A credit report provides a snapshot of your life -- where you live, how you spend your money and how you pay your bills. The challenge for you is that everyone, from landlords to potential employers, may access your credit report for a peek at your life. There's no need to panic if your find mistakes and misrepresentations on your report. There is a process in place to help you dispute those errors.
Federal Fair Credit Reporting Act
The Federal Fair Credit Reporting Act was designed to protect you from inaccurate information on your credit report. Because of this act, independent credit reporting companies have no right to retain that information once they've been informed. An amendment to the act says each of the three nationwide consumer credit reporting agencies --- Equifax, Experian and TransUnion --- must provide you with a free copy of your credit report, at your request, every 12 months.
Examine Your Report
Examine your credit report from the three major credit bureaus carefully. Circle any information that is inaccurate, such as credit that never belonged to you. Also circle incomplete information. This may include a creditor that failed to report a debt as paid in full. Even if there is information included on your credit report that you're simply not sure of, demand the credit bureau verifies it. If it is unable to, it must delete it from your report.
Inaccurate Information
You may find that the information on each credit report is different and that there are different mistakes on each report. You should write a letter to any agency with an inaccurate report. Send the letter by certified mail with a return receipt requested. The receipt will be returned to you, giving you proof of when the agency received your letter. Make a copy of the credit report and letter for your records.
Letter
Your letter should include the date, your name and address. Send it to the complaint department of the credit bureau. State your case simply. Tell them that you are writing to dispute information. List which pieces of information you are disputing and why you disagree with each item. Enclose copies of any supporting documents, such as court documents and cancelled checks. Ask them to look into the matter and to either correct or delete each item as soon as possible.
Investigation
The credit reporting agency must verify the accuracy of each disputed item within 30 days and provide you a written notice of its findings within five days after the completion of its investigation. If credit agencies do not remove inaccurate information, you may need to consult with an attorney.
0 comments:
Post a Comment