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.

The law defines a billing error as any charge:

• For something you didn't buy or for a purchase made by someone not authorized to use your account. • For something that is not properly identified on your bill or is for an amount different from the actual purchase price or was entered on a date different from the purchase date. • For something that you did not accept on delivery or that was not delivered according to agreement.