Financial Freedom

Fixing credit errors is one thing a lot of Americans have to do at one point or another. Reports have estimated that at least 50% of credit reports have errors on them. This due in large part to the volume of data they credit bureaus have to keep up with. They have millions and millions of files they have to keep updated.

Just imagine all thousands of people that have the same name like “Mike Johnson”. There is surely bound to be errors somewhere trying to add and delete data constantly. That’s not to talk about identity theft, where someone uses your personal information to make fraudulent purchases.

The only way to fix credit errors is by contacting credit bureaus whose files have the errors, and you have to contact each bureau separately. You want to check with the three main bureaus because if one has an error, more than likely the other two have it as well. Start by sending them a letter informing them that the information they are reporting is wrong and you need it corrected immediately.

You want to also look on the credit report with the error to see if there is a phone number of the company that has the error. If so call them up and let them know they are reporting incorrect information about you to the credit bureaus. Now in some cases the account or entry might be yours but the information is not correct, and other times its totally false and probably someone else’s account.

The burden of proof lies with the credit bureaus to investigate the matter and make sure they are not documenting bad information into your credit file. I would still suggest that you locate any documentation as proof that you have and in cases of mistaken identity or identity theft you would need your ID and probably social security card for prove of your identity.