Your credit report shapes many of the financial opportunities available to you, from loan approvals to interest rates. That's why it matters when something on it is wrong. Errors do happen — an account that isn't yours, a payment marked late that was on time or an old balance that should show as paid — and you have the right to dispute them.
Start by getting copies of your reports from all three nationwide credit bureaus: Equifax, Experian and TransUnion. You're entitled to free copies through AnnualCreditReport.com, the official site for free reports. Each bureau's report may differ, so it's worth reviewing all three.
Spotting common errors
Read each report carefully. Check your personal details, every account listed, payment histories, balances and credit limits. Common errors include accounts that belong to someone else, duplicate accounts, incorrect late payments, wrong balances and closed accounts still reported as open.
When you find an error, gather supporting documents such as bank statements, payment confirmations or letters from the creditor. Clear evidence makes your dispute stronger and can help it be resolved more quickly.
You can file a dispute online, by mail or by phone with each bureau reporting the mistake. Explain clearly what's wrong, why it's wrong and what correction you're requesting. You can also contact the company that supplied the information, since it's responsible for reporting accurately.
Credit bureaus generally must investigate disputes within about 30 days. When the investigation ends, they'll send you the results. If the information is corrected, you can request that an updated report be sent to anyone who checked your credit recently.
If the dispute isn't resolved
If you disagree with the result, you can add a brief statement to your report explaining your side, and you may file a complaint with the Consumer Financial Protection Bureau. Keep monitoring your reports to make sure the error doesn't return.
Need help reviewing your reports? A Finance Credit Center specialist can walk through them with you. Request a free credit report review today.