Credit card companies and mortgage lenders are among the many entities that may provide regular information regarding a consumer’s financial matters to credit reporting agencies. Collection companies and other merchants may also provide information to these entities.

In some cases, a report made to Equifax, Experian or Transunion may not correctly reflect a person’s payments or financial standing with a creditor or merchant. If this happens, the consumer needs to know their rights and what may be done about the error.

Written reports regarding errors

According to the State of Wisconsin Department of Financial Institutions, a consumer may consider submitting two written notices regarding an error on their credit report. The first notice may be directed to the credit reporting agency. The second notice may be to the creditor or merchant who provided the information to the credit reporting agency.

The credit reporting agency must, by law, conduct an investigation into the suspected error. If the agency confirms the error, corrective action must be taken. This corrective action may include removing the notice from your credit report altogether.

The creditor or merchant may also confirm the error and report the correction to the credit reporting agency.

When errors are not confirmed

If a credit reporting agency does not identify or confirm an error on a consumer’s credit report, the State of Wisconsin indicates that the consumer may request that his or her credit report reflect their assertion of the error. The consumer may also request that these details be provided to entities when a credit report is requested. The credit reporting agency may charge the consumer for this service.