Studies show that up to 1 in 5 credit reports contains errors. These errors can cost you thousands of dollars in higher interest rates — or flat-out denials. Here's what to look for.
Incorrect names, addresses, phone numbers, or employers. While these don't directly affect your score, they can mix your file with someone else's.
Someone else's credit card, loan, or account appearing on your report. Could be identity theft or a clerical error.
The same debt or account listed multiple times. This can make it look like you owe more than you do.
An account showing the wrong amount owed or incorrect credit limit. Affects your utilization ratio calculation.
On-time payments incorrectly marked as late. Often happens with consolidation loans or servicemember errors.
A debt that's been paid or settled is still showing with the original delinquency date — restarting the 7-year clock.
Closed accounts showing as open, or open accounts showing as closed. Affects credit age calculations.
If the bureau says the information is "accurate," don't stop there. Also dispute directly with the furnisher (the bank or lender). Furnishers have 30 days to respond, and if they don't, the bureau must remove the item.