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Lessons In Reporting Credit Report Errors

5:28 PM, Aug 2, 2013   |    comments
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Julie Miller was turned down for a loan in 2009 because she had errors on her credit report. When the credit report company failed to correct the errors, she sued Equifax Corp. and won $18 million.     

Read: Woman Awarded $18 Million In Credit Report Case Against Equifax

Federal regulators say one in five credit reports still contain errors. Lenders are obliged to tell you whether a denial of credit is because of information on your credit report. When you look at your credit report and you see incorrect information, it needs to be reported in a formal letter. You need to explain what items are incorrect and what it should say instead.

You can also attach a copy of your documents to the letter. Always keep the originals. The credit reporting agency is required to investigate the claim and respond promptly, generally within 30 days. You can also request a corrected version of your report at the end of the investigation. The corrected report is also free.

Law requires each of the three major credit-reporting agencies (EquifaxTransUnion, & Experian) to provide every consumer a free copy of their credit report every 12 months. To get the most out of that system, you shouldn't ask for all three agencies to give you your freebie all at one time. You need to space it out and ask one company every four months.

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