Fixing Credit Report Inaccuracies

It can be time-consuming to dispute mistakes on your credit reports and eliminate inaccuracies, but it's worth doing. Start by ordering a copy of your credit report to review from one of the three credit bureaus.

Although most national lending institutions report consumer credit information to all three credit bureaus, smaller banks and other credit grantors may report only to one or even none. Therefore, your credit report may vary from one credit bureau to another. If you've occasionally applied for credit from smaller creditors, check your report from all three credit reporting agencies-TransUnion, Experian and Equifax.

Look very carefully. Circle anything that seems wrong, but keep in mind that balances may be off by a few payments because recent payments may not have been recorded at the time you ordered the report. Make copies for your files and for anyone who may need proof of the errors.

Credit Report Disputes

Credit report disputes must be made in writing and sent through regular postal mail. Use the sample credit dispute letter in the downloadable Smart Credit Guide as an example. In your letter, give a detailed explanation to the best of your ability as to why the information in your report is wrong and should be changed. You must also include documentation that supports your assertion that you have an inaccurate credit report. For instance, if your report says that a credit card is active, but you know it's closed, you must show proof that it's been closed, which you may have to obtain in writing from the credit card company. This will all take some time, but it will be worth the effort when your credit score eventually goes up, and the interest rates you qualify for in the future go down.

Be sure to send letters to all three credit bureaus whenever you clear up an error and also to the original creditor, such as the credit card company in the example above. Keep copies of everything for yourself. By Federal law, a credit reporting agency must help you resolve inaccuracies on your credit report within 30 days.

Download a copy of the Smart Credit Guide for a sample credit dispute letter and start fixing credit report inaccuracies

CREDIT BUREAUS

Information Service Center
P.O. Box 740241
Atlanta, GA 30374-0241
1-800-685-1111

National Consumer Assistance Center
P.O. Box 949
Allen, TX 75013-0949
1-800-EXPERIAN

Customer Disclosure Center
P.O. Box 390
Springfield, PA 19064-0390
1-800-888-4213