Errors in Your Credit Report

Could There be Errors on my Report

Absolutely! We are all human and make mistakes from time to time – just as those working in financial, government or credit reporting entities are human. No laws govern the type or amount of information that lenders report to credit agencies. The law only states that the information presented must be accurate. In fact, these lenders are not even required by law to make updates to the credit bureaus if one is available. Many times, lenders report late payments or missing payments with no follow up after the payment was made. These instances are called "omissions".

For this reason, a Federal law was enacted that allows consumers to dispute any item on their credit report. The Fair Credit Reporting Act has been recently updated to give consumers more rights and more privacy. Credit reporting agencies must investigate any disputed items within 30 days. If they cannot conclude the information presented is accurate, then it must be removed from your credit report.

Professional credit counselors or agencies can help you determine and dispute any errors or omissions on your credit report.