According to a study from the Federal Trade Commission 1 in 5 people has at leadt one error on their credit report. This is what could lead to potentially lower credit scores or lower your ability to qualify for certain loans or open new credit.

Follow these 3 steps to make sure there are no errors on your credit report.

1. Review your credit reports

There are three main credit bureaus that you’ll want to pull your credit report from: Equifax, Experian and TransUnion. Consumers can get a free copy of their credit report from each of these agencies each year at

Different creditors report to different agencies, so these reports will likely vary — but that doesn’t mean they are necessarily incorrect. What you’ll want to look for are accounts or loans reported that don’t belong to you. The Consumer Financial Protection Bureau offers a list of common credit report mistakes to look for, including:

The wrong name, phone number or personal address
Accounts that belong to someone with the same or a similar name to you, but aren’t yours
Accounts opened under your name by someone who stole your identity
Closed accounts reported as still open
Late payments that you made on time
Incorrect balances or limits listed for accounts
Same debt listed multiple times
If you see an error, highlight it and double check your own accounts to make sure it shouldn’t be there.

2. Dispute the errors

If you’ve discovered an error, you’ll want to dispute it with the credit agency that reported it.

In writing, you should explain what you think is wrong and why, include copies of documents that support your dispute. Suggests the CFPB, which provides instructions and a template letter.

In your written dispute, (email or letter) be sure to include:

Your name and contact information
What the mistake is, including any relevant information, such as the account number related to the error
A request that the error be removed or corrected.
A copy of your credit report with the mistake highlighted
You should also be give the agencies your ID number and proof of identification number.

You may also want to dispute the error with the company that reported the account to the credit bureaus; that could be a bank, a credit card company, your landlord, etc. If you do that, you’ll want to include the same information noted above. The CFPB provides further instructions for exactly what to write.

3. Keep your paper trail.

Once you’ve disputed the mistakes, keep a record of what you sent to the agency or creditor, who you spoke to and any other relevant information. If you send a letter to the credit agency disputing something, send it via certified mail, the CFPB recommends.

Credit agencies investigates each error claim and must update you with what course of action they decides to take, within 30 days. If you report the error to a company, such as your bank, and they determine it was indeed a mistake, they must notify the credit bureaus to have it removed from your reports.

Reminder to check your reports again, finding mistakes as soon as they happen can be a big money saver.