Discovering an error on your credit report can be concerning, especially since such inaccuracies can affect your credit score and potentially impact your ability to obtain loans, credit cards, and even employment.
Knowing the correct steps to take and who to contact is essential for resolving these issues swiftly and effectively.
Step 1: Verify the Error
Before initiating disputes, it is often prudent to thoroughly review your credit report. Obtain reports from all three major credit bureaus – Equifax, Experian, and Trans Union – as the information can differ across reports.
You are entitled to a free credit report from each of the major bureaus once every 12 months via AnnualCreditReport.com, and more frequently under certain circumstances.
Step 2: Contact the Credit Reporting Agency
Once you confirm the error, the first point of contact should be the credit reporting agency (CRA) that shows the discrepancy. You can contact most agencies by submitting a dispute by mail, online, or by phone. Sending a dispute by certified mail is often the best option because it provides you with a clear record as well as more control over the process.
- Equifax: You can file a dispute online through the Equifax dispute center, by mail, or via phone. Detailed instructions and contact information are available on their website.
- Experian: Disputes with Experian can be filed online, by mail, or by phone. They provide an online dispute center to facilitate the correction of errors.
- Trans Union: Trans Union also allows consumers to dispute their credit report information online, by mail, or over the phone.
Step 3: Contact the Data Furnisher
If the error relates to specific account details, such as payments incorrectly reported as late or incorrect balance information, you should also contact the data furnisher. This is the creditor, lender, or financial institution that provided the information to the credit bureau.
Notify them of the error and ask them to correct the information they are sending to the credit bureau. However, note that the furnisher’s duty under the Fair Credit Reporting Act (FCRA) to correct inaccurate information is triggered when they are notified of the error by a credit bureau.
Step 4: Document Everything
When disputing an error, whether with a credit bureau or a data furnisher, make sure to keep detailed records of your communication.
Include copies (not originals) of any documents that support your claim (such as account statements or letters of clearance).
Step 5: Follow Up
After filing your dispute, the credit bureau generally has 30 days to investigate the issue. The bureau may also forward all relevant data you provide to the furnisher, who has certain obligations to investigate and report back to the credit bureau.
Step 6: Review the Results
Once the investigation is complete, the credit bureau should send you the results along with a copy of your updated report if the dispute results in a change. Review the report to ensure that the error has been corrected.
If the dispute is not resolved to your satisfaction, you may add a statement of the dispute to your credit report to explain your side of the story.
Conclusion
Navigating the process of correcting an error on your credit report can seem daunting, but taking the appropriate steps can help ensure your credit health is accurately represented.
Remember, maintaining an accurate credit report is crucial for your financial well-being, so take action promptly if you spot any discrepancies.