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Credit Report DisputesA recent study of credit report accuracy by the Federal Trade Commission noted that 26% of the study participants identified an error on their credit report. Many of these errors were loans or credit lines that did not belong to the consumer. In many cases it was an innocent mistake (such as two digits transposed in an account number or Social Security number), but in some instances it was a loan or credit card opened by fraudsters using stolen personal information. Regardless of whether the mistake was innocent or not, if the loan is delinquent or in collections it could severely damage the consumer’s credit score. So what should you do if you notice an error on one of your free annual credit reports? The good news is all three credit bureaus have made it easy to file a credit dispute online. Contact each of these credit bureaus that have incorrect information: Equifax, Transunion and Experian. NOTE: annualcreditreport.com is the official government site that provides you with your free credit report, but not the actual score. You may choose to purchase the actual score for a nominal fee from one of the three national credit bureaus that provides your free report.
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