Credit reports can have a significant impact on your ability to get a loan, credit card or other form of consumer credit. Consumers who find wrong information listed on their credit reports have options in how they deal with it.
Free Yearly Report
Consumers can inspect their credit reports for free once a year. Go to Annualcreditreport.com to request your free report. Inspecting your report can reveal any errors.
Errors
Credit reports with errors can be challenged by the consumer. While entries that are not in error cannot be removed, mistakes can be corrected. Errors can range from negative items that have been left on a report too long, to items caused by identity theft or even mistaken identity.
Reporting Party
Credit report mistakes can be removed if the reporting party (the creditor) contacts the credit bureau and tells them to remove the item. Consumers who find a mistake can contact their creditor and ask them to have the item removed.
Credit Bureau
Consumers can also contact the credit reporting agency (sometimes called a credit bureau) and demand the removal of the mistake. Credit bureaus will investigate any claim of erroneous data. Consumers who can provide written evidence proving the item is wrong have a much better chance of having it removed.
Consumer Statements
A consumer has the option to add a consumer statement to a credit report. This is a brief, written statement that details why they believe an item is in error. This won't change a credit score, but it can alert potential creditors about a suspected mistake on the report.
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