreditSage will be with you each step of the way.