If you discover an error on your credit report, it’s important to address it promptly, as errors can impact your credit score and affect your ability to obtain loans, credit cards, or housing. Here’s a stepbystep guide on what you should do next:
1. Obtain a Copy of Your Credit Report - Confirm the error by reviewing your credit report. You can obtain a free copy of your credit report once a year from each of the three major credit bureaus—Equifax, Experian, and TransUnion—at AnnualCreditReport.com.
2. Identify the Error - Carefully examine the report to identify any inaccuracies, such as:
- Incorrect personal information (name, address, Social Security number)
- Wrong account status (e.g., paid accounts showing as unpaid)
- Accounts that do not belong to you
- Duplicate accounts
- Inaccurate balances or credit limits
3. Gather Supporting Documentation - Collect any documentation that supports your claim of the error, such as bank statements, payment receipts, or any correspondence related to the account.
4. Dispute the Error
- Contact the Credit Bureau: You can dispute an error directly with the credit bureau that reported the inaccurate information (Equifax, Experian, or TransUnion).
- You can usually file a dispute online through the bureau’s website, but you can also do so via mail or phone. When disputing, provide:
- Your full name and contact information
- A clear description of the error
- Any supporting documentation
- A request for correction
- Contact the Creditor: If the error is a result of incorrect information from a creditor, also contact them to notify them of the error. Provide the same information and documentation.
5. Monitor the Dispute Process
- The credit bureau generally has 30 days to investigate your dispute. They will contact the creditor to verify the information.
- You should receive a response from the credit bureau detailing the results of the investigation.
6. Review the Results
- If the investigation resolves in your favor, the credit bureau will correct the error and send you an updated credit report.
- If the dispute is not resolved in your favor, you can ask them to include a statement of your dispute in your credit report.
7. Follow Up - If the error continues to appear after your dispute, you may consider:
- Contacting a consumer protection attorney for assistance.
- File a complaint with the Consumer Financial Protection Bureau (CFPB) or your state’s attorney general.
8. Stay Vigilant - Regularly monitor your credit report for future errors. Consider signing up for a credit monitoring service that can alert you to changes in your credit report.
9. Know Your Rights - Familiarize yourself with your rights under the Fair Credit Reporting Act (FCRA), which outlines how credit reporting companies must handle disputes and your rights in the dispute process.
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