Errors on your TransUnion credit report are bad news. They will lower your credit score and cause potential lenders to decline to lend you money based on a risk that isn’t there. Or if those lenders do lend you money, they will increase your interest rates to offset that risk. The good news is that you can correct the errors and inaccuracies on your TransUnion credit report, and TransUnion must fix them. If TransUnion does not fix the errors, then you can sue TransUnion.
There is a federal law called the Fair Credit Reporting Act (FCRA) that gives consumers many rights when it comes to dealing with credit reporting agencies like TransUnion. The FCRA also gives many responsibilities to companies like TransUnion when it comes to dealing with consumers. So much of the following guidance is based on the rights and responsibilities provided by the FCRA.
Here are the steps you should take to correct TransUnion credit report errors to improve your financial situation.
- Request your credit report from TransUnion. The FCRA requires credit reporting agencies like TransUnion to provide a free credit report every year. This has since evolved, and the common practice is now to provide consumers with one free credit report every week. You can request this by visiting the TransUnion website or by going to a website called www.annualcreditreport.com. Instructions on how to request your report and in what format will be available on the websites.
- Review your credit report. Errors in your credit report will range from misspellings of your name to accounts that aren’t even yours appearing on your credit report. Every error, no matter how small it might seem, can have a damaging effect on your credit rating and your overall financial well-being. Examine every section of your credit report thoroughly. Confirm account balances, confirm opening dates of existing credit accounts, confirm the dates of every place you’ve ever rented, confirm that credit inquiries identified on your report are yours, and confirm that every account that appears on your credit report is yours. When you see any errors or inaccuracies, regardless of how small they might seem, make a note of them.
- Contact a consumer law attorney. While you cannot sue TransUnion just because there’s an error in your TransUnion credit report, consulting with an experienced credit report attorney will help guide your next steps. Should TransUnion not reply to your dispute appropriately, you will already have an attorney who knows you and knows your story. Furthermore, if you have already experienced a lost opportunity or received a loan at higher interest rates than you should have received, then the attorney can help you with the next steps, too. It is never too early to speak with a consumer law lawyer about a TransUnion credit report error. Contacting a consumer report attorney early in the process will also help you preserve your rights for future legal action. When dealing with credit reporting agencies, it is easy to waive your rights.
- Collect the evidence. To prove that the error on your TransUnion credit report is, in fact, an error, you will need to provide evidence. This might include old bank statements, old credit card statements, old mortgage statements, a letter from a financial institution confirming the date of a payment or an account closure, or a screenshot of any credit or loan account you might have. Any letter, email, document, statement, balance confirmation screen, or anything relevant to the issue you intend to dispute. Make a copy of these documents.
- Write a dispute letter. This is where you tell TransUnion to fix their errors. Write a short and clear letter to TransUnion where you identify yourself, identify their error or errors, and explain how you want TransUnion to fix the error or errors. Include the copies of all the evidence that you have collected.
- File a dispute. Send the letter and the supporting documents to TransUnion. While there are many ways to initiate a dispute with TransUnion, we recommend sending the letter via certified mail. This will give you supporting documentation of when you filed the dispute, which could be necessary later. This method also preserves your right to sue TransUnion in the future. By using other methods of filing a dispute with TransUnion, you waive some of those rights. Mail the dispute via certified mail to TransUnion Consumer Solutions, P.O. Box 2000, Chester, PA 19016-2000.
- Be prepared to follow up. The FCRA requires TransUnion to investigate your dispute and provide you with a response within 30 to 45 days. If they don’t respond within 30 to 45 days, then they are violating FCRA. Or, if they do respond but determine that they will not fix the error, you will need to take further action. It is easy for a large company to ignore one consumer, so prepare yourself for follow-up action should that be necessary. There is a reason there is a law that demands that credit reporting agencies investigate disputes and provide consumers with answers.
- Contact consumer law attorneys. Because all we do is consumer protection law, we see how damaging a TransUnion credit report error or a TransUnion credit report inaccuracy can be. We are always eager to talk to consumers at any stage in their dispute with TransUnion to determine how we might be able to help them.
Consumer protection attorneys know credit reports. They will know the laws that govern credit reports and credit report companies. They know how to talk to credit report companies like TransUnion in a way that makes them listen. And when necessary, they know how to take appropriate legal action to get consumers the compensation they deserve for TransUnion’s error. Contact a consumer protection attorney if you have any questions about your TransUnion 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.
Published by: Aly Cinco
