When Experian, Equifax, or Trans Union report inaccurate information to potential creditors, their errors can have devastating consequences. Sometimes the potential creditor will raise the interest rate that you must pay because the error makes it look like your credit is worse than it actually is. And sometimes the potential creditor will deny you credit altogether because the error makes you look like a poor credit risk.
When there is an error on a credit report, the first step, typically, is to dispute the information with Experian, Equifax, or Trans Union. There are several ways to dispute the information, but you should make sure that you are providing the credit reporting agencies with enough information for them to identify the error and conduct a reinvestigation. It is a good idea in your dispute to explain the error and to provide the credit reporting agency with a copy of your driver’s license and other identifying information. To dispute through the mail, a dispute letter should be sent to:
Equifax Information Services, LLC
P.O. Box 740256
Atlanta, GA 30374-0256
Experian
P.O. Box 4500
Allen, TX 75013
TransUnion Consumer Solutions
P.O. Box 2000
Chester, PA 19016
Once you have disputed the information, the credit reporting agencies have an obligation, in most instances, to conduct a reasonable reinvestigation under the Fair Credit Reporting Act. If Experian, Equifax, or Trans Union fails to remove the inaccurate information, and the inaccurate information and the refusal to remove the information have caused damage, then there may be legal claims to pursue against the credit reporting agencies.