Can Your Credit Report Have Errors On it? How To Correct Them By Disputing Them

One way to repair your credit score is to check your credit report for errors and dispute them with the credit bureaus. There are different kinds of errors that can find their way on a credit report. You can check your credit report periodically to identify them by ordering each one of your free credit reports from the credit bureaus every quarter. You can also order all 3 of them at the same time but that means that in case you need to check you credit history for some reason before the next year, you will have to pay a certain amount of money to get it.

There has been much discussion over the accuracy of the data in consumer reports. However, scientifically researched studies that include sample sizes large enough to be valid have concluded that by and large the data in credit reports is very accurate. The credit bureaus point to their own study of 52 million credit reports to highlight that the data in reports is very accurate. The Consumer Data Industry Association testified before Congress that less than two percent of those reports that resulted in a consumer dispute had data deleted because it was in error.

At the same time it is reported that about two thirds of all credit reports have some kind of error on them. This need not be contradictory to the claim made by the Consumer Data Industry Association. Errors like misspelled names, wrong Social Security numbers do not result in the data are being deleted, merely corrected.

Another kind of error that may find their way on your credit report is transposition of amounts or incorrect entries when the data provided by the creditor is transcribed by people.

The point is that whatever be the nature of the error on a credit report it can negatively impact your credit score. You should notify the credit bureau of the error as soon as possible and get your credit record rectified.

How To Dispute An Error On Your Credit Report

Each of the three credit bureaus may have a slightly different procedure for filing a dispute regarding an incorrect data entry. For example, if you are accessing your free and will credit report from Transunion, you will have access to a control panel that has several features like checking your various accounts, checking the items and transactions that negatively marked and also a section where you can dispute the records that you feel are in error.

All the three national credit bureaus allow you to dispute errors online through their website. You will probably find this option in the “Customer Service” section.

It is, however, a good idea to always follow up here disputed by a phone call and by regular mail. If you have documents to prove the disputed transaction then send a copy of these papers along. Always make a copy of these documents and send. If you are requested to provide the originals make a copy and keep it with yourself. The normal paperwork that you may be required to provide is the copy of your driver’s license or a state ID photocard, your account number and the details of the creditor in question.

When you write to the credit bureau try and provide all possible details that enlist the reason for you disputing any particular transaction.