According to FCRA guidelines, consumers and lenders share the responsibility of correcting information on credit reports. In order to correct problems on your credit report, you need to contact the lender and the credit bureau to make sure everyone is on the same page. The process of correcting errors on your credit report can be time consuming, but it's worth it in nearly all cases.
Clerical errors account for the majority of misinformation contained in your credit report. It's not uncommon to find errors in the spelling of your name or current address. Sometimes the information is accurate, but it gets reported twice. This may make it look like you have too much credit for the amount of money you earn annually.
Credit companies make mistakes every year that can cost you points on your credit score. If you make your payments on time and they're reported as late or delinquent, you need to have the error corrected. Sometimes credit reports also contain inaccurate information from public records. Check your credit report for bankruptcies, judgments, and liens. If the information is incorrect, have it changed.
If you find errors in your credit report, you need to provide a written request to the consumer reporting company. It's important to clearly state what items in your report are inaccurate if you want to have them corrected. If you request a correction, it's a good idea to request the consumer reporting company to send you a notice of any corrections.