How Do I Fix Errors On My Credit Report?

Monitoring your credit can help maintain your credit health and stop identity theft. You should regularly review your credit report to make sure it is accurate. Mistakes on your credit report can hurt your chances of getting a mortgage or auto loan. If you find an error, report it to the credit agencies.

We outline some considerations when evaluating your credit report. For legal advice about fixing your credit score, talk to a consumer rights lawyer.

How Can I Review My Credit Report?

Your credit scores are managed by the three major credit reporting agencies (CRAs). The credit reporting companies are:

• Equifax
• Experian
• TransUnion

Under federal consumer protection laws, you can get a free copy of your credit report from the major credit bureaus every year. AnnualCreditReport.com is a government-authorized website where you can request a free annual report. Be cautious of other websites offering a free annual report. They could include fees for what you can already get for free.

Why Does My Credit Score Matter?

Your credit score indicates your creditworthiness. Potential lenders will look at your credit score to determine risk. They may deny a loan if you have a history of defaulting on loans or overdue accounts. If they do offer a loan, a low credit score may require a bigger down payment and a higher interest rate. Negative information can also give you a lower credit limit. Landlords may also consider your credit score when approving or denying a rental application.

Can a Low Credit Score Affect Employment?

Some employers, including government jobs, may require a good credit score. However, employers need your consent before they can do a credit check. The Fair Credit Reporting Act prohibits credit checks without consent. After getting consent, employers may consider your credit history, employment history, and other factors.

What Information Does the Credit Report Have?

A lot of personal finance information is on your credit report. Your credit reports will include personal information, public records, and credit accounts. These include:

• Full name and birthdate
• Social Security number
• Present and past employers
• Current and past addresses
• Loans (mortgage, car loan, student loans)
• Debts
• Credit card company accounts
• Bankruptcy history
• Lawsuit records

Credit bureau reports may have different information. It depends on how the credit bureaus get reports on accounts, loans, and other information. You can review your credit report from each bureau to find errors and mistakes.

What If You Spot an Error in Your Credit Report?

Review your credit report closely to make sure it’s accurate. Look for closed accounts that are still open and late payments you know were made on time. If you notice an error, report it to the credit reporting agencies. The credit bureaus must correct any inaccurate or incomplete information in your credit report.

Use the credit bureau’s dispute form to report the inaccurate information in writing. Include your contact information and phone number. You can also include copies of supporting documentation. Specify the credit report errors. Send your letter by certified mail with a return receipt so you have a record that the credit bureau received it.

The Consumer Financial Protection Bureau (CFPB) has sample letters for the dispute process.

Is Someone Using My Information To Get Loans?

Another critical reason to monitor consumer credit is to spot possible identity fraud. According to the Federal Trade Commission (FTC), more than one million identity theft complaints were filed in 2023. Scammers can use your personal identifying information to take out credit cards or loans in your name.

Will the Credit Reporting Agencies Investigate My Complaint?

After you report inaccuracies in your credit report, the credit bureaus must investigate within 30 days. If the credit bureau doesn’t think they made a mistake, they must notify you. The business reporting the credit claim must report the incorrect information to all three credit bureaus. Credit bureaus also have to send a notice of correction to anyone who has received your credit report in the past six months.

You have the right to a copy of the report after the investigation is complete. You also have the right to a corrected copy of your credit report.

Can a Consumer Protection Lawyer Help With Credit Report Disputes?

Laws are in place to protect consumers from false or inaccurate credit reporting. These reports can affect many parts of your life, including employment and housing. If you encounter obstacles in clearing disputed information in your credit report, an experienced consumer law lawyer can guide you. Contact a consumer protection lawyer to help dispute credit report errors.