With identity theft on the rise, it is a good idea for all Americans to monitor their credit reports for errors and unauthorized accounts. Make sure you know what to do if you do find an error on your credit profile.
Significance
Errors in your credit report could cost you points on your credit score. A lower credit score may cause you to pay higher interest rates on loans and any other form of credit or financing.
Considerations
Federal law states that every American is entitled to one free credit report from each of the three credit reporting agencies each calendar year.
Features
If you find an error on your credit report, you should immediately report the error to the credit reporting agencies by using their dispute procedures. You can report an error online, over the phone or by standard mail.
Warning
If the same error appears on all three credit reports, then you must contact each reporting agency separately to correct the error.
Record Keeping
Do not send original documents to the reporting agencies, only send copies. Be sure to keep all correspondence with the credit agencies in a safe place for archiving purposes.
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