Get Your Credit Report Back on Track
Your credit score is a vital part of your financial life. One way to keep it as high as possible is to constantly monitor your credit report for errors. Incorrect information can negatively impact your score. Here’s a guide to checking and reporting errors.
Check Your Report
Make sure you check your reports at all three credit bureaus. Sometimes errors can occur at Equifax, but not Experian or TransUnion. You’re entitled to check your report for free at each bureau once per week. Here are some of the most common mistakes found on credit reports:
- A former spouse/partner listed on a loan.
- On-time payments are reported as late payments.
- Old information that should be removed.
- Accounts that aren’t yours.
- Fraudulent accounts.
Contact the Bureau
If you spot misinformation, contact the bureau that issued the report first. You’ll want to explain why it’s wrong and provide any documents that support your correction. The easiest way to contact the bureaus is online, but you can also call or mail them your dispute.
Contact the Company
After you’ve disputed the information with the bureau, contact the company that has provided the incorrect items. The CFPB even provides a template for a letter to the company.
The Conclusion
Once the investigation by the bureau has concluded, the company must contact all the bureaus and provide the correct information. After that, you should see your reports updated.
Do One Thing: Regularly check all three of your credit reports for misinformation that could negatively impact your credit score. Fortera members now have instant access to their credit score and credit report, along with personalized tips on how to improve their score or maintain an already great score. Members can use the credit score simulator tool to see how certain actions might impact your credit score and can then use that information to help you make smarter financial decisions. Click here to learn more.
Original article by Chris O'Shea and adapted in partnership with SavvyMoney.