New Delhi, June 14 -- Your credit report is an important piece of information that determines whether you qualify for loans, credit cards and it also influences the interest rates lenders offer. Even a tiny error such as incorrectly reported missed payment, a loan that does not belong to you or outdated account information can affect your credit score and borrowing prospects.

If you spot inaccurate information in your credit report, it is important to get it corrected as soon as possible. Credit information companies allow consumers to raise disputes and seek corrections, while lenders are required to verify and update records where necessary.

Consumers have two options to raise a dispute over incorrect information in their credit repor...