The Fair Credit Reporting Act states that you have the right to dispute any inaccurate or derogatory information on your report. If you do have errors on your credit report, you will want to have them corrected as soon as possible.
You can either call or write to the appropriate credit bureau. There are three major bureaus reporting on credit in the United States. When you apply for a home loan, all three credit bureaus are checked by your mortgage consultant. Each of these bureaus may issue a slightly different report on you.
In order to correct credit report problems, you will have to supply the bureau with the correct information in writing. If you are unable to provide written proof of their error, you still have the right to formally dispute that account error with the credit bureau. A good mortgage consultant also will be able to suggest a specific process to follow to make these changes. Without a good credit report, the costs of your home loan can go up significantly.