08/18/2020
Step 2: Review your credit report carefully
Once you receive your reports, go through each one and check for inaccuracies. You may want to compare your reports with your other financial records to make sure everything lines up. Many credit reports have some type of error, whether an outdated report, a missing account or even a typo. A 2012 Federal Trade Commission study found that one in four consumers identified errors on their credit reports that may have affected their scores.
When looking at your report, check the statuses of your loans, account balances, payment histories, credit limits and credit inquiries. Perhaps a creditor marked a payment as late when you know you made the payment on time. That would be something to flag for later dispute.
You should also check your personal information on the credit report. Things like your name and birth date won’t affect your credit score, but they could signal identity theft. You may not know about a fraudulent account opened under your Social Security number until you look at your credit report. Also keep an eye out for errors in addresses, which could cause issues.
Make a detailed list of every mistake you found in the report. Include the exact error, the correct information, the creditor, dates, etc. You will also need to collect all the relevant documents that will support your claims. For example, you may know that you made a payment on time, but without proof, a creditor can easily dismiss your dispute.
