A credit report can contain accounts you forgot about, accounts that belong to someone else, and balances that are simply wrong. It is worth reading the report itself before making decisions based on a score.
Get your reports from the proper source
You can currently request a free report once a week from each of the three nationwide credit reporting companies through AnnualCreditReport.com. That site is the official channel. Be careful of similar-looking websites that enroll you in subscriptions.
The three reports will not always match. A lender may report to one company and not another. Download or save each report and record its date.
Read an account line by line
Look at the name of the creditor, account number suffix, opened date, current balance, payment status, payment history, and whether the account is listed twice under different owners. Also check addresses and names that are not yours.
An account does not become inaccurate simply because it is negative. A legitimate late payment can usually be reported. A collection item may have a different name because the debt was sold, which is not necessarily an error by itself.
Make a specific dispute
For each mistake, write down exactly what is wrong and what correction you want. Attach copies, not originals, of supporting documents when possible. For example: “This account is marked unpaid, but the attached settlement letter and payment confirmation show it was paid on March 4.”
The CFPB recommends disputing with both the reporting company and the business that supplied the disputed information. Keep a copy of your submission and confirmation. Credit reporting investigations have legal time frames, but exceptions can affect them.
What to watch after an investigation
Check the results and get an updated report if available. If the entry remains incorrect, examine the explanation and whether additional evidence would help. You can use the CFPB complaint process where appropriate.
No company can lawfully guarantee the removal of accurate, current negative information simply because you pay it a fee. If someone offers a brand-new credit identity or says to dispute every item regardless of accuracy, walk away.
If you suspect identity theft, use the official recovery instructions at IdentityTheft.gov as well.