How do I dispute inaccurate information on my credit report?

Disputing inaccuracies on your credit report is an important step in maintaining an accurate credit history. Errors on your credit report can negatively impact your credit scores and your ability to obtain credit. Here's a step-by-step guide on how to dispute inaccuracies on your credit report:

1. Obtain Copies of Your Credit Reports:

• You're entitled to one free credit report from each of the three major credit bureaus (Equifax, Experian, and TransUnion) every 12 months. Visit AnnualCreditReport.com to request your free reports.

2. Review Your Credit Reports Carefully:

• Carefully review each credit report for inaccuracies, including errors in personal information, accounts that don't belong to you, incorrect account statuses (e.g., reported as delinquent when they're not), and inaccurate payment histories.

3. Document the Errors:

• Make a list of each error you find. Note which credit report(s) it appears on and the details of the error.

4. Gather Supporting Documentation:

• Collect any supporting documents that can help prove the inaccuracies. For example, if there's a discrepancy in an account balance, gather statements or receipts that show the correct balance.

5. Contact the Credit Bureau:

• Visit the website of the credit bureau that has the error (Equifax, Experian, or TransUnion). They each have online dispute forms, making it easy to start the process online. You can also dispute errors by mail or phone.

6. File a Dispute:

• When you file a dispute online, you'll be guided through the process. If you're doing it by mail, write a formal dispute letter that includes your name, contact information, a description of the error(s), and any supporting documentation. Make copies of everything for your records.

7. Contact the Furnisher:

• If the error involves a specific account, you can also contact the company that furnished the information to the credit bureau (e.g., a lender or credit card issuer). Explain the error and provide any supporting documents. They are required to investigate and report the results back to the credit bureaus.

8. Wait for a Response:

• Credit bureaus have 30 to 45 days to investigate your dispute and respond. They will either correct the error, delete the information, or notify you if the dispute is not resolved in your favor.

9. Review the Updated Report:

• After the dispute process is complete, request a free copy of your credit report to ensure that the inaccuracies have been corrected.

10. Follow Up:

• If the errors are not corrected or if you're dissatisfied with the response, you can follow up with both the credit bureau and the furnisher to provide additional information or escalate the dispute.

11. Monitor Your Credit:

• Continue to monitor your credit reports regularly to ensure that inaccuracies do not reappear.

12. Consider a Consumer Statement (Optional):

• If the dispute isn't resolved to your satisfaction, you have the option to add a 100-word statement to your credit report explaining your side of the story. While this won't remove the error, it can provide context for future creditors.

It's essential to be persistent and patient during the dispute process. Inaccuracies on credit reports can take time to resolve, but it's worth the effort to ensure that your credit history is accurate and reflects your financial behavior correctly. Accurate credit reports are vital for obtaining credit, securing favorable terms, and achieving your financial goals.