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How to Dispute Credit Report Errors

Your credit report contains information about where you live, how you pay
your bills, and whether you've been sued, arrested, or filed for bankruptcy.
Consumer reporting companies sell the information in your report to
creditors, insurers, employers, and other businesses that use it to evaluate
your applications for credit, insurance, employment, or renting a home. The
federal Fair Credit Reporting Act (FCRA) promotes the accuracy and privacy
of information in the files of the nation's consumer reporting companies.

Some financial advisors and consumer advocates suggest that you review your
credit report periodically. Why?
Because the information it contains affects whether you can get a loan-and
how much you will have to pay to borrow money.

To make sure the information is accurate, complete, and up-to-date before
you apply for a loan for a major purchase like a house or car, buy
insurance, or apply for a job.

To help guard against identity theft. That's when someone uses your personal
information-like your name, your Social Security number, or your credit card
number-to commit fraud. Identity thieves may use your information to open a
new credit card account in your name. Then, when they don't pay the bills,
the delinquent account is reported on your credit report. Inaccurate
information like that could affect your ability to get credit, insurance, or
even a job.

For more information see:
http://www.ftc.gov/bcp/conline/pubs/credit/crdtdis.htm