How to correct credit report errors
Image by Lucia Grzeskiewicz from Pixabay
Ensuring your credit report looks good is no walk in the park. Building a positive credit report requires you to form consistent and organized financial habits over years. Even with this hard work, you may still have derogatory remarks on your credit report at no fault of your own.
Sometimes, data furnishers accidentally place the wrong information on your credit report and continue to update this as time goes on, slowly ruining your score. In other cases, someone is using your identity and forcing your credit report to take a horrible turn down. Fortunately, FTC laws require credit report bureaus to fix any errors left on your credit report. They must respond to your inquiries and update you on their decision. If you face any issues or questions, consult an FCRA lawyer for ways you can correct credit report errors immediately.
What types of errors might appear in my report?
Compare the errors that you see across your Experian, TransUnion, and Equifax credit reports. Here are some common mistakes you might spot:
- Incorrect account status
- Old derogatory marks and negative information
- Incorrect account numbers or account records
- Accounts that don’t belong to you
- Incorrect addresses
- Inaccurate loan balances or credit limits
- Ex-spouses listed on your credit card
If the information is significantly inaccurate, you can report potential identity theft to ensure someone else isn’t using your information.
What steps do I take to correct these errors?
To begin the process of correcting your errors, you should take the following steps.
Gather information
Make copies of loan documents, credit card records, bank statements, and birth certificates. If you were divorced, include a divorce decree. Include an FTC complaint or police report if you’ve already reported identity theft.
Provide documentation
You will have to prove your identity by including a government-issued I.D., your Social Security Number, and birthdate. Include copies of bank statements, insurance statements, or utility bills that show your address and full name. You will also need to mention your current and previous addresses within the last two years.
Alert credit bureaus
Reach out to the three major credit bureaus and let them know there are errors on your credit report. You can submit this information through their online dispute process. However, if it is more convenient for you, you can also call or write a letter to them.
To alert Equifax, you can submit an online form, call 866-349-5191, or write to Equifax, P.O. Box 740256, Atlanta, GA 30374-0256. For TransUnion, you can visit their website, call 800-916-8800, or send a letter to their Consumer Dispute Center at P.O. Box 2000, Chester, PA 19016. You can reach Experian by submitting an online dispute form, calling 866-200-6020, or writing to Experian’s National Consumer Assistance Center, P.O. Box 4500, Allen, TX 75013.
Consider contacting data furnishers
Data furnishers are establishments that send information to the credit bureaus monthly. When this information is inaccurate, it continues to harm your credit score. When you file a dispute with the credit bureaus, you can also contact the data furnisher that is providing inaccurate information. This may encourage them to stop reporting false information.
Review responses
The credit bureaus must respond within 30 days after you’ve filed a dispute. They must investigate your dispute and write back to you. If the credit bureaus believe there was an error, they will remove the incorrect information and send you a copy of your new credit report. If the credit bureau thinks the information is correct, they won’t remove the information.
In case of an FCRA violation, call a lawyer
If you believe that a credit bureau you contacted violated the Fair Credit Reporting Act, you can sue them. According to the Fair Credit Reporting Act, you are owed accurate information on your credit report. You can speak with an FCRA lawyer to initiate a lawsuit against the offending credit bureau.
What are other ways I can improve my credit report?
To improve your credit report, you can raise your credit limit. This helps lower your revolving debt. When you use up over 30% of your debt, this lowers your credit score. You can also consider opening up multiple types of accounts. For example, a mortgage, car loan, retail credit card, grocery store credit card, and other forms of debt create variety. To get more tips on how to improve your credit score, talk to an FCRA lawyer today.
