How to Fight a Wrong Credit Report
According to MyFico, your FICO score is directly based upon the information contained within your credit report. The score ranges from a low of 300 to a high of 850, and the higher the score, the better your credit. Lenders report information to the credit bureaus. Credit bureaus distill this data into a personal credit report. Errors on your report can potentially damage your credit score. If you have incorrect information on your report, the Fair Credit Reporting Act (FCRA) gives you the right to file a dispute with the credit bureau and have that data corrected or removed.
Other People Are Reading
Instructions
-
-
1
Dispute the incorrect information. Each credit bureau--Experian, Equifax and TransUnion--has an online form that allows you to submit a dispute specifying which items you're disputing and why.
In addition to filing a dispute online, you can file a dispute by mail or over the phone with a customer service rep. You can find the bureau's contact information on your credit report or on the bureau's website.
-
2
Give the bureau up to 30 days to responsd. The FCRA provides this much time to each bureau so that they can investigate your claim and make corrections. The 30-day clock begins the day the bureau receives your dispute.
For disputes submitted by mail, allow 15 days beyond the 30-day mark to receive the results in the mail.
-
-
3
Review your investigation results. The bureau will send the results to you via email. You will also receive an updated copy of your credit report that shows the changes the bureau made.
Results for disputes submitted by phone or mail are sent to you via regular first-class mail.
-
4
Contact the creditor or company that reported the information if you're not satisfied with the investigation results. Bureaus verify data; if a mistake exists within the creditor's records, you will have to correct that error directly with that company.
-
1
Tips & Warnings
The Fair and Accurate Credit Transactions Act (FACTA) gives consumers the right to receive one free report each year from the three bureaus: Experian, Equifax and TransUnion. Order the free report at annualcreditrepot.com.
Never order your credit report using a shared or public computer. You could unwittingly become a victim of identity theft. Use computers that you trust are safe.
Beware of credit-repair companies that promise to fix your credit or raise your credit score. The claims made by these types of companies could be a scam, according to the Federal Trade Commission. You can correct credit report errors yourself for free.
