How to Report an Incorrect Account on Your Credit Report

Removing erroneous information from your credit report is a critical step in maintaining your financial integrity. Luckily, disputing errors is usually a straightforward process that can help restore your credit rating. Whether you choose to dispute incorrect items online or through the mail, credit bureaus are ready to handle your disputes by performing investigations and correcting your credit report in a timely manner if information is incorrect.

Instructions

1

Obtain your current credit report. The easiest way to do this is by going to annualcreditreport.com. The federal government has contracted with this site so that consumers may receive one free credit report from each of the three credit bureaus--Equifax, TransUnion and Experian--each year. The site is secure, but if you're concerned about privacy, you may have your social security number blocked from the report that appears on the computer screen. You may also request a copy of the report be mailed to you rather than viewing it on a computer.

If you've been denied credit or are on welfare, you are eligible to receive an additional free credit report, according to the Federal Trade Commission (FTC).

If you've already received your report this year, you may pay to receive another one. The cost is usually between $10 and $16 per report. You will likely have to pay extra if you want your credit score.

You may also obtain your report by calling the credit bureau directly. You will be able to pay for the report with a credit card over the phone.

Contact information for the credit bureaus:

Equifax
P.O. Box 740256
Atlanta, GA 30374
(800) 865-1111
www.equifax.com

TransUnion
P.O. Box 2000
Springfield, PA 19022
(800) 888-4213
www.transunion.com

Experian
P.O. Box 2014
Allen, TX 75013
(888) 397-3742
www.experian.com

2

Note any errors on your report. Scour your report for information such as incorrect balances, accounts that are current but are reported as delinquent and unfamiliar items that you feel may be the result of identity theft or fraud. Anything that raises a red flag in your mind should be noted.

3

File a dispute claim online if you found errors. When viewing your report online, you will be able to choose to dispute erroneous information by using a simple application on the website. You will be able to select the accounts in question and provide a reason you think they are incorrect. The system will generate one dispute for all items in question and notify you by email when the investigations are complete.

4

Contact the credit bureaus in the mail by submitting a detailed letter and, if you can, proof that there's an error. The FTC recommends submitting a letter directly to the credit bureau(s) because you will be able to provide critical documentation to prove that information is erroneous. Information such as credit card statements, letters from creditors or bills from debt collectors can be used to correct information.

The dispute letter should contain your name, contact information and all the information that is incorrect on your report. Include the creditor's name, amount in question, applicable account numbers, reason the item is incorrect and what the correct information should be.

If you feel your identity has been compromised, request that the credit bureau put a note on your account stating that you may be a victim of fraud. This "fraud alert" will halt applications for credit cards or other forms of credit unless you have authorized them.

5

Wait 30 to 45 days for the credit bureau to complete the investigation and update your credit report. Disputes filed online will be handled within 45 days. Mailed disputes will be completed within 30 days of the receipt of the dispute letter.