“Your credit report has information about your finances and your bill-paying history, so it’s important to make sure it’s accurate,” said Charles Harwood, Acting Director of the FTC’s Bureau of Consumer Protection.

Who should be contacted if the information in your credit report is inaccurate?

If you identify an error on your credit report, you should start by disputing that information with the credit reporting company (Experian, Equifax, and/or Transunion). You should explain in writing what you think is wrong, why, and include copies of documents that support your dispute.

Why is it important to check the accuracy of your credit reports at the three main credit bureaus?

Creditors may check only one report—or all three To make matters more convoluted, future creditors could use any of the data from any one of the bureaus—or two, or all three—to determine your creditworthiness. This means you have a better chance of a creditor pulling the two reports you don’t check than the one you do.

What is a credit report and why should you care about it?

A higher credit score can lead to a lower interest rate Your credit score not only determines if you’re allowed to borrow, but also how much interest you’ll pay for the privilege. The difference in interest rates can be substantial if you have an excellent credit score versus a poor one.

How do I know if my credit report is inaccurate?

To get mistakes corrected, you may contact both the credit reporting company and the company that provided the information to the credit reporting company (also known as the “information furnisher”).

What credit report is most accurate?

FICO scores
FICO scores are used in over 90% of lending decisions making the FICO® Basic, Advanced and Premier services the most accurate for credit score updates. All plans offer access to 28 versions of your FICO score, including scores for credit cards, mortgages and auto loans.

Is it important to check your credit report?

It is very important that you monitor your credit report regularly to make sure there are no inconsistencies or mistakes that could adversely affect your future applications for credit. There are three credit bureaus that compile your credit information into one easy to read report.

How does information on your credit report affect your credit score?

Some information on your credit report has no impact on credit scores, such as identification and address information. If you corrected this type of information, it will not affect your credit scores.

How are credit reports reported to the lenders?

Credit information is reported to the credit bureaus by your lenders. They aren’t required to report information to the bureaus, which means that the credit reports created by the bureaus will be slightly different from each other.

How often do you get your credit report updated?

Companies that you do business with have agreed to send your debt information to credit bureaus (at least one of them or maybe all three) who then update that information in your credit report. Most of your credit card and loan accounts are updated on your credit report monthly.