The three national credit reporting agencies (TransUnion, Equifax, and Experian) receive and manage data reported from over 13,000 different sources. Given this incredible amount of data provided by lenders to the agencies, there are times when the information reported about your credit may be incorrect.
What should you look for?
- Names: Make sure all the information is actually yours and not someone who shares a name with you
- Addresses: Are they all places you’ve lived?
- Credit Accounts (loans, credit cards, lines of credit): Are they all yours?
- Late Payments: Are there any being reported? Was your payment actually late?
- Closed Accounts: Do you have a card or loan that was closed but it’s not showing as such?
- Public Record: This is where bankruptcies and judgments show up – it should be blank if you’ve never had one
- Inquiries: Are they all ones you did? If you see an inquiry you don’t recognize, someone else may be using your information to obtain credit
If you find wrong information on your credit report, contact the company in question first. For example, if you have a credit card with XYZ Bank, and they’re reporting late payments but you know you’ve paid on time, contact XYZ Bank first. If you can’t get a resolution with them, you can dispute any inaccuracies found on your TransUnion credit report by scrolling to the bottom of your report within My Credit and clicking “dispute”.
Since My Credit only pulls your TransUnion report, we encourage everyone to still visit www.annualcreditreport.com for a free copy of your report from each of the three credit reporting agencies. They may contain different information.
For more information about what to look for in your credit report, visit the Consumer Financial Protection Bureau’s website.