Sometimes there are mistakes on a credit report, which can hurt your chances of getting a loan. If you think there is an error or outdated information on your report, you have the right to have the mistakes corrected at no charge. You have several options:

• The credit report may include instructions on how to correct errors. Follow the instructions to tell the credit reporting agency about the mistake.
• Often alerting the agency by phone will take care of the error.
• If additional information is needed to correct the error, the credit reporting agency will tell you what to send them. If you have kept good records, it will be much easier to show where the mistake occurred.
• You may want to explain the problem in a brief letter. The credit reporting agency must investigate the complaint within 30 days and get back to you with the results. The agency will check with the creditor about the information you are questioning. If the information is incorrect, the creditor must contact the other major credit reporting agencies.
• If the agency does not find an error, but you still believe your credit report is inaccurate, you can contact the creditor directly to try to resolve the dispute. When you resolve the dispute, have the creditor send a letter to the agency.
• If the issue remains unresolved, you have the right to explain your side of the story. You may write up to 100 words explaining the situation. This will appear on your credit report.

Information in this section was provided by Jon Clayton, Director of Educational Services at Memphis Consumer Credit Association.