Addessing Errors in your Credit Report

By: rushkd Mood: NA Date: 09/23/2008 13:56:06 Music: None

You know that it’s important to regularly check your credit report. But what do you do if you find an error? And for that matter, what kinds of errors should you be looking for? While most errors are small and easily corrected, it’s important to follow a dispute process for any errors you find. Mistakes on your report of any size can affect your credit rating and have lasting implications if not resolved. That’s why it’s important to learn what to look for and how to resolve any issues you find.

Consistently reviewing your credit report is the best way to spot simple mistakes as well as potential fraud. By staying on top of your credit file and knowing when errors occur, you can have such inaccuracies removed quickly and easily. This could potentially minimize the negative financial impact such errors can cause. Remember — you’re entitled to one free credit report annually from each of the national credit reporting agencies. Keep in mind that in addition to noting changes to your credit file once a year, you can gain additional information from choosing to purchase monitoring products that will alert you on a regular basis throughout the year if any key changes are found in your credit file.

Inaccurate information in your credit report can include something you didn't buy or authorize, amounts that differ from what you actually paid, different purchase dates, items not properly identified, math errors, missing payments made or absent credits to your account, accounts mistakenly attributed to you, and application notices that you didn't fill out. If you uncover an error, gather all of the information you can before attempting to resolve it. Click here to learn more about initiating a dispute.

If you found an inaccuracy in your credit report at one credit reporting agency, you may want to get your credit report from the other two agencies to see if their reports contain the same error. After you've corrected an error with one agency, the other agencies should eventually receive the corrected information. But for prompt correction, it's best to contact each of the three agencies individually. Remember, your best allies in resolving errors on your credit report are major credit bureaus like Equifax and your own sharp eyes and careful attention.