Your credit report contains information about your credit accounts and payment history. Lenders and other businesses may use information from your credit report when evaluating applications for credit.
If you find information that is inaccurate or does not belong to you, you have the right to dispute the error.
Correcting inaccurate information can be an important step in maintaining an accurate credit profile.
Review Your Credit Reports
Start by obtaining copies of your credit reports from the major nationwide credit reporting companies.
Review the reports carefully and look for information such as:
- Accounts you do not recognize
- Incorrect account balances
- Wrong payment history
- Incorrect personal information
- Duplicate accounts
- Accounts that should no longer appear
You do not need to assume that every piece of information is correct simply because it appears on a credit report.
Gather Supporting Documents
If you find an error, collect documents that support your dispute.
Depending on the issue, this could include account statements, payment records, correspondence with a creditor, or other documentation showing why the information is inaccurate.
Keeping copies of everything you submit can make it easier to track the dispute.
Contact the Credit Reporting Company
You can generally dispute inaccurate information with the credit reporting company that produced the report.
The dispute should clearly identify the information you believe is inaccurate and explain why.
Include copies of supporting documents when appropriate.
The Consumer Financial Protection Bureau recommends providing enough information for the company to understand what you are disputing.
Contact the Company That Reported the Information
You may also want to contact the business that supplied the information to the credit reporting company.
For example, if a credit card company reported an incorrect balance, you can contact the card issuer and explain the problem.
The company that supplied the information generally has responsibilities regarding the accuracy of the information it reports.
What Happens After a Dispute?
Credit reporting companies generally investigate disputes and review the information provided.
If the information is determined to be inaccurate or incomplete, it may be corrected or updated.
The exact process and timing can vary depending on the circumstances.
Keep records of your dispute, including the date submitted, documents provided, and responses received.
What If the Information Is Accurate?
A legitimate dispute is intended to correct inaccurate or incomplete information.
You generally cannot require a credit reporting company to remove accurate negative information simply because you do not like it.
The Federal Trade Commission warns consumers to be cautious of companies promising to remove accurate negative information from a credit report.
Accurate negative information can generally remain on a credit report for a legally permitted period.
Watch for Identity Theft
An account you do not recognize may sometimes indicate identity theft.
If you see unfamiliar accounts, inquiries, or other suspicious activity, investigate promptly.
You may need to contact the relevant financial institution and take additional identity-theft protection steps.
The Federal Trade Commission provides resources for consumers who believe they have experienced identity theft.
Check Your Report Again
After a dispute is completed, review your credit report again when appropriate.
Make sure the information has been updated correctly.
If you still believe inaccurate information remains, keep your documentation and consider the additional dispute or complaint options available to you.
Final Thoughts
Reviewing your credit reports can help you identify inaccurate information before it creates additional problems.
If you discover an error, document the issue, gather supporting evidence, contact the appropriate credit reporting company, and consider contacting the company that supplied the information.
Do not pay a company simply because it promises to erase accurate negative information. Accurate information cannot legally be removed just because it hurts your credit profile.
Credit reporting rules and individual circumstances can vary, so use current information from official consumer-protection resources when handling a dispute.