While your credit report is a useful tool for lenders to determine your credit worthiness, it is not infallible. Incorrect information does get recorded in your report, which is why it is important that your get your free annual copy of your credit report and review it for information that is incorrect and negatively affecting your credit score.
Collect Information
To correct an error you find on your credit report, you are going to have to show the credit reporting agency and the lender what the error is. They won't simply take your word for it that there is a problem. You need to collect all the supporting documentation you can find that makes your case. This might be bank or credit card statements, canceled checks or letters received about the problem. Make copies of all of this information, because you are going to have to send it to the credit reporting agency no matter which method you use to dispute an item on your credit report.
Dispute Personal Information First
You should have the credit reporting agency correct any errors that you find in your personal information first. It could be the report lists an old address as your current one, it has your name spelled wrong or it transposed some of the numbers in your Social Security number. Make sure this information is right, because it may be cause of any problems that you find with your account information. Once you have the correct personal information, the other problems may straighten themselves out.
Writing a letter about the item or items you are disputing is the preferred way to submit a dispute with a credit reporting agency. Write out a letter fully explaining what you are disputing and attach the letter to copies of supporting documentation you have. Do not send any original documents. Also, attach a copy of your credit report with any of the incorrect entries circled. The letter should be sent via certified mail with a return receipt requested or at least a delivery confirmation. This will protect you if the credit agency says that they never received your dispute.
Telephone
Disputing an item using a telephone is more involved. Once you call the credit reporting agency, you are going to need a confirmation number to speak with a customer service representative. This is the 10-digit number found at the top of your credit report. You should also have all of your documentation supporting your position in front of you so that you can refer to it easily. You may still need to fax your documentation to the customer service representative after speaking with him.
Online
You can go to the credit reporting agency's website and initiate an online dispute. You will need your 10-digit confirmation number and copies of all of your supporting document with pertinent items in them circled. When you explain your dispute, make sure you do a thorough presentation, making reference to your supporting documents as need be.
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