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How Do I Remove Errors From My Credit Report?

3-minute read

If there are errors on your credit report, it could negatively affect your credit score. As you start the home buying process and you’re looking to get a mortgage with a competitive interest rate, the last thing you want is a low credit score.

Having accounts on your credit report that aren’t yours or an inaccurate account payment history could have a big impact on your financial life. A clean and error-free credit report is ideal when you’re looking to secure your next loan.

Before we discuss how to eliminate these errors, let’s first discuss how to find them in the first place.

Finding Errors On Your Credit Report

To look at your free credit report, check out Rocket Homes Real Estate LLC. This tool allows you to check your TransUnion® credit report at a glance. You also have the ability to view open accounts, closed accounts, hard inquiries and your personal information.

 

Federal law allows you to receive a free credit report from all three bureaus (TransUnion®, Equifax and Experian) once per year. This can be done at AnnualCreditReport.com. Personally, I like to set an annual calendar reminder to do my free check. It’s an easy way to stay on top of my credit report and ensure there are no errors.

As you’re scanning your report, ask yourself the following:

  • Is my personal information correct?
  • Are there open accounts I thought I closed?
  • Does my payment history look accurate?

This examination could save you a lot of time and money. If you find an error through your TransUnion® report, it’s important to also check your Equifax and Experian credit reports for accuracy. 

Disputing Errors On Your Credit Report

If you find errors on your credit report, it’s time to dispute them and get them corrected. The dispute process can happen easily online and is completely free:

When submitting your dispute to the three major credit bureaus, the more information you can provide to back up your dispute claim, the easier your resolution will be. Depending on what information you’re disputing, you may need to include documents such as past billing statements, copies of personal identification or proof that an account was opened fraudulently.

After you submit your claim, the bureaus offer you the ability to check your status. In addition, the dispute process can take up to 30 days.

What To Do After You Receive Credit Report Dispute Results

If your dispute claim was approved, the credit bureau will modify your credit report accordingly. It may be smart to contact the lender directly and ensure your affairs are in order. Afterwards, you should remember to contact anyone else who needs to know about your newly updated credit report (potential lenders, employers, etc.).

It’s possible your dispute claim can get denied. If the credit bureau and lender agree that the current information in your credit report is accurate, things will remain the same. You’ll have the opportunity to resubmit your claim if you’d like. Including more supporting documentation may help with the dispute process the second time around.

If the online process isn’t for you, you can also submit (or resubmit) your dispute through mail or on the phone with all three credit bureaus. Depending on your ideal communication style, this may be preferable for you.

Reducing Credit Report Errors In The Future

Let’s face it. Dealing with credit report errors isn’t fun. It’s something pretty much everyone would like to avoid if possible. 

In this digital age of data breaches and stolen information, it’s important for all of us to play defense when it comes to our financial lives. Staying on top of our important personal data and disputing errors right when we see them will help us save money and reduce our overall financial stress.

Everyone’s situation is different. Be sure to speak with a financial expert or advisor before making any major financial decisions.

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