How To Dispute Errors On Your Credit Report
No one can legally remove accurate and timely negative information from a credit report
. The law allows you to ask for an investigation of information in your file that you dispute as inaccurate or incomplete.
There is no charge for this. Some people hire a company to investigate on their behalf, but anything a credit repair clinic can do legally, you can do for yourself at little or no cost. According to the Fair Credit Reporting Act (FCRA): You're entitled to a free report if a company takes "adverse action" against you, like denying your application for credit, insurance, or employment.
You have to ask for your report within 60 days of receiving notice of the action. The notice will give you the name, address, and phone number of the consumer reporting company. You're also entitled to one free report a year if you're unemployed and plan to look for a job within 60 days; if you're on welfare; or if your report is inaccurate because of fraud, including identity theft.
Each of the nationwide consumer reporting companies - Equifax, Experian, and TransUnion - is required to provide you with a free copy of your credit report once every 12 months, if you ask for it. The three companies have a central website, a toll-free telephone number, and a mailing address for consumers to order the free annual credit reports the government entitles them to.
It doesn't cost anything to dispute mistakes or outdated items on your credit report. Under the FCRA, both the consumer reporting company and the information provider (that is, the person, company, or organization that provides information about you to a consumer reporting company) are responsible for correcting inaccurate or incomplete information in your report.
To take advantage of all your rights under the FCRA, contact the consumer reporting company and the information provider. Tell the consumer reporting company, in writing, what information you think is inaccurate. Include copies (NOT originals) of any documents that support your position.
In addition to providing your complete name and address, your letter should identify each item in your report you dispute; state the facts and the reasons you dispute the information, and ask that it be removed or corrected. You may want to enclose a copy of your report, and circle the items in question.
Send your letter by certified mail, "return receipt requested," so you can document that the consumer reporting company received it.
Keep copies of your dispute letter and enclosures. Your letter may say something like the following:
"I am writing to dispute the following information in my file. The items I dispute also are encircled on the attached copy of the report I received.
This item (identify item) disputed by name of source, such as creditors or tax court, and identify type of item, such as credit account, judgment, etc.) is (inaccurate or incomplete) because (describe what is inaccurate or incomplete and why). I am requesting that the item be deleted (or request another specific change) to correct the information.
Enclosed are copies of (use this sentence if applicable and describe any enclosed documentation, such as payment records, court documents) supporting my position. Please investigate this (these) matter(s) and (delete or correct) the disputed item(s) as soon as possible."
Sign your name and list what you are enclosing. Regardless of your credit history, financial advisors and consumer advocates recommend reviewing your credit report periodically for three important reasons:
The information in your credit report affects whether you can get a loan or insurance - and how much you will have to pay for it.
It's important to make sure the information is accurate, complete, and up-to-date before you apply for a loan for a major purchase like a house or car, buy insurance, or apply for a job. It can help you deter, detect and defend against identity theft. That's when someone uses your personal information - like your name, your Social Security number, or your credit card number - to commit fraud.
Identity thieves may use your information to open a new credit card account in your name. Then, when they don't pay the bills, the delinquent account is reported on your credit report. Inaccurate information like that could affect your ability to get credit, insurance, or even a job.
by: Ronald Pedactor
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