f you do encounter a mistake on your credit report, there are several steps you can take to correct the matter:
Because inaccurate, derogatory information can lower your credit score and may indicate fraudulent activity, it's best to dispute any potential inaccuracies as soon as you spot them. The fastest and easiest way to resolve an inaccuracy on your credit report is through the online Credit Report Dispute process at each of the credit reporting agencies’ websites:
Transunion - http://www.transunion.com/personal-credit/credit-disputes/credit-disputes.page Experian - http://www.experian.com/disputes/main.html Equifax - http://www.equifax.com/answers/correct-credit-report-errors/en_cp
2 . Check credit report dispute status
When credit reporting agency receives your dispute request, they will contact the data provider or information source. That source has 30 days, sometimes up to 45 days, to investigate whether the information reported is accurate. If the data provider or source does not respond within the required timeframe, credit reporting agency will remove the information from your credit report.  If the company that provided the information to credit reporting agency verifies the record, it will remain on your credit report.  At the completion of the investigation, you will be notified whether the information was verified as accurate and will remain on your credit report; was modified in some way; or was not verified and has been removed. If the data provider or source cannot verify the information, it will be removed from your credit report. Otherwise, the information will be updated as instructed by the data provider.
3.  While you have a credit dispute pending, it is recommended that you wait to apply for credit. This will ensure that the most current credit report is available for a creditor or lender to review when making a credit-related decision.
4. With an online credit dispute, you will be notified via email and given access to the results of the investigation immediately and receive an updated credit report once the investigation is complete.
5.  Concurrently, you should contact any company that reported the error on your credit report.  Include copies of documents that support your dispute and request their response/resolution of the matter in writing.  If you have outstanding debts on your credit report that you are trying to negotiate, contact that company in order to come to an agreement – always get any agreed upon terms in writing.