Correct Credit Report Errors Fast

Credit report errors are very common. Most are inconsequential, like spelling errors in accounts or addresses. But some drive down your Fico score and point to fraud-these errors need fixing asap.

Here are some important credit report errors to look for and correct:

• Your name. Slight changes in a name can result in your credit file being mixed with someone else's. Make sure your Social Security number matches and check carefully for title designations like Jr., Sr., III, etc.
• Payment history mistakes. Even a few late payments can drop your credit score. Review all payments, especially those reported late.
• Bankruptcies or judgments reporting past the cutoff. Bankruptcies should drop off your credit report after 10 years, and judgments after 7. That includes any charged-off accounts included in the bankruptcy; if they are on your credit report past the allowed period, they are pushing your score down unnecessarily.
• Bankruptcy accounts reporting delinquencies in the present. Any accounts charged off in a bankruptcy should be listed as such. Sometimes accounts continue to report delinquencies after discharge; any accounts reporting 90 days or more past due are big, bad score busters and should be removed.
• Double negatives. Sometimes an account will report delinquency after it has been sent to collections, and the collection company will report as well. There should be one set of data for each account, not both.
• Any activity you don't recognize and can't confirm. If there's an account listed you don't remember, you can contact the creditor (the address & phone number is usually listed on the credit report) for details. If you believe someone has charged you fraudulently or mistakenly, contact the credit bureau that supplied the credit report (Equifax, Experian or TransUnion)-you could be looking at identity theft.

To correct credit report errors, start with creditors. They are the ones reporting to the bureaus; in fact most credit report errors originate with them. Use any documentation you have to substantiate your claim (cancelled checks, bank & account statements, discharge papers). Request that the creditor contact the bureau directly, and also send you a letter detailing the error and reporting it as cleared. Get all pertinent details on the letter-name, Social Security number, account number, dates, manager spoken to, date, address, etc.

Then contact the appropriate credit bureau, and send copies of your substantiating documents (not originals) to them. It also helps speed the process along to send a copy of the credit reports with the error circled (more than one bureau may be affected). Contact the bureaus online or by phone:

Equifax Information Service P.O. Box 740256 Atlanta, GA. 30339 (800) 270-3435 www.equifax.com Experian (formerly TRW) P.O. Box 2106 Allen, TX. 75002 (888) 567-8688 www.experian.com TransUnion Corporation (800) 888-4213 P.O. Box 390 Springfield, PA 19064-0390 www.transunion.com