From the FTC: Credit Report Error Dispute Tips

The FTC (Federal Trade Commission) is currently guiding people on how to obtain their credit report and how to dispute errors they see on it. This will help protect you from identity theft so you can protect your good name or improve your credit score.

• First order your free credit report from Experian, TransUnion, and Equifax. You are entitled to one from each of these bureaus once every 12 months upon request. You can order it from one of these three websites but the easiest way to do this is to go to Annual Credit Report.com and obtain all three. You could also call or write for a copy.
• Scan your credit report once you receive it, marking any error you see. You can either use a highlighter to do this or you can use a numbering or lettering system. This is done so you can refer to them later much more easily when writing your dispute letter.
• Start writing a letter which you would later address and send to the appropriate agency. It would either be a creditor, merchant, or collections company. Include a copy of your credit report (photocopied after you receive the original copy) with errors indicated in the letter corresponding to the errors you found in the pages of your records.
• Sent the letter with the photocopied and marked credit report enclosed in the envelope. Address it and use certified mail as well as receipt of delivery confirmations. This will save you a heap of legal trouble later.

Sample Dispute Letters

You can find sample dispute letters at the Federal Trade Commission website. Some of them are for new accounts while others are for existing accounts. Sometimes it is necessary to word it differently if it is a whole account opened without your knowledge than if it is just a transaction made without your knowledge.

Expected Results

It may take quite a while from maybe several weeks to several months to resolve credit report error disputes. You may not even hear from a creditor at all. Furthermore, if it is determined that the error was on your part and not the part of a reporting agency or creditor it will not be changed.

Reasons to Dispute

It can correct your credit report and free you from errors on it that can hold you back financially. Sometimes especially in the case of identity theft you may run into serious problems.