If you find an inaccuracy on your credit report, you should definitely correct it. It is up to you to begin the process of correcting your report. Luckily, the Consumer Reporting Agency (CRA) and the information provider have responsibilities under the Fair Credit Reporting Act (FCRA).

You must contact the information provider and all three of the credit bureaus to protect your rights under the FCRA. If you are applying for a mortgage at this time, you should also make your lender/broker aware of any mistakes on your credit report. The best way to dispute inaccurate information is to contact, in writing, each CRA. The CRAs are required to investigate the items you are questioning unless they believe your dispute to be frivolous. This must usually be done within 30 days.

Their investigation includes forwarding your dispute to the information provider in question. The information provider must then review all relevant information and report their findings to all CRAs. If the information on your credit report was incorrect, your file must be corrected. You will receive the written results and a copy of your credit report from the CRA if the dispute results in a change. At the same time you contact each CRA in writing, you should also contact the information provider directly.