How to Fix Credit Errors

The Fair Credit Reporting Act is your best option in regard to rectifying errors in your credit report. 
 
Slip-ups in your credit report could be mistakes but may also be lapses. There are occasions when payments made by you to get rid of a debt or delinquency, do not reflect in your credit report.

A great way to know if your report is accurate is to evaluate your credit reports from all 3 major credit bureaus once every year.

You must know that credit bureaus compete with each other. Many times you will find that the reports presented vary from one another because of uncalled for errors or omissions.

Law states that credit bureaus need to examine your claim, usually within 30 days. They need to forward all information you give to them to the creditor or any where concerned where your faulty report shows up.
 
Once corrections are made the concerned credit bureau that reported the error needs to send you a free credit report to show that the error has been rectified.

In order to request an inquiry of an error or omission, you need to:  
 
Document your claim extensively. Write a clear and concise letter to the credit bureau with a comprehensible clarification of the disputed entry in your credit report. Make sure you phrase your demand as a dispute of an item in your credit report. Provide all obtainable details to validate your declaration and ask for the mistake be corrected. 
 
Inform both credit bureau and creditor. When you contact the credit bureau, simultaneously inform the creditor or information provider. This is because this is probably the company that is accountable for the error being reported to the credit bureau. Make sure your request is phrased as a disagreement. 
 
Send copies. It is possible that a credit report is what made you aware of the existing error. Keep the original report and send the credit bureau and information provider a photocopy. This is because in case there is a lawsuit involved, original documents hold up better in court than copies. 
 
Keep all your records. Maintain records of all communication with the credit bureau and information provider. Do record vital information of all conversations. Record dates of conversations and report whom you spoke to. 
 
Always use certified mail. Opt to use certified mail. This would cost a few extra bucks, but you will be given a notification when your letters are received. This is important because the bureau needs to start working as soon as they confirm receipt of your correspondence.
 
Notify any soft inquiries of corrections. If an error does subsist, ask the credit bureau to inform any parties that may have ha a look at your credit report in the past six months. You can also ask for any corrected credit reports be sent to probable employers that have had a look at your credit report in the preceding two years. 
 
If data in your credit report is correct but negative, or your dispute cannot be authenticated, you are not in a very favorable position. Under the law, this negative data can remain on your credit report for seven years, and 10 years, especially if you have filed for personal bankruptcy.