Find out how to check your credit report with all three bureaus and fix errors.

Concerns about credit reporting have increased significantly in recent years, with many issues stemming from reporting errors tied to temporary payment relief options such as mortgage forbearance or deferred credit card payments. While these accommodations should not negatively impact credit scores, some lenders have mistakenly reported payments as late.

Errors on a credit report can be costly even if you are not currently applying for a loan. Utility companies, mobile carriers, cable providers and landlords may use credit reports to determine deposit amounts or pricing. In some cases, inaccurate or negative information could even affect employment opportunities if a prospective employer reviews your credit history.

How to check your credit report
Even if you didn’t get forbearance or deferrals, check your credit report. Sometimes files get mixed up and information goes on the wrong person’s report.

Get free credit reports from all three credit bureaus—Equifax, Experian and TransUnion—at annualcreditreport.com.

In Consumers Online Banking, we also have a free credit report feature that allows you to check your score daily if you wish. Our service pulls your credit profile from TransUnion and then uses a credit scoring model developed collaboratively by the three major credit bureaus. This model seeks to make score information more uniform between the three bureaus to provide you with a better picture of your credit health.

Fixing credit report errors

We wish we could share a quick fix but unfortunately, there isn’t one. However, here are steps to get started.

1. Document everything you can relating to the error, including forbearance or deferral agreements, statements and payments.
2. Contact the lender who made a report in error. Request a correction. Document your communications; note dates and who you spoke with or emailed.
3. Contact each of the credit bureaus showing the error. Each bureau has its own process for correcting inaccurate information, but every Consumers Online Banking user can begin a dispute by clicking on the “Start a Dispute” button at the bottom of the credit report tab within their credit report feature.The Federal Trade Commission website also offers step-by-step instructions https://www.consumerscu.org/creditscoreon how to contact the bureaus and correct errors. Consumer Reports recommends avoiding online forms and handling the issue by creating a paper trail. Make copies of documents for yourself and send materials by certified mail if you go this route.

Usually, credit bureaus must respond to complaint within 30 to 45 days, but with the pandemic they’re taking longer.

Take control of your finances and improve your credit score

As a Consumers member, you have free access to credit counseling services. GreenPath financial management counselors can help you improve your credit score, budget, develop a plan for debt repayment, and avoid bankruptcy, foreclosure or repossession. To use this service, call 1-877-337-3399 or visit GreenPath online.

 

Federally insured by NCUA