Credit report

Error on your credit file? How to Handle It Like a Pro – NECN

Your credit score is tied to many financial decisions, and one mistake could set you back. Leslie Gaydos and Rob Michaelson explain what you need to do to correct incorrect information on your credit report.

What to do if you spot an error on your credit report

Robin: A credit report influences so many things in our lives, so it’s a good idea to make sure it’s accurate. But if there is an error on your credit report, what is the next step?

Many people never look at their credit reports. Did they watch it five years ago? You need to review it at least every year, really taking the time to go through everything and see what’s inside. And if you see something wrong. You must take the time to correct it because it can impact you in many ways. If you identify an error on your credit file, dispute this information with the three credit reporting companies Experian, Equifax and TransUnion. You can email them or go to their web page and find out what this dispute process is or what you need to do. You should also explain in writing why you think this information is wrong on your credit report, and then back that up with documentation that shows it is not correct information.

How to dispute incorrect information from another source

Robin: What if the incorrect information is from another company?

Leslie: In this case, you will need to file a complaint with that specific company to try to have that information removed. This could be your landlord’s bank credit card company, and you will need to find the individual information on how you go through this process. This may take some time. It may be a pain, but you need to correct this information, so it’s definitely worth your time and effort.

How the dispute process works

Robin: So once I submit this dispute to the credit reporting company or supplier, what happens next?

Leslie: Credit reporting companies must investigate your dispute. They may determine that it is frivolous or without merit, in which case they must inform you that this is what they have determined.

Robin: So if I go to see my landlord or one of these other companies, what is the process there?

Leslie: If you go to a third party and are able to make your point and determine that there was incorrect information that was provided to the credit reporting companies and those entities are not correcting them themselves. You can contact the credit reporting companies and ask them to include a statement explaining that the dispute is on your credit report. So anyone watching this will see what happened.

How often should you check your credit report

Robin: So with all of this, how often should I check my credit report? I know this year we have to do a weekly check. But in general, what is a good idea?

Leslie: I would say definitely annually. You know, make it a habit in January. Perhaps to have your credit report printed or removed. Looked. Go through all these lines. Make sure everything is fine. And again, if this is not the case, it takes time. I know it’s a pain, but take the time to fix it because it will affect you later.