Since creditors, lenders, and other businesses rely on your credit report to make decisions about you, it’s important that your credit report contain accurate information. Any errors that are on your credit report will affect your credit rating and your ability to get approved for credit cards and loans. Credit report errors can also keep you from getting the best interest rates when you borrow money.
You should review your credit report at least once a year to make sure the information included is accurate. Don’t take for granted that credit bureaus will correct errors without you first reporting these errors. Federal law gives you the right to dispute credit report errors and have the correct information placed on your report.
When you order a credit report, it will include instructions for filing a dispute with the credit bureau that provided the report. If you ordered your credit report online, you’ll be able to file a dispute online. In the dispute, you can state why the information is incorrect by selecting a reason from a list of choices.
You can also make a credit report dispute via mail. Using this method, you write a letter to the credit bureau stating that you believe there’s an error on your credit report. Your letter should describe why the disputed information is an error. If you have any proof that supports your claim, it’s a good idea to send a copy of this proof along with your dispute letter. Send your letter via certified mail with return receipt requested to have proof of when the dispute letter was received by the credit bureau.
Once the credit bureau receives your dispute, it generally has 30 days to conduct an investigation with the company who listed the disputed information. After that 30 days, the credit bureau must either update your credit report or send a letter letting you know why the disputed information will continue to be listed on your credit report.
If your credit report dispute results in change to your credit report, you can request that your updated credit report be sent to any business who requested your report within the past 24 months.