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How to Dispute an Error on Your Credit Report

disputing an error on your credit report

Credit reports decide a number of important things for Americans. From renting an apartment to finding a new job, your credit report can be reviewed to decide if you meet the requirements. Your credit score will affect what interest rates you have on your loans and if you can be approved for them at all. Unfortunately, errors on credit reports happen far more often than they should.

These errors can make it harder for you to borrow money and cause you to pay more on interest. Under the Fair Credit Reporting Act, if you dispute an error on your credit report, and they cannot find a reason why it should be there, it has to be removed from your report after 30 days. You can request a free credit report from all three of the federal credit reporting bureaus once a year, so make sure you are checking all three of them.

What Are Some Common Errors to Look Out for?

  • Wrong person: People’s debts have been confused with an entirely different person in some cases. Check your middle initials and if there is someone with a similar name anywhere on the report.
  • Identity theft: In extreme cases, someone has opened up another bank account under your name.
  • Over aging debts: Some debts are supposed to leave your credit report after a certain amount of time. In some cases, the debt is re-sold and that debt stays on your credit report longer than it should. It needs to be removed for the health of your credit score.

Where Can I Report the Error?

You should report the error to the credit bureau that made the mistake. Gather supporting documentation and detail where the error is, and why it needs to be removed. The three credit reporting bureaus in the U.S. are Equifax, Experian, and Transunion. Reporting your issue to an attorney to make sure your rights are being respected and your request is being handled appropriately.

What If It’s Been 30 Days?

Legally, the credit reporting agencies need to resolve your claim within 30 days of when they receive the request. If you have waited too long, have had your request denied, or are experiencing other issues with your credit report, consider contacting a Lewisville bankruptcy attorney. These lawyers have experience negotiating with creditors and making sure your credit report isn’t compromising your identity and financial security.