Are There Mistakes in Your Credit Report?

If there are mistakes in your credit report, it could be costing you money. 

Credit errors can lower your credit score and in turn increase the interest rates you pay on loans and lines of credit as well as increase your insurance costs.

Here are some things to think about and some things you should do immediately to verify your credit report.

First, get your credit report.  The Fair Credit Reporting Act (FCRA) requires each of the nationwide credit reporting companies — Equifax, Experian, and TransUnion — to provide you with a free copy of your credit report, at your request, once every 12 months. Visit annualcreditreport.com or call 1-877-322-8228.  They will need your name, address, Social Security number, and date of birth. 

1) If your credit report error involves identity theft (you see credit card accounts you didn't open or loans you didn’t take out), call each of the three credit reporting bureaus (Equifax, Experian, and TransUnion) and ask them to put a fraud alert on your file. Then, fill out a Federal Trade Commission identity theft report and call the police to report the theft. The FTC and police reports help prove you had your identity stolen.

2) If you find errors on your report, complain.  The squeaky wheel gets the grease so don't let up. Grab a note book and a folder and get started disputing errors on your credit report. Call you credit card companies, your loan and mortgage companies and the credit bureaus.  Keeps notes. You are going to need proof of the errors so expect to provide copies of payments, receipts, dates of phone calls, etc)   Ask anyone that disagrees with you to provide evidence as to why.

Credit Bureau contact info:

Equifax:1-800-685-1111; equifax.com

Experian: 1-888-397-3742; experian.com

TransUnion: 1-800-916-8800; transunion.com

3) If all your efforts get you nowhere and you have your folder and notebook full of proof, here are three additional steps.

• Consider contacting your state attorney general’s office to see if they can offer any guidance.
• File a complaint with the Consumer Financial Protection Bureau. The bureau will look into your error and report back on what it finds.
• Complain to the Federal Trade Commission 1-877-FTC-HELP (1-877-382-4357)

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