Review your Credit Report and Make Corrections

First get your credit report and your credit score to find out exactly where you stand. If you have recently been rejected for a loan or line of credit and have been told that your credit report was a contributing factor, you are entitled to a copy of the report from the lender that denied you. Ask for a copy so that you can see what’s going on. But for now, let’s assume that you have a copy of your credit report and you are less than thrilled with some of the information on it.
Thoroughly comb through all of the information on the report and identify anything that you think is incorrect. This can include unfamiliar accounts, late payment indications, past due accounts, etc. You have the right to dispute any information in your credit report that is not correct! In fact, it’s Imperative that you do this immediately as the items are most likely a large contributing factor to your low FICO credit score! Your report should list instructions as to how to dispute data. If not, send a letter to the credit bureau who gave you the report detailing the inaccurate information.
Repairing your credit begins with the correction of incorrect items on your credit report. Once you've obtained a copy (for free if you have been declined credit, otherwise you can improve your credit score through our credit reporting service for a nominal fee) of your credit report, review it for accuracy.
Under the law, both the credit bureaus and the organization that provided the information to the credit bureaus, such as a bank or credit card company, have responsibilities for correcting inaccurate or incomplete information in your report. To protect all your rights under the law, contact both the credit bureaus and the information provider if you have a dispute.
Tell the credit bureaus in writing what information you believe is inaccurate. Include copies (not originals) of documents that support your position. In addition to providing your complete name and address, your letter should clearly identify each item in your report you dispute, state the facts and explain why you dispute the information, and request deletion or correction. You may want to enclose a copy of your report with the items in question circled. Your letter may look something like the one below. Send your letter by certified mail, return receipt requested, so you can document what the credit bureaus received. Keep copies of your dispute letter and enclosures.