When you’ve had a credit report error, it can cause your credit to be negatively impacted for months or years. Credit report errors happen when creditors make mistakes on your account information during the process of opening an account with them. When this happens, they will show up on your credit report as items that don’t match your original profile.
Credit bureaus turn these mistakes into errors, which result in lower credit scores, increased risk of identity theft, and the possibility of fraudulent activity. Here are some steps you can take to fix these errors and restore your credit back to its previous integrity.
What are credit report errors?
When creditors make mistakes on your account information during the process of opening an account with them, they will show up on your credit report as items that don’t match your original profile. This is because the credit bureaus remove that item from the file and assign it a negative error code.
How to find the error on your report
The first step is to identify the error in your credit report. If you have a copy of your report, you can look up the items that don’t match your original profile. You can use this information to contact the creditor and ask them to fix it or dispute it with the credit bureau. Additionally, there are many online tools available to help you identify errors in your credit report.
If you can’t find an error on your credit report, start by contacting the lender who opened the account and asking for their help identifying what happened. They might be able to provide information about which items were missed from your account or how they know that something was wrong with your account.
How to correct the error on your report
When you find an error on your credit report, contact the credit reporting agencies and ask them to correct it. If you can’t find the information you need, or if the error is too complicated for you to work with, you want to consider a credit repair professional who can help you through the process of correcting errors.
Once you’ve contacted your credit bureau and they have corrected the error on your report, keep in mind that you will still be required to work on repairing your credit score. In order to do this, try making more positive changes in your life such as paying off debt and opening new accounts responsibly.
The impact of errors on your credit score
If you’ve had an error on your credit report, it is a red flag for creditors. A red flag means that the creditor will notice the error and charge you an additional fee for opening a new account.
In order to fix errors on your credit report, you’ll need to contact the three major credit bureaus–-Equifax, Experian, and TransUnion–and get them to remove all of the incorrect entries from your file. This can be done by sending them written requests of proof or by filing a formal complaint with the Federal Trade Commission (FTC). You might also have to pay a fee in order to have your record restored.
Preventing errors from happening in the first place
It’s important to prevent errors by always providing correct information. If you have a credit card or loan, make sure your contact info is up-to-date. You should also verify that any other information that is on your credit report is correct before opening an account or applying for a new loan.
If you’ve been denied credit or had an account closed due to an error, the first step to restoring your credit is contacting the creditor with proof of what went wrong and requesting that they update their records to reflect the accurate information. The next step would be to dispute the item on your credit report with each of the three major bureaus individually. If all three bureaus agree that the item should be removed, then it will be removed from your report and you will no longer be subject to future damage because this error was corrected in a timely manner.
Repairing credit report errors is a great way to boost your credit score and repair any damage that may have occurred, but there are a few things to watch out for when it comes to working with your credit. Make sure to be aware of these before you go ahead and try to repair your credit on your own.