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If you're one of the many people who haven't checked their credit reports in a while please keep reading. According to recent reports as many as 75% of consumer credit files contain inaccurate items. Inaccuracies, especially ones that are harmful to your credit scores, can lead to higher interest rates on loans and credit cards or denials for new credit altogether.

To correct the inaccuracies you must first identify them. The easiest way to do this is to obtain free copies of your credit reports from the three major credit bureaus: Equifax, Experian, and Transunion. The Fair and Accurate Credit Transaction Act of 2003 (FACTA) made it mandatory that credit bureaus supply consumers with one free credit report each year. To obtain yours go to annualcreditreport.com and follow the instructions.

One you have your reports you need to review them carefully. Start with the identifying information such as your name, social security number, date of birth, current and previous address, and employer information. Next you need to review each account that is listed to be sure that all information is reporting correctly for the account. Finally you'll want to review the inquiries section to see which companies have been looking at your credit reports. You'll notice many names of companies whom with you have applied for credit. If there are companies that you don't remember applying for credit with contact them as soon as possible to make sure you have not become a victim of identity theft.

Now that you have identified some inaccuracies what's next? How to you remove this information. You have a few options so let's take a look at them individually.

Remove them yourself. It is completely within your rights to notify the credit bureaus of the inaccuracies and request that they investigate and remove or update the information. The quickest and easiest way to do this is to dispute the information online at the websites of the three major bureaus. You can do this at: Equifax.com, experian.com, and transunion.com. Follow the instructions to dispute an item and you'll be allowed to identify the inaccurate information and select a reason for the inaccuracy.

Use a credit repair company. There are legitimate companies that will work with you to remove and correct inaccurate information. Be careful of any company that advertises that they can remove any item from your credit report regardless of whether it is accurate or not. Accurate information can stay on your credit report legally

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