How to Correct Credit Report Errors

According to a study by Consumer Reports, 27% of participants found at least one error in their credit report that could affect their creditworthiness.¹ The three national credit reporting agencies manage data from about 13,000 different sources, increasing the likelihood of inaccuracies. These mistakes can damage your financial life and affect your ability to get a job, house, or car. It could also increase your interest rate when getting a loan. Find out what to look for and how to file errors in your credit reports.

Equifax, Experian, and TransUnion, the three credit bureaus, must investigate disputes promptly and correct any errors. The most common errors include:

• Identity errors
• Account errors
• Data management errors
• Balance errors
• Payment history errors

Review your accounts regularly and if you find an error, contact the credit report agency and company or creditor of the account to file a dispute.

Monitor Your Credit with Digital Banking

Texell’s Digital Banking provides access to a free credit score solution, SavvyMoney. Besides monitoring your credit score daily without affecting your score, you can review potential errors and receive real-time alerts. You can also use the credit score simulator to learn what actions you can take to increase your score. The service is a free benefit to help Texell members stay in control of their credit score.

To get started in Digital Banking, click on “Show My Score” in the Credit Score & Report widget. Complete enrollment with SavvyMoney. Select “Score” in the menu and “Report” to view your credit report. If you see an error that you need to dispute, scroll to the bottom of that page, and click “Start a Dispute” to report the inaccuracy with TransUnion. In writing, explain thoroughly what is wrong, why it’s wrong, and include any documentation to support your dispute.

What to Expect with a Dispute

After disputing the error with the credit bureau, make another dispute with the company that provided it to the credit bureau. Credit information comes from several sources, including your credit union or bank, landlord, or credit card company.

The credit bureau investigates and sends documents related to your dispute to the company that provided the information. You’ll be notified of the results, either that the dispute is valid or that it’s invalid. If the company makes a correction, it notifies the three credit bureaus to update your credit report. If the company thinks the information that you’re disputing is frivolous, you can ask the credit bureaus to submit a statement explaining the dispute to the company. This statement is included in your report for future credit requests.

SavvyMoney monitors your credit report daily to alert you of any concerning changes. Review it regularly so that you can report errors quickly before your credit is damaged. If you’re suspicious that you’ve been the victim of identity theft, you can place a credit freeze to restrict access to your account. During a credit freeze, no one can open a new account, but you can still apply for employment, rent an apartment, buy insurance, and receive pre-screened offers. You can temporarily remove the freeze if you need to apply for new credit. Read more about freezing your credit in “Protecting Your Identity.”

Review Your Credit Report

Staying aware of threats to your score puts you in control of your financial health. Besides reviewing your credit report using SavvyMoney in Digital Banking, you can request a free report from each of the three credit bureaus once a year.

Texell’s Digital Banking app allows you to manage your accounts 24/7 from your phone, tablet, or computer. You can freeze a card if it’s lost or stolen using Card Controls and view offers for loans or credit cards. You can also view and redeem your BONUS Reward Points for cash, travel, event tickets, and more. Visit Texell.org/Digital to learn more and get started today.

¹ More Than a Quarter of People Find Serious Mistakes in Their Credit Reports, Study Shows from consumerreports.org.

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