To address issues with a credit report, first file a dispute with the relevant credit bureaus (Equifax, Experian, and TransUnion) via their official websites, phone, or mail. Provide detailed evidence, such as canceled checks or identity verification documents, to support your claim. Monitor the bureaus’ responses within 30 days, as required by the Fair Credit Reporting Act (FCRA). If inaccuracies persist, escalate the matter to the Consumer Financial Protection Bureau (CFPB) or a state attorney general. For identity theft, immediately contact the FTC’s Identity Theft Helpline and place a fraud alert with the bureaus to halt unauthorized activity.

The FCRA mandates that credit bureaus correct errors within 45 days of receiving a dispute, provided sufficient documentation exists. According to the FTC, approximately 3% of consumers have inaccuracies on their credit reports, which can delay credit approvals or increase borrowing costs. For example, a 2022 FTC report found that disputes related to medical debt or outdated personal information resolved in an average of 30 days, while identity theft-related disputes took longer due to complex verification processes. Identity theft remains a critical concern, with the National Crime Agency (NCA) estimating over 4 million cases in the UK annually, though U.S. data from the Identity Theft Resource Center (ITRC) shows similar trends, with 1.4 million reported cases in 2022 alone. Proactive steps like freezing credit reports and using credit monitoring services can mitigate risks. The CFPB’s 2023 guidance emphasizes that consumers should review reports annually through to catch issues early. Combining dispute mechanisms with fraud alerts and credit freezes aligns with legal frameworks and statistical evidence to protect financial health effectively.