System and method for correction of acquired transaction text fields

Transactions include text fields, such as description fields. Transactions are extracted from financial institutions using web-scraping extraction. In the process of extracting transactions, errors can be introduced into text fields, such as the inclusion of a space within a word or the removal of a space between words. A statistical approach is applied to the text fields. When two alternative text fields are presented, the alternative that statistically includes more common tokens, such as unigrams and bigrams, is chosen as the correct alternative. The incorrect alternative is replaced by the correct alternative in the text field.