How to Fix Credit Report Inaccuracies

When a potential lender is determining if he will extend credit to you, he will use your credit report to impact his decision. You cannot afford to have your information compromised with inaccurate information, especially if the lender is already on the fence about extending credit to you in the first place.

Instructions

1

Order a copy of your credit report. In order to repair inaccurate information you need to identify the mistakes. The Fair Credit Report Act allows for a consumer to view and correct any mistakes on his credit report. (The act was created, in part, to reduce mistakes and to recognize any incidents of identity theft). You will need to order a copy from the three major credit bureaus: TransUnion, Experian and Equifax. Most states allow for a consumer to view his credit report annually for free.

2

Identify which credit bureau has the incorrect information. Once you have viewed your reports, you need to identify which credit bureau has the inaccurate information. To fix the mistake, a letter needs to be written to the credit bureau to dispute the error. When the agency receives the dispute, it will notify the creditor. If the creditor is unable to prove the debt is legitimate within 30 days of receiving your letter, the information has to be removed from your credit report. (Mailing addresses can be found on the Website of the relevant credit bureau).

3

Provide proof. Before you send your letter disputing the discrepancy on your credit report, you need to gather proof that the financial mishap is a mistake. Any information that you have to support your innocence should be included with your letter of dispute. (Keep a copy of everything that you send to the credit bureau).

4

Contact the creditor who provided the false information. You are not required to contact the creditor who provided the false information to the credit bureau. However, it may improve your chances of getting the mistake removed quickly. You can call the creditor or send a certified letter informing it of the problem. If you call the creditor, be sure to keep meticulous records of who you spoke with, the day and time, and the solution (if any) that was reached. In addition, inform the creditor you have already written to the credit bureau.

5

Contact the credit bureau by phone. After 30 days or so, contact the credit bureau by phone. Identify the person, or team number of the person, you are speaking with. Provide her with some back information of your problem, in an effort to ensure that all of your needed information has reached the bureau. When you are informed that the false information will be removed, request a copy of the "universal data form," a form verifying the information will be removed. If the credit bureau will not provide you with a universal data form, request that a letter be sent to you stating the information was false.