Mistakes on your credit report can have devastating consequences on your ability to obtain credit to purchase a car, a house or even to find employment. Credit report inaccuracies may range from a minor mistake on a credit card bill to crippling activity due to identity theft. It is important to be proactive when keeping your good name and your good credit in the best possible standing.
Obtain a Copy of Your Credit Report
Obtain a free copy of your credit report by completing a request form on www.annualcreditreport.com. By law, you are entitled to one free report every 12 months from the three consumer reporting agencies--Equifax, TransUnion and Experian. Review your report for errors at least once a year, if not more frequently. Prior to applying for a large loan, such as a mortgage or car loan, obtain a copy of your credit report to ensure there is nothing inaccurate that may prevent you from securing credit.
Address Errors in an Official Letter to the Consumer Reporting Agency
If you find errors, dispute the inaccuracies in writing to the consumer reporting agency. Include copies--not originals--of documents that support your claim. Be clear in outlining your dispute and provide as much accurate, factual information as possible. Request an action, which would be to either remove the item in question or provide a correction. The letter should be sent by certified mail with a return receipt requested so you can be certain it arrived at the consumer reporting agency. The agency investigates the claim typically within 30 days and once this is complete, you will receive the results of the investigation in writing.
Send a Letter to the Creditor Disputing the Error
Follow up a letter to the consumer reporting agency with a letter to the creditor where the error has originated. As with the first dispute letter, provide supporting documentation outlining the inaccuracy, as well as a copy of the credit report reflecting the error. If the investigation by the consumer reporting agency proves in favor or your claim of error, the creditor might not report the inaccuracy again.
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