Steps to Dispute Credit Reports

Credit reports are essential to lenders when deciding whether or not to lend out money for such things as a car loan or home mortgage. It is important to keep your credit score up by monitoring it for mistakes. According to the Federal Trade Commission, you cannot remove items from your credit report that are true, but you can undo any damage that was the result of an error. As soon as you notice the mistake, dispute it.

Make Contact

Contact the company that is reporting the incorrect information. You can call them to obtain the correct address used for disputes, and inform them that you are going to submit a dispute. The credit reporting agency may even give you some information about disputing a claim with their company. Note the date and time of the call, as well as the name of the representative you talked with and any advice given to you by that representative.

Collecting the Documents

Copy your false credit report, circling the inaccuracies. Next, copy any documents that prove the mistakes within the credit report. For example, if you have the same name as your son, and his debt shows up on your report, you will need to copy your Social Security card to verify that the debt is indeed your son's and not yours. Another example would be an unpaid student loan listed on the report that you have, in fact, paid. In this case, you would need a letter from the student loan company showing the balance as zero.

Mailing the Dispute

Draw up a letter to accompany the credit report, and the documents of proof. The letter must list the mistakes, and explain why they are false. Place these papers together in an envelope. Mail the dispute at the Post Office using the certified mail, return receipt option. You may need to prove that the credit reporting agency received the dispute. Keep a copy of the return receipt with your records.

Concluding the Dispute

According to Equifax, the credit reporting agency you sent the dispute to must notify you in writing of the results of their investigation within a 30-day time period. In addition, the company must issue you an updated credit report if the dispute was awarded, and changes were made. At this time, you may request that the credit reporting agency forward your corrected credit report to anyone who received the report with the mistakes on it.