Before you can start the error resolution process, you will need to obtain a copy of most recent credit report. There are two ways you can obtain a free copy of your credit report:

Due to the Fair Credit Reporting Act (FCRA) and Fair and Accurate Credit Transactions (FACT) Act, you are entitled to a free copy of your credit report from each of the three CRAs (Equifax, Transunion, and Experian) every 12 months. Reports can be obtained by web, phone, or regular mail:

• Web: annualcreditreport.com
• Phone: 1.877.322.8228
• Mail: mail requests to:

Annual Credit Report Request Service
P.O. Box 105281
Atlanta, GA 30348-5281

The Federal Trade Commission warns that many consumer credit companies may offer a free credit report as a lure for credit counseling and/or repair or other financial services, and cautions those seeking their free reports to only use the resources above. The FTC also notes that annualcreditreport.com is the only website set up for free credit reports as required by law; most other sites have similar names or are related to credit reporting are usually commercial sites.

As a second measure for obtaining a report, if you were denied credit by a potential creditor that has requested your credit report in conjunction with a credit application, you can also request a free copy of your report from the CRAs using the report number included as part of the creditor’s request. If the credit you applied for involved a mortgage or home loan, you may be able to obtain a tri-merged credit report that includes all 3 CRAs’ credit file on you. Depending on how you obtain your free credit report(s), they may or may not include a credit score.

Once you receive your credit report, you need to check for any and all inaccuracies or mistakes that may have been reported. Credit reports are riddled with mistakes as reported by your past and current creditors, collection agencies, employers, or any entity that reports information to your credit file.

Additionally, because there are three different CRAs, there are three versions of your credit report that may contain similar or different accounts, credit history, and personal information. Each creditor or collector may report to any or all of the CRAs; you need to review the information in the report they produce for mistakes as well.

The items found in this exhaustive review of your credit report(s) will be the inaccuracies to target through disputes CRAs and negotiations with creditors or collection agencies. See “Errors in Your Credit Report” for a comprehensive list of errors that can be changed or even removed from your report through disputing and negotiation.


References:

Federal Trade Commission. Facts for Consumers: Building a Better Credit Report.

iGlobalFinancial.com. 2004 Consumer Credit Templates.

Federal Trade Commission. Facts for Consumers: Your Access to Free Credit Reports.

NeighborWorks America. Realizing the American Dream: A Manual for Homebuyers, 3rd Edition.