While it can be scary to discover an error on your credit report, there are steps you can take to dispute that error.
A U.S. News and World Report article, How to Dispute a Credit Report Error provides useful information.
Common Errors
Look for these common credit report errors:
- Incorrect identifying details like your name or Social Security number
- Accounts that aren’t actually yours, including fraudulent accounts or accounts that belong to someone with a similar name
- Open accounts that are reported as closed and vice versa
- Accounts that list you as an owner rather than an authorized user
- Accounts that are incorrectly shown as late or delinquent
- Duplicate accounts
- Incorrect delinquent dates, account opening dates, or last payment dates
- Incorrect balances or credit limits
- Credit inquiries you didn’t authorize
- Public records, such as bankruptcies, that don’t belong to you
Where To Direct Your Dispute
You’ll need to dispute the potential error with the credit bureau that created your report and the company that supplied the information, which is called the data furnisher. For example, if the error appears on two or three reports, say Equifax and Experian but not TransUnion, you’ll need to reach out to both Equifax and Experian.
Locate These Documents
As you prepare to make your case that a report contains errors, arm yourself with copies of these documents:
- Identifying documents with your correct name and address, like your driver’s license
- Current bank statements that include things like your balance, credit limit, payment status, and account status
- Canceled checks
- Student loan disability letters
- Court documents like bankruptcy schedules
- Relief program agreements
- Letters from a lender showing an account error was rectified
- Proof that an account was opened via identity theft
Corrections letters from lenders
Contact The Data Furnisher
If your review uncovers errors or fraud, the article next suggests contacting the data furnisher. Even if you correct an error with one of the credit bureaus, until you’ve also corrected it with the data furnisher, the mistake will continue appearing on your credit report.
For example, if you correct the spelling of your name with one of the bureaus, but not the data furnisher, your credit report will continue showing the incorrect name.
Data furnishers include banks, credit card companies, auto financing companies, collection agencies, utility companies, and real estate companies and organizations.
Replies Within 30 Days
Credit bureaus and data furnishers will reply to your dispute claim within 30 days. If you provide additional information during the investigation, it may take 45 days to receive a response.
When a credit bureau completes an investigation, it’s required to notify you of the results within five business days. The bureau could do one of the following:
- Make no changes to your report
- Update your report
- Delete information from your report
Options If You Disagree
If you disagree with the investigation’s outcome, you can:
- Dispute the error again and include additional information or have the agency send you the materials it used to make its decision
- Report the credit bureau by filing a complaint with the Federal Trade Commission or the Consumer Financial Protection Bureau if you think your concerns aren’t being taken seriously
- Draft a statement of dispute that can be included on your credit report, stick to 100 words and be aware that creditors aren’t obligated to accept it