How To Review Your Credit Report For Errors And How To Correct Them

When you run a credit report you should make sure that all your information is correct. We will discuss how you can locate errors on your credit report and how you can go about correcting these errors.

Reviewing Your Credit Report 

Verify that your personal information is correct.  This includes your name, date of birth, social security number, address and telephone number.  If you are married, make certain that your spouse’s information is accurate also.  If you are divorced, the report should show this. 

Confirm that your employer and job title is listed.  If you have just been on your job for a short time, your previous employer should be listed too.  If you have lived at your present address for a short period, your previous address should be listed as well. 

Check that all the accounts listed belong to you, and that the payment history and account balances are all correct.  Credit card accounts will show you the credit limit, the amount you owe now, and if you have been making payments on time. 

The names of all companies that have requested your report in the last 6 months will also be showing.  Your credit report will also list lawsuits, liens and bankruptcies. 

How do I correct errors on my credit report? 

To correct an error, send a certified letter to the credit reporting agency and a copy to the business that reported the incorrect information.  Include the following in your letter: 

The name of the business that reported the wrong information; 

The reason why the information is wrong; 

Copies of receipts, cancelled checks, or other important documents that can prove the information is wrong. 

If there is wrong information on your credit report, both the credit report agency and the business that reported such error are responsible for correcting it. 

What the credit reporting agency should do 

When the credit reporting agency receives your dispute they must do the following: 

Within a period of five days, notify the business that provided the information that you have filed a dispute. 

Complete their investigation within thirty days of receiving your letter. 

If They Agree With You 

If the credit reporting agency agrees that the information in your report is incorrect, they will send you a corrected report within 30 days. 

If They Disagree with You 

If for some reason they determine that the information in your credit report is correct, they must tell you why within 5 days of finishing their investigation. 

If you disagree with their answer, you may write your side of the story in a 100 word statement.  This particular statement will then become part of your credit report.