Disputing errors on your credit report is important because mistakes on your report can lower your credit score and prevent you from getting approved for loans or credit cards. Here are the steps to follow to dispute errors on your credit report:
Obtain a copy of your credit report: You are entitled to one free credit report per year from each of the three major credit bureaus – Equifax, Experian, and TransUnion. You can get a copy of your credit report from AnnualCreditReport.com.
Review your credit report: Check your report for any errors, including incorrect personal information, accounts that are not yours, accounts with incorrect balances or payment histories, and negative information that is too old to be on your report.
Document the errors: Make a list of the errors on your credit report and gather any supporting documents, such as receipts or statements, that can help prove your case.
Contact the credit bureau: You can dispute errors on your credit report online, by phone, or by mail. The credit bureau must investigate your dispute and respond within 30 days. Provide a detailed explanation of the errors and include any supporting documents.
Contact the creditor: If the error is related to an account, contact the creditor directly to dispute the error. The creditor must investigate your dispute and respond to the credit bureau with their findings.
Follow up: If the credit bureau or creditor does not respond within 30 days, follow up to make sure they are working on your dispute. If the dispute is not resolved to your satisfaction, you can add a statement to your credit report explaining your side of the story.
Monitor your credit report: After the dispute is resolved, continue to monitor your credit report to make sure the errors have been corrected.
Remember that disputing errors on your credit report takes time and effort, but it is worth it to make sure your credit report is accurate and up-to-date.