Fixing mistakes on your credit report
You do not send in the information that comprises your credit history -- your creditors do.
However, you are responsible for the accuracy of the information about your financial life contained in each of the
three credit reports.
Expect that there will be some problems. Statistics show that up to 80 percent of all reports contain
at least one error. These mistakes can sometimes cause you to be turned down for a loan or to be charged the highest
interest rate on a credit card.
It's not difficult to get rid of mistakes, just time-consuming. As the wheels of correction grind slowly,
there may be weeks -- or even months -- of phone calls and exchanging of mail or e-mail.
Steps to correct mistakes
There are standard procedures to get rid of mistakes on your credit report.
Report credit errors quickly. Even the smallest error could seriously dent your credit chances.
If you find a mistake, send a separate letter to
each agency where a mistake is found. Be sure to explain the situation in detail and include a copy of the credit report
with the faulty information highlighted.
Any error that you find must be investigated by the credit reporting agency (Equifax, Experian or TransUnion) with the creditor who supplied the data. The credit reporting agency will remove from your credit report any
errors a creditor admits are there. If you disagree with the findings, you can file a short statement in your record
giving your side of the story. Future reports to creditors must include this statement or a summary of it.
What is an error?
The Fair Credit Billing Act requires creditors to correct errors promptly and without damage to your credit rating.
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| The law defines a billing error as any charge: |
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| -- Updated: June 16, 2008 |
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