How to Remove Incorrect Items from Your Credit Report
Credit Reports are put together by data sent from creditors, and although this data is usually pretty accurate, there are times you will find incorrect information. Sometimes it’s a small error such as a misspelling and other times it’s a case of stolen identity where there are debts you did not open on your account. In either case, this needs to be corrected asap.
Under the Fair Credit Reporting Act, you have a right to an accurate credit report and score. Your rights include having access to your credit report, accurate reporting, having outdated information removed, and seeking damages (among many other rights!).
Even though it may feel overwhelming, the sooner you correct issues on your report, the better it will be for you in the long run.
So, if you see anything that doesn’t look right on your credit report, you can follow the below steps to rectify it:
Reach out to the credit agency. You can do so on their website, by emailing them or sending them a letter in the mail. Contact information can be found here.
Reach out to the creditor. They may not know it’s incorrect and can rectify the situation faster. You will also be able to find out if it was a case of stolen identity.
Stay up to date. From the time you file with the agencies, they have to remove the incorrect information for a minimum of 30 days and begin an investigation.
At the end of the credit agency investigation, if they cannot verify that information, they are required to remove it from your report. If they can verify the information, they will add it back onto the report, at this point, you may be able to add a statement to explain the situation.