Time to Read – 2 Minutes
Hey, savvy consumer! Did you know that errors on your credit report can drag down your credit score.
Overview
Incorrect entries, identity theft, or outdated information can all hurt your financial reputation. But don’t worry—disputing inaccuracies is easier than you think. Let’s walk through the process step by step.
Steps
Step 1: Get Your Credit Report Before you can fix any mistakes, you need to see what’s on your report. You’re entitled to a free credit report from each of the three major credit bureaus—Equifax, Experian, and TransUnion—once every 12 months. Head to AnnualCreditReport.com to request your copies.
Step 2: Look for Errors Go through your reports with a fine-tooth comb. Common errors include:
- Incorrect personal information: Wrong name, address, or Social Security number.
- Accounts that aren’t yours: Check for accounts you didn’t open, which could be a sign of identity theft.
- Inaccurate payment history: Late payments or delinquencies listed that you know were paid on time.
- Duplicate accounts: Sometimes an account can appear more than once, inflating your debt load.
Step 3: Gather Your Documentation Before filing a dispute, make sure you have the necessary evidence. This could be things like:
- Payment receipts
- Correspondence with creditors
- Identity theft reports (if applicable)
Having these ready will speed up the dispute process and improve your chances of a successful outcome.
Step 4: File Your Dispute Each credit bureau has an online dispute center where you can submit claims. Be specific about the error and upload your supporting documentation. You can also file disputes by mail, but online submissions tend to be faster.
Step 5: Monitor the Process Once your dispute is filed, the credit bureau has 30 days to investigate. They’ll contact the creditor involved and verify the accuracy of the information. If the creditor agrees that the information is incorrect, it will be updated or removed. You’ll receive the results in writing from the credit bureau.
Step 6: Review Your Updated Report After the investigation, check your updated credit report to ensure the correction was made. If the dispute wasn’t resolved to your satisfaction, you can ask the credit bureau to include a statement of dispute in your report.
Tips
Pro Tip: Dispute with all three bureaus if the error appears on all of your reports. Correcting one does not automatically update the others.
