What should a borrower do if they find an error in their credit report?

When a borrower finds an error in their credit report, the appropriate action is to contact the credit reporting agency. This is vital because credit reports are used by lenders to assess the creditworthiness of borrowers; thus, ensuring that the information is accurate is crucial.

Contacting the credit reporting agency initiates a process where the agency is required to investigate the dispute. Under the Fair Credit Reporting Act, consumers have the right to dispute inaccurate or incomplete information in their credit reports. The agency must respond to the dispute usually within 30 days, investigating the claim and correcting any inaccuracies if necessary. This process not only helps the individual borrower but also maintains the integrity of the credit reporting system as a whole.

The other actions listed do not effectively address the issue of an error in the credit report. Ignoring the error does not resolve the potential negative impact on the borrower's credit score. Filing for bankruptcy is a serious financial decision that does not rectify issues related to an inaccurate credit report. Changing one’s name has no relation to addressing the contents of a credit report error. Therefore, the best course of action is to contact the credit reporting agency directly.