How to Correct a Credit Report Error
Gary Lindner is a Pittsburg small-business owner who always pays his bills. In his 20 years as a Duquesne Light customer, his service was never interrupted for nonpayment.
You can imagine his shock to receive a letter from Citizens Bank informing him of the termination of his credit due to adverse personal credit information. Duquesne Light mistakenly reported delinquencies on accounts that weren’t Lindner’s. The errors appeared on Lindner’s credit report and lowered his score.
An error on your credit report can have serious financial consequences. Errors may lower your credit score, making loans more expensive or disqualifying you from borrowing altogether. Because of the error, Lindner couldn’t buy food or supplies for his business.
The first step to fixing an error is spotting one. Check your credit report regularly. The big three credit reporting agencies — Equifax, Experian and TransUnion — are required to provide you with a free credit report once a year. By checking one of these reports every four months, you can keep a close eye on reported credit activities.
If you notice an error on your credit report, contact the credit agency in writing. Explain the error and request that it be corrected. Include copies of supporting documents that prove the error is a mistake. Be sure to send your request via certified mail and to keep a copy of the letter and originals of any documents you submit. The Federal Trade Commission has a sample letter disputing credit report errors on their website that you can use as a reference when you prepare your letter to the credit bureaus.
Next, notify your creditors about the error. Depending on the creditor, you may be able to dispute the error online or over the phone. If you have additional questions about your credit score or reestablishing credit after bankruptcy, Harold Shepley & Associates can help. We offer credit restoration services that can bring you financial stability.
