Your credit report speaks volumes about not only your history of credit card debt and other loans, but also about other public records (such as arrests), your employment history, and your current and former addresses. Before applying for a large loan for a home or car, it's wise to obtain your information from the three major credit reporting bureaus (Equifax, Experian and TransUnion) and address any credit report errors beforehand to reduce the chances that your application will be rejected, notes the financial advisers at Credit.com.
Step 1
Contact each credit bureau that has placed what you feel to be an error on your credit report, urges Credit.com. Although these agencies permit you to file a dispute online, it's best to put it down in writing. Include your name and address in your letter, as well as a breakdown of each item on your report that you feel is in error. The mailing addresses for the bureaus are as follows:
Equifax
P.O. Box 740256
Atlanta, Georgia 30374
Experian
P.O. Box 9554
Allen, Texas 75013
TransUnion
P.O. Box 6790
Fullerton, CA 92834
Step 2
Include supporting documentation. Credit.com advises that you include a copy of your credit report with the items circled or underlined. If you have documents that support your dispute (such as copies of canceled checks used to pay off a credit card debt or other loan), include those as well.
Step 3
Send correspondence to the credit bureau certified mail, return receipt requested. This way you'll know that your letter has been received. (Also, make copies for your own record keeping, as well of any accompanying documents that you send to the credit bureau, advises Credit.com.)
Step 4
Give the credit bureau between 30 and 45 days to respond. If the error is removed, you will receive a written notification, as well as an updated credit report. Additionally, the credit bureau is required to forward its findings to the creditor that provided the erroneous information, notes the Federal Trade Commission (FTC).
Step 5
If the error is not removed, follow up. The FTC states that you may draft a statement of dispute (100 words or less) and request that it be included in your file, as well as in future reports. You may also request, for an additional fee, that the bureau provide your statement to anyone who's recently requested your report.
Tips and Warnings
- You can get all three credit reports from a centralized location, notes the FTC, and you are legally entitled to one free credit report per year. Contacting each agency individually more than once in a 12-month period may result in you being charged a fee (see Resources).
- If the "error" you find in your report is accurate, negative information that affects your credit score, the only way it can be removed from your report through time---in most cases, seven years, or in the case of bankruptcy, 10 years.
Things You'll Need
- Pen and paper or computer, paper and printer
- Envelopes
- Money for certified mail services
- Copies of your credit report
- Copies of supporting documentation (not originals)
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