Carol Jones
Even though your credit report is one of the most important measures of and determinators for your financial well-being, it will frequently contain errors and inaccuracies. While these credit report errors and inaccuracies may sound simple, they can do a great deal of damage to your creditworthiness.
There are three major credit reporting agencies – Equifax, Experian, and TransUnion. All three of these consumer reporting agencies (CRAs) often prepare credit reports without the required levels of care and attention, resulting in errors and inaccuracies appearing far too often. In this article, we advise you on how to initiate a TransUnion dispute so that you can fix the errors and inaccuracies in your credit report.
Understanding TransUnion and Credit Reports
TransUnion – along with the other CRAs Equifax and Experian – collects all of your financial information. When a potential lender, mortgagor, employer, or landlord wants to determine if it should lend you money, it will request your credit report from TransUnion. TransUnion will compile all your financial information into a report and send it to the potential lender who will use it to decide if it should lend you money, rent you an apartment, give you a mortgage, or offer you a job based on the information in that report. Because TransUnion is collecting data from all kinds of financial institutions and sources quickly and electronically, mistakes happen. These mistakes can and often do impact whether you get the loans for which are applying and the terms of those loans.
Common Credit Report Errors on TransUnion Credit Reports
In the next section, we advise you to periodically review your Trans Union credit report. These are the common errors and inaccuracies you should look for.
- Incorrect personal information. A simple typo, misspelling, switched numbers, or administrative error can result in TransUnion putting the wrong information in your credit report. You should check your name, address, past address, Social Security number, and any other personally identifiable information to be sure that it is accurate.
- Incorrect Account Information. Any error in any credit account you have or ever had can cause lenders to not deem you too risky to lend money. Check the opening dates for your accounts, the balances, the payment history, the minimum payments, and the closing dates on all your accounts. If they are off by even a little – or if a closed account is misidentified as open – lenders could say no.
- Identity theft or mixed credit files. If you see accounts or credit inquiries that you do not recognize, it could be an indication that you have been the victim of identity theft. It could also be a case of your credit report containing the information of someone with a similar name or Social Security number as you. Either way, it needs to be fixed.
Fixing TransUnion Credit Report Errors
- Obtain a copy of your credit report. The Fair Credit Reporting Act (FCRA) is a federal law that gives consumers rights when it comes to their credit reports and outlines the responsibilities of the CRAs in dealing with consumers. The FCRA says you are allowed one free credit report per year. As of 2024, the CRAs will give you one free credit report per week. You can obtain your TransUnion credit report online by visiting annualcreditreport.com or by contacting TransUnion directly.
- Review your credit report. Carefully. When you get your report, carefully and thoroughly examine each section. Review all the personal information, account details, account numbers, account balances, account closing dates, and payment information. Write down all the errors and inaccuracies you find.
- Contact a lawyer. Consumer protection attorneys can assess the errors and help you determine the best course of action. If you have already experienced damages from the error, then immediate legal action might be necessary. Otherwise, they can advise you how to best file a dispute with TransUnion. If TransUnion disobeys any portion of the FCRA in responding to your dispute, then the consumer protection attorneys will be ready to help you with the next steps.
- Collect evidence. To prove the information in your TransUnion credit report is inaccurate, you will need evidence. Gather old bills, receipts, bank statements, account statements, screenshots of account numbers and balances, and anything else that will prove that the TransUnion credit report is inaccurate.
- File a dispute with TransUnion. Write a short letter to TransUnion identifying the inaccurate information and tell them you want it fixed. Include any supporting evidence. While you can file the dispute online or over the phone, we recommend mailing the dispute to TransUnion via certified mail so you have documentation of when you filed the dispute. This could be important. Also, mailing the dispute preserves your right to sue TransUnion later on should they not comply with the FCRA. Filing a dispute online and over the phone causes you to inadvertently waive your rights. Mail the dispute via certified mail to: TransUnion Consumer Solutions, P.O. Box 2000, Chester, PA 19016-2000.
- Follow up. The FCRA requires TransUnion to investigate the dispute and correct the information within 30 days. If they don’t, you should follow up with them. Or if their investigation does not Follow Up on the Dispute: Keep track of your dispute and follow up with TransUnion if necessary. They should provide you with updates on the progress of the investigation. If the errors are not resolved to your satisfaction, you have the right to add a statement of dispute to your credit report.
Contact A Consumer Protection Attorney For Guidance
If you have any difficulties or issues in fixing TransUnion credit report errors, if TransUnion ignores your dispute, or if TransUnion’s errors have already caused harm to your financial well-being or opportunities for a mortgage, loan, apartment, or opportunity of any sort, contact a consumer protection attorney. Credit report errors can have serious consequences. Consumer protection attorneys fight for consumers. They know the laws that govern credit reports, credit report companies, and credit report inaccuracies. They know how to dispute, negotiate with, and collect damages from CRAs like TransUnion.
Remember, taking proactive steps to safeguard your credit is a crucial aspect of managing your financial health. Whether opting for a fraud alert or a credit freeze, staying informed and vigilant is your best defense against identity theft and credit fraud.
Call a consumer protection attorney if you have any questions about your credit report dispute or credit reporting in general. They can help you fix issues with your credit report and also make sure your rights to sue are preserved should they discover damage to your financial health.
