How to Fix Errors in a Credit Report

Rising your credit score as high as possible is important because it can be the difference between getting a car loan or mortgage and not. The better your score the lower the interest rates you will get. One of the most frustrating things about the whole system is finding errors on your credit report, but you can fix it with a lit work and a lot of persistence.

Difficulty: Moderate

Instructions

Things You'll Need:

• Recent copies of your credit report form all three bureaus
• Access to recent statements from all of your accounts
• Serious patience and persistence

1. 

   If you suspect that your credit score is too low because of errors on it, get a recent copy of your report from each of the three credit agencies: Experian, TransUnion, and Equifax. You are entitled to one free each year from each agency. Go to www.AnnualCreditReport.com and get your copies.

2. 

   Read each report word for word. Make sure every piece of information is accurate. Where you find an error, try to figure out where the information came from and why it might have ended up on your report. It can be easier to fix an error if you can explain to the bureau why the mistake occurred in the first place. Example: many students find that their parents credit cards show up on their credit reports because their parents gave them their own copy of the card. If the parents miss a payment, this can hurt the student's score, but they can get themselves removed from the account and get the blemish off their report.

3. 

   If you can't figure out why there is a mistake, such as an account that you never opened, consider the possibility of identity fraud. Before you do anything else, call the company who holds the account and inquire.

4. 

   Now comes the tough part. For the errors you found, you have to call the credit agency to explain the problem and follow their procedure for fixing it. Even if the same error appears on all three reports, you still have to call all three agencies. Take notes of your conversation and follow their instructions to the letter.

5. 

   Sign up for a credit monitoring service that allows you at least monthly access to all three of your credit reports. Each month check to see if the errors have been resolved. If not, call the credit agency back. Keep copies of any correspondence and anything you've done in response to the credit agency's instructions.

Tips & Warnings

• Persistence is key. Don't expect all three agencies to fix all errors the first time you call.
• This can be a slow process - it can take several months to resolve even simple errors such as a parent's information on their child's report. Start the process long before you're going to apply for a big loan such as a mortgage.

Resources

• Get all three credit reports here