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Correcting inaccurate information on your credit report can help you immensely. The first step would be to check the expiration date of the records.

Then, you can create a dispute letter and send it to all three credit bureaus (Experian, TransUnion, and Equifax). Before you do so, you probably will need to take other steps to analyze your credit though as indicated in the following steps:

• Order your free credit reports from all three bureaus, of which you are entitled one copy per year. Print each out and review it carefully.
• If you spot any information while reviewing printouts of your credit report spot any inaccurate information that could have an effect on you. You should be particularly concerned if it causes a decline of your credit score.
• Documents you can use while you examine the accuracy of your credit report include as follows: Bankruptcy filing records (items marked “BK” for up to seven years), charge-off notes (notes indicating creditor has wrote off your debt as a loss), and collection records (usually remains on your record for up to 7 years after the last 180 day late payment).
• You can also take a look at closed accounts. These expire after 7 years as well. Closed positive accounts might remain on your record for longer.
• Foreclosed accounts, inquiries, judgments, late payments, repossessions, and tax liens, also affect your credit. You should take a look at any records concerning these very carefully.
• Once you have examined all your records carefully, this is when you would possibly file a dispute. You can submit your dispute to Equifax and TransUnion by mail, and you can do the same but only online instead of mail when using Experian.
• Once your dispute is submitted, then you can let the credit bureaus investigate. You can track these results, as all three financial bureaus have a responsibility to investigate claims made by you within 30 days.