Tips on Fixing Credit Report Errors
You probably think you have better things to do than fix errors on your credit report. But the truth is, if you don't make those needed fixes, no one else will. Statistics show that more than 70% of today's credit reports contain some type of error.
Banks and credit card companies use your complete credit history to decide whether or not you qualify for a loan or credit, so it's definitely a good idea to keep your credit report as error-free as possible.
Here are a few tips to help you ensure that the information on your credit report is accurate:
Confirm any errors and inaccuracies. Fixing mistakes in your credit report is your responsibility, but credit bureaus are obligated to investigate any disputes they receive, usually within 30 days. So locate original letters and documents from banks, credit issuers and other companies that prove you closed specific accounts or paid off particular loans. And immediately investigate any unauthorized and unrecognized accounts you find listed in your credit report.
Document all your information. Once you identify specific errors or inaccuracies found in your credit report, contact any one of the credit reporting bureaus to dispute the information. Make a copy of your credit report (if it's an online credit report, be sure to print out at least two copies — one for your files and one for the credit bureau), and explain why you believe the information is inaccurate. Then ask the credit bureau to remove or correct the information on your credit report.
Stay proactive when it comes to your credit. While the credit bureau is investigating your dispute, be sure to contact any and all banks, credit card issuers and other companies that supplied the information for your dispute. The credit bureaus are also required to contact these companies directly on your behalf.
Keeping track of your credit report is very important. So use these handy tips to ensure that your credit report is an accurate reflection of everything from your billing address to the interest rate on your home mortgage to the amount of your last credit card payment.