You are responsible for the accuracy of the information about your financial life contained in each of the three credit reports.

Statistics show that approximately 70 percent of all reports contain at least one error. These mistakes can sometimes cause you to be turned down for a loan or to be charged the highest interest rate on a credit card.

The process is time consuming, as the wheels of correction grind slowly, there may be weeks -- or even months -- of phone calls and exchanging of real mail or e-mail.

There are standard procedures to get rid of mistakes on your credit report.

Report credit errors quickly. Even the smallest error could seriously dent your credit chances. If you find a mistake, send a separate letter to each agency where a mistake is found. Be sure to explain the situation in detail and include a copy of the credit report with the faulty information highlighted.

Any error that you find must be investigated by the credit reporting agency (Equifax, Experian or Trans Union) with the creditor who supplied the data. The credit reporting agency will remove from your credit report any errors a creditor admits are there. If you disagree with the findings, you can file a short statement in your record giving your side of the story. Future reports to creditors must include this statement or a summary of it.

The Fair Credit Billing Act requires creditors to correct errors promptly and without damage to your credit rating.

Correcting errors and inconsistencies on your credit report is necessary and time consuming. CreditLawGroup can help you begin the process of credit repair and see it through while you monitor the progress online. Click on the link to find out how CreditLawGroup can help you.

Contributing Source: Bankrate.com