Tips in Correcting Credit Report Errors

If you regularly check your credit report and have data that isn't correct, such as wrong personal information, a wrong address, information for another person (such as someone who is living with you and should not be on your credit report), or information for another address or former residence, you can have these items corrected at no cost. If you find something that you feel shouldn't be on your credit report, contact the credit bureau right away. When you contact the credit bureau, the credit history section of the report will usually include a form to dispute items with you. You need to state exactly why you believe that the information is incorrect, then the credit bureau will investigate, generally within 30 days, and send you a written report of the results of their investigation. You will receive reports in the mail from each credit bureau at least monthly.

After receiving your report, examine it closely to see if errors have been corrected. You may need to contact the other credit bureaus to notify them that you are disputing information on their reports. If your report shows that you will not be able to get credit because of information you believe is inaccurate, try to get a consumer report from another credit bureau to be able to have your name off of the credit report. Your credit history at the credit bureaus is very important. Creditors will look at your credit history as do lenders when you apply for credit. If changes must be made to your credit history and you will not be able to correct them yourself, it's generally much easier to have them made for you than it is to correct it yourself. This is because the company that reports your credit history pays a fee to the credit bureaus to report your credit information. If the information has errors, the company that reported the information only gets paid if there are changes made. Since so few people correct their credit reports, the credit bureaus are happy to see that so many people don't challenge negative information.

If you are denied credit, the lender will give you a copy of your credit report. Under the Fair and Accurate Credit Transactions Act, it's a legal requirement for lenders to give you a copy of the report that shows your application for credit was not denied because of information on your credit report. This is important because if there's something on your report you know is wrong, you should obtain a copy of your file in order to see why you were denied. If you do find errors, contact the credit bureau and provide them with a copy of the report, and explain what's wrong so they can fix it.