Correcting Errors on Your Credit Report

Correct Errors on Your Credit Report Before Applying for a Home Loan 

Your credit report reflects your financial status, so keeping it accurate is essential. Knowing how to correct any errors that arise can help you take charge of your financial health and your path to home ownership. 

Checking Your Credit Report 

Checking your credit report annually can help you ensure all the information is correct and make you a stronger mortgage applicant. You can obtain a free credit report from each of the three major credit reporting agencies (Equifax, Experian, and TransUnion) via: 

1. Website: Visit AnnualCreditReport.com. 
2. Phone: Call (877) 322-8228. 
3. Mail: Send a request to Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281. 

Common Errors on Credit Reports 

When reviewing your credit report, here’s how to prevent common errors: 

1. Ensure all listed late payments are accurate. 
2. Verify that all closed accounts are marked correctly. 
3. Check for any accounts that may be listed more than once. 
4. Make sure your personal information, such as your name, address, and Social Security number, is correct. 

Correcting Errors on Your Credit Report 

If you find errors on your credit report, you can request to remove them by:  

1. Filing a dispute with credit reporting agencies: 

a. Equifax dispute 

b. Experian dispute 

c. TransUnion dispute 

After filing a dispute, it typically takes up to 30 days to receive a response. 

2. Sending a goodwill deletion request: If you’ve only missed one or two payments, you can send a goodwill letter to your creditor asking them to remove the negative mark as a gesture of goodwill. 

Steps for Sending a Goodwill Deletion Request 

1. Write a letter to your creditor: Explain your situation and why you missed the payments. Highlight your history of good payments and express your commitment to maintaining good credit. 
2. Be polite and professional: A respectful tone increases the chances of your request being considered. 
3. Include relevant details: Mention your account number, the dates of the missed payments, and any supporting documentation. 

Hiring a Credit Repair Agency 

If you need help correcting errors, you can hire a credit repair agency. Here’s how to choose one:  

1. Check reviews and ratings from previous customers. 
2. Ensure they provide clear information on fees and services. 
3. Avoid agencies that guarantee instant results or ask for payment upfront. 

What to Do if Your Identity is Stolen 

If you suspect identity theft, take immediate action with these steps: 

1. File a report with the FTC: 

a. Visit IdentityTheft.gov or call 1-877-438-4338. 

2. Contact the credit reporting agencies to place a fraud alert on your credit report. 

a. Equifax: (800) 525-6285 

b. Experian: (888) 397-3742 

c. TransUnion: (800) 680-7289 

3. Monitor your credit reports: 

a. Keep a close watch on your report for suspicious activity. 

By regularly checking your report, understanding common errors, and knowing how to file disputes and requests, you can ensure your credit report accurately reflects your financial status. Taking these steps yourself can save you money and set you up for a path to home ownership.