If you find incorrect information related to your student loans on your credit report, it's crucial to dispute it promptly with all three major credit bureaus—Equifax, Experian, and TransUnion. Here’s a step-by-step guide to help you correct the inaccuracies.
Step 1: Review Your Credit Reports
Under the Fair Credit Reporting Act (FCRA), you’re entitled to a free credit report from each bureau once a year via AnnualCreditReport.com. Carefully examine your reports for errors such as:
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Incorrect loan balances
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Duplicate loans (some loan servicers will forget to remove loans that have been consolidated, showing an incorrect and inflated loan balance)
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Late or missed payments that were actually paid on time
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Incorrect loan status (e.g., reporting as delinquent when in any type of deferment or forbearance)
Step 2: Gather Supporting Documentation
To successfully dispute the error, collect evidence to support your claim. Useful documents may include:
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Loan statements from your current Federal loan servicer
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Correspondence with your loan servicer
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Any proof of loan deferment, forbearance, or discharge
- You can also use your Student Loan Data File, found at studentaid.gov. You can see how to access this file here: https://bysavi.zendesk.com/hc/en-us/articles/38449213209619-How-to-Download-and-Save-Your-Student-Loan-Records
Step 3: File a Dispute with Each Credit Bureau
You need to dispute the error separately with Equifax, Experian, and TransUnion. You can file a dispute online, by mail, or by phone:
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Equifax
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Online: www.equifax.com
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Phone: (866) 349-5191
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Mail: Equifax Information Services LLC, P.O. Box 740256, Atlanta, GA 30374-0256
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Experian
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Online: www.experian.com
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Phone: (888) 397-3742
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Mail: Experian, P.O. Box 4500, Allen, TX 75013
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TransUnion
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Online: www.transunion.com
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Phone: (800) 916-8800
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Mail: TransUnion Consumer Solutions, P.O. Box 2000, Chester, PA 19016-2000
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When submitting your dispute, include a clear explanation of the error, copies of supporting documents, and your contact information.
Step 4: Contact Your Loan Servicer
In addition to disputing with the credit bureaus, notify your loan servicer about the error. If the servicer corrects the mistake, they should update the credit bureaus accordingly.
If you are unsure who your current loan servicer is, visit this article for more information: https://bysavi.zendesk.com/hc/en-us/articles/4406861876115-Who-is-my-loan-servicer
Step 5: Monitor Your Credit Reports
Credit bureaus typically have 30 days to investigate your dispute. You will receive a response with their findings and any corrections made. If the incorrect information isn’t resolved, you may:
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Submit additional evidence
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Request a statement of dispute be added to your report