When looking for errors on your credit report, you’ll want to start out with copies of your report from all three major credit bureaus (Experian, Equifax and TransUnion.) You’ll want to scan all three documents and compare them looking for inconsistencies and inaccurate information. Take careful notes and research any questionable information you discover, checking with your statements and records at home.
Here’s what you should look for:
On Your Personal Profile
• Check for misinformation
• Look for inaccurate addresses or places of employment
• Look for signs of identity theft
In Your Public Records
• Look for inaccurate negative information such as liens, judgments, etc.
• Make sure any negative experiences you may have rectified (such as a charge off you paid, or a settlement you paid as requested) are recorded accurately. Often a creditor will report your negative information, but fail to report that you came through in the end and rectified the situation. Any time you negotiate a settlement or payment of a charge off, make sure to ask for the account to be updated on your credit report as “paid in full” or “paid to satisfaction” or “paid as requested.”
In Your Credit Summary
• Make sure all accounts you’ve ever opened have been reported (especially ones in good standing.)
• Make sure all the accounts listed are actually yours
In Your Specific Account History
Check to make sure the following information is correct:
• The dates the account was opened or closed
• The kind of account it is
• If the account is only in your name or is listed as jointly owned
• The amount you owe
• The amount of the monthly payments on the account is accurate
• Your payment history is accurate (up to date or late or defaulted)
• Your credit limit on that specific account and how much credit you’ve used are reported correctly
Your Personal Statement
If you have recorded a personal statement clarifying specific information on your account, make sure that statement is there and is clearly communicated.
What Should You Do if You Find Inaccurate Information?
Under the Fair and Accurate Credit Reporting Act, you have the right to challenge any inaccurate information and have it investigated. If the credit bureau or credit does not “reaffirm” the information within thirty days of receiving your dispute, they must remove the negative information from your account. Dispute the misinformation on paper so you lay a paper trail. Make sure you include proper identifying information when you file a dispute (your name, address, previous address, birth date, previous employer information and social security) and follow up within thirty days. Cite the Fair and Accurate Credit Reporting Act when you file your dispute.
Protecting your credit report is of utmost importance. Take the time to review your credit report annually and don’t hesitate to challenge inaccurate information.
