A mistake on your credit record can cause you to miss out on opportunities such as home loans, car loans and even jobs. Even if the mistake is not your fault, it is up to you to let the credit reporting agencies know about the mistake so it can be removed from your credit record and set straight. A nasty mistake can drag down your credit score even when you've been nearly perfect in your financial dealings. Dispute it with supporting evidence so the reporting agencies have no choice but to fix it.
Step 1
Order your free credit report through the Federal Trade Commission sponsored website AnnualCreditReport.com. You'll receive three reports from the major agencies: TransUnion, Experian and Equifax. It's a good idea to get your report each year so you can watch for mistakes and errors that could affect your score. You'll need to order your credit report first because you'll need the report number in order to dispute a mistake, says financial website Kiplinger.com.
Step 2
Identify the mistakes and highlight them with a highlighter pen on each credit report. Download a dispute letter or draft one of your own. You can use the same letter for each reporting agency, but you must dispute to all agencies to get the matter properly fixed.
Step 3
Enter your information into the dispute letter, citing the mistake and why it is a mistake. Some reasons for a mistake may be a debt payoff that was never acknowledged, a dispute in the price of an item or a mathematical error, says financial website BankRate.com. Credit reporting agencies are not run by exact science. Mistakes can, and often, are made.
Step 4
Print the letter three times, sign it and write the address of a reporting agency at the top of the letter. Include any supporting evidence to your claims such as receipts or payoff notices, and make sure to include the highlighted copy of the credit report. Seal in an envelope and send one to each of the credit reporting agencies.
Equifax
P.O. Box 740241
Atlanta, GA 30374
TransUnion
Consumer Disclosure Center
P.O. Box 1000
Chester, PA 19022
Experian
National Consumer Assistance Center
P.O. Box 2002
Allen, TX 75013
Step 5
Wait up to 60 days to be notified of a decision from the agencies. Some of the more complicated cases may take more time. Once a decision has been made, and the mistake has been rectified, ask for a new copy of your credit record so you can see the mistake has been corrected.
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