Common Credit Report Errors and How to Fix Them

A credit report is like a financial resume, but you don’t get to create it — third parties do, like the credit bureaus. While you can have a perfect record, there is always the chance a mistake lands on your report. Here are some common credit report errors to watch out for and what you can do to fix them. 

Credit Report Errors in Personal Information

The most frequent mistakes are often the simplest.

• Your name might be misspelled.
• An old address is listed as your current one.
• You could even have someone else’s information mixed into yours.

Mind the details of your personal info. Make sure it’s accurate.

How to Fix This Credit Report Error

With personal information, you may need to provide the bureaus with supporting documents or proof that the information on your credit report is incorrect.

• First, dispute the error with the credit bureau (or credit bureaus if needed).
• Provide supporting documents, such as government-issued identification or a utility bill, to verify address errors.

Unknown Accounts

If you find accounts that aren’t yours, that have another person’s name or information, that’s an error that needs to be reported. But it may also be fraud or a sign of identity theft. Either way, the reporting method is the same.

How to Fix Unknown Accounts Credit Report Errors

With potential fraud or identity theft detected, do the following:

• Contact the credit bureaus immediately to report the unknown account and let them know you think it may be fraud or identity theft.
• You can also report identity theft at identitytheft.com
• Contact your lender to report the potential fraud so they can investigate.

Incorrect Account Status 

These mistakes can directly negatively impact your credit score. Common examples include:

• Closed accounts appear as open.
• On-time payments are being reported as late.
• Duplicate accounts show the same debt twice.
• Paid-off debts still show an outstanding balance.

Learning how the credit bureaus work can help you dispute errors.

How to Fix Incorrect Account Status

An incorrect account status can hurt your payment history, credit utilization, and even inquiries. To fix this incorrect information, you’ll have to prove the errors with documents and statements.

• Gather all documentation, payment confirmations, and statements.
• Contact your lender about fixing the errors and dispute the errors with the credit bureaus.

Duplicate Account Credit Report Errors

Duplicate account errors are incorrect, not because it contains the wrong information, but because it shows the correct information more than once.

How Duplication Hurts Your Score

Listing accounts multiple times can impact your score in several ways:

• Raises your credit utilization ratio, causing your balances to seem artificially high compared to your available credit.
• Negative marks duplicated increase credit score damage.
• Increased reported debt makes it appear that you owe more than you do.

How to Fix Duplicate Account Errors

Contact the bureau showing the duplicate information and dispute it. This may require you to provide statements, confirmations, etc., to prove your case.

Outdated Negative Mark Errors

Going through a challenging financial situation like a bankruptcy, foreclosure, or collections is difficult enough. What makes it worse is if those negative marks stay on your credit report longer than they need to.

How long do negative marks stay on your credit? Collections, foreclosures, and some bankruptcies can stay on your report for up to 7 years. A Chapter 7 bankruptcy can stay for up to 10 years.

Fixing Outdated Negative Information

To get this information removed or updated, do the following:

• Contact the bureaus and request that the negative mark be removed or updated.
• Be sure to have the documentation and the dates of when these events occurred and when they were discharged or dismissed.

Tips for Credit Report Error Disputes

Disputing the various credit report errors or inaccuracies follows a similar process:

• Check your credit report from each of the three bureaus (TransUnion, Equifax, and Experian)
• Collect documentation, statements, payment confirmations, etc.
• Contact the bureau to file a dispute. This can be done online, by phone, or by mail.
• Be vigilant. Monitor your reports to ensure the changes are made. Follow up with the bureaus if needed. You are your greatest advocate; it’s your financial life on the line, so stay on top of it.

Do One Thing: Check each of your credit reports at least once every six months to monitor accuracy and catch mistakes.