Common Credit Report Errors And How To Solve Them

Before starting to explain the common credit report errors and the solutions to these errors, let us start with what credit scores and credit reports are. A credit score is a number assigned to you based on your credit history, where you paid your bills, rents, and loans back.

The credit score, when it goes for a long time, becomes the source of your credit history, and that history is shown in the credit report. Sometimes, the credit score decreases when you are not able to or deliberately not pay back your loan and pay your bills. When this happens, credit repair is required.

Coming back to the credit report, well, these reports are proof of your financial situation. Whether you are financially responsible or not, this report calculates it based on your credit history. Why do we need to talk about it, though?

Credit reports have the power to impact your life; securing loans, renting apartments, and so on becomes possible when lenders, like a bank, check your credit report. This is why making sure that you understand what kind of errors the report may include and how to resolve these is essential.

Common Credit Report Errors

These are the most common credit report errors that one sees nowadays:

1. Incorrect Personal Information

Personal information is very important part of the credit report. It includes your complete name, address, social security number, and so on. If any one of these is miswritten, it can cause problems in the future. A potential mix-up is more likely.

2. Inaccurate Account Information

After your personal information, account information may also have mistakes. This information includes the total balance in your account, the credit limit, and even the payment history. A single type can have a significant impact on your credit score and, thus, your financial stability.

3. Duplicate Accounts

There is also a chance that your account has a duplicate. It will definitely double your debt and also make a huge but negative impact on your credit score.

4. Closed Accounts Listed as Open

Closed credit accounts should be reported as soon as possible. There may be a chance of incorrectly getting labeled as open. If this happens, overall credit health will decline.

5. Accounts You Didn’t Open

For a long time, the cases of identity theft have been coming to the surface. People have lost a lot of money, some millions of dollars, because of it. If you find in the report that there is an account opened under your name that you didn’t have, then this can cause a big issue.

Another issue is errors that are not reported. These errors also cause issues.

Steps to Resolve Credit Report Errors

Now, after going through all possible common problems associated with credit reports, let’s find solutions for these “right here, right now”:

1. Obtain Your Credit Reports

Firstly, always go and get your credit report free of cost. The credit bureaus like Equifax can give you the report. There are two other similar institutions as well. Take the report from all three and check for discrepancies. Just request these once a year.

2. Thoroughly Review Each Report

Once you get hold of the reports, check those for errors. Go through these reports with care. Especially pay close attention to the personal information, account details, and payment history.

3. Document the Errors

If you identify any errors, note them down and include specific details about the errors. These details can include the account and the nature of the mistake.

4. Dispute the Errors

Contact the credit bureau that provided the report with the error. Most credit bureaus provide an online dispute form. You can also submit a dispute by mail, including copies of supporting documents.

5. Notify the Data Furnisher

If the error is related to a specific lending party, it will be a good idea to contact them directly to inform them of the mistake and request a correction. It is the right thing to do to ensure that records of your communication are stored.

6. Follow Up

Now that the errors are reported, the next step is to follow up on your behalf. Credit bureaus are usually required to investigate disputes within 30 days. After this period, you can simply go and follow up to make sure that your dispute is successfully addressed. Again, it is important that you keep records of all communication.

7. Review the Resolution

Once the credit bureau completes its investigation, it will provide you with the results. If the error is fixed, ask for an updated copy of your credit report to confirm the changes. 

You need it to make sure that whenever you are going to use the credit score like, say, renting a new place or taking out business loans, the updated copy will help.

8. Consider a Statement of Dispute

If the dispute is not resolved to your satisfaction, it may happen, you can still take another step. Add a statement of dispute to your credit report. So, even if the dispute is open, you still have the details to show to others. This way, you will have the ability to explain the situation and provide your standpoint on the inaccuracy.


Accurate credit reports are essential for your financial stability and a good credit score. After identifying and addressing common credit report errors promptly, you can not only maintain a healthy credit history but also secure better loan terms.

In addition, you can enjoy peace of mind knowing that your credit report accurately reflects your financial behavior. 

Always be vigilant, and remember that you have the right to dispute and correct any errors you find on your credit reports.