In order to avoid the headache of cleaning up your credit report due to inaccuracies, it would be beneficial to check your credit report with the three major credit bureaus (Equifax, TransUnion and Experian) annually. If there is any indication of any suspicious or fraudulent activity on your report, there are ways to dispute these errors.
According to a study conducted by the Federal Trade Commission, one in four consumers identified errors on their reports that might affect their credit rating in 2013. In addition, four out of five consumers who filed a claim or dispute, noticed a change to their credit report.
In addition, an Oregon woman recently sued Equifax and was awarded $18 million after she repeatedly contacted them to dispute incorrect information on her report. While this is an extreme case, there are plenty of instances in which credit bureaus will misreport information, so it’s important to dispute errors immediately.
Don’t feel frustrated as there are ways you can fix these errors. Below are some steps to possibly erase these errors for good off of your report.