Fixing Credit Report Mistakes with Experian TransUnion and Equifax

Fixing credit report mistakes can seem like a frustrating process, but an erroneous credit report can have serious consequences down the line, so you should fix credit report inaccuracies now. A misspelled name, wrong address, and other credit report errors are good reasons for filing a credit report dispute with one of the three major credit bureau companies--Experian, TransUnion and Equifax. Whatever you do, don't let the credit report error stand. Your credit score and credit report can have a serious affect on your life.   If you apply for a mortgage, loan, credit card or other line of credit--and even when applying for a job or to rent an apartment—an inaccurate credit report can have a major impact on whether or not you get approved. Learn about fixing credit report mistakes so your application can be error-free and get a fair chance.

The first step in fixing credit report mistakes is to obtain a copy of your credit report and/or credit score from TransUnion, Equifax or Experian, the three major credit reporting companies. According to the Fair Credit Reporting Act (text of the FCRA), you can get one free copy of each per year.

Make sure you've caught all the errors. Review each of the credit reports and look at every detail. Check:

• the history of your debts and payments
• any information about bankruptcy
• your demographic details, such as name, address, and phone number

If you see even one error, it's time to fix that erroneous credit report.

Send two letters. One letter goes to the consumer reporting company that has the mistake on the credit report--Equifax, Experian or TransUnion. The other letter goes to the source of the error, such as a creditor. Hunting down the source of credit report inaccuracies can be a trial-and-error process, but again, it's worth the trouble.

In the credit report dispute letter, state what information is wrong. Include your name, return address, and other identifying information. Remember, it doesn't help if you follow the steps for how to fix a credit report error and DON'T write to both these places. Otherwise you may see the credit report error re-appearing.

Tip: You may also need to send a third letter if you're in the process of applying for a line of credit with a creditor. Let the lending institution know about the misspelled name or other inaccurate credit report information and that you're disputing the report.

After about 30 to 45 days, you should hear back about the dispute status. The error should be removed from your credit report when the source of the mistaken information reports to Equifax, TransUnion or Experian with the corrected information.

The credit reporting company is supposed to tell the other two companies to also remove the erroneous information. To double-check, you might want to get new copies of your credit report after a bit of time has passed.

Remember, don't wait until you've applied for a loan or line of credit to start a credit report error correction. Attend to it now, before you need it. And if you need help fixing errors on a credit report, contact the specific credit bureau for information.