From MarketWatch.com: Fixing your error-ridden credit report - MarketWatch
"To find out if there’s erroneous information in their credit reports, consumers should review them regularly. They can check their credit reports from the three bureaus for free once every 12 months at annualcreditreport.com. Consumers should review the accounts listed on those reports to make sure they all truly belong to them and that the balances and other account activity is accurate.
If they spot an error, consumers can file a dispute directly with the credit bureau. Consider submitting documentation that proves the error truly is a mistake. Under law, credit bureaus will have 30 to 45 days to respond. Consumers who have the error removed can try to get a loan with better terms. Homeowners can consider refinancing their mortgages for a lower rate while credit card holders can sign up for new cards for a shot at a lower rate.
Consumer advocates, however, warn that the process may not be so smooth. Chi Chi Wu, a staff attorney with the National Consumer Law Center, says some consumers who’ve filed lawsuits against the bureaus over an error dispute that have been dealing with those cases for years. Part of the problem, she says, is that bureaus don’t conduct a thorough investigation but rather convert the consumer’s dispute into a two or three digit code and send that off to the lender, who in many cases will just confirm that the information on their file is the same as what the bureau has—though both could be wrong. "
My Summary Remark:
The report usually comes in multiple pages (multiplied by three). Going through line-by-line while digging into one's memory/records is much more painful than tax-filing. Not to mention the time-consuming frustrating error-fixing red tapes.