Like everyone else, financial institutions make mistakes. When it comes to your credit report, lenders could accidentally report someone else's information or make a simple typo. An error could also be a sign of identity theft. Whatever the case may be, these inaccuracies may have an adverse effect on your chances of qualifying for a loan. If you haven’t checked your credit report recently, errors may exist without your knowledge. It’s important to check your credit report and dispute inaccuracies to keep it error-free.
Disputing inaccuracies means to place a formal objection to a false item on your credit report. Disputes are filed with the credit bureau that issued the credit report. Online credit reports, such as those provided by CreditReport.com, provide you access to Experian's dispute process electronically while viewing your report.
Different types of information can be disputed if inaccurate. Credit reports include account details, bankruptcies, collections, liens, judgments, inquiries and personal identification information; and all of them can be disputed if they are found to be incorrect.
Take steps to correct all mistakes on your credit report, whether or not they will influence your credit score. Formal disputes can be made with the credit bureaus electronically or by mail. Once you initiate a dispute, the bureau will conduct its own investigation and alert the creditor who entered the information that there may be a problem. Keep in mind, you may also be asked to provide evidence. If it is determined that the information is inaccurate or it cannot be proved true, it will be removed from your credit report.