What Should You Do If You Find an Error on Your Credit Report?
Your credit reports contain information that can affect your ability to qualify for credit, financing, housing, and other financial opportunities.
But credit reports aren't always perfect.
Accounts can be reported incorrectly. Balances can be wrong. Payments can be listed as late when you believe they were made on time. Information belonging to someone else can even appear on your report.
That's why reviewing your credit reports is so important.
Here are 7 things you should do when you find information on your credit report that you believe is inaccurate.
1. Review All Three Credit Reports
Don't assume that because something appears on one credit report, it appears exactly the same way on all three.
Experian, Equifax, and TransUnion maintain separate credit files, and the information reported to each bureau can differ.
Review each report carefully.
Look at:
Personal information
Account names and numbers
Balances and credit limits
Payment history
Account status
Collections
Public-record information that may appear
Credit inquiries
You're looking for information that is inaccurate, incomplete, duplicated, outdated, or unfamiliar.
2. Identify Exactly What You Believe Is Wrong
Don't simply look at an account and say:
“This account is wrong.”
Determine specifically what information you believe is inaccurate.
For example:
The account doesn't belong to you.
A payment is being reported late that you believe was paid on time.
The balance is incorrect.
The credit limit is incorrect.
An account is being reported with an incorrect status.
The same debt appears more than once.
An inquiry appears that you don't recognize.
The more precisely you identify the problem, the easier it is to explain what you're disputing.
3. Gather Supporting Documentation
If you have documents supporting your position, organize them before submitting a dispute.
Depending on the issue, supporting information might include:
Account statements
Payment confirmations
Bank records
Correspondence from the creditor
Identity-theft documentation
Court documents or other relevant records
Keep your originals.
When sending documentation, retain copies of everything you submit.
4. Dispute the Information With the Appropriate Credit Bureau
Federal law gives consumers the right to dispute information in their credit files that they believe is inaccurate or incomplete.
You can generally submit disputes directly to the credit reporting agencies.
Clearly identify:
Which account or item you're disputing
What information you believe is inaccurate
Why you believe it's inaccurate
What correction you're requesting
Include relevant supporting documentation when appropriate.
Avoid making your dispute unnecessarily complicated. The goal is to clearly explain the specific reporting problem.
5. Understand What Happens During an Investigation
After receiving a dispute, a credit reporting agency generally must conduct a reasonable reinvestigation, subject to the requirements and exceptions under federal law.
The bureau may contact the company that furnished the disputed information.
That furnisher may then review the information it previously provided.
This is one reason documentation matters.
You're not simply asking someone to “fix your score.”
You're challenging specific information that you believe is being reported inaccurately or incompletely.
6. Review the Results Carefully
Don't stop simply because you receive a response saying an investigation was completed.
Read the results.
Then review the updated credit report when one is provided or available.
Ask:
Was the information corrected?
Was anything deleted?
Did the account remain unchanged?
Is the information now accurate?
Did something else change unexpectedly?
Keep copies of your dispute, supporting documents, investigation results, and subsequent credit reports.
That paper trail can become important if the problem continues.
7. Don't Dispute Accurate Information Just Because It's Negative
This is extremely important.
A credit dispute is designed to address information you believe is inaccurate or incomplete.
Negative information isn't automatically inaccurate simply because it's hurting your credit.
If an account is legitimately yours and the information is being reported accurately, repeatedly disputing it doesn't magically make it incorrect.
Instead, determine what is actually wrong with the reporting and address the specific issue.
Your Credit Report Deserves Your Attention
Many consumers watch their credit score while barely looking at the information behind that score.
That's backwards.
Your credit reports contain the underlying information that credit scoring models evaluate.
Review your reports regularly.
Know which accounts belong to you.
Understand what's being reported.
And when you find information that you genuinely believe is inaccurate, document it and address it.
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