Disputed Information on Credit Reports

You have no direct input into the information on your Equifax, Experian and TransUnion credit reports because the bureaus receive data directly from your creditors. They scan public records and court proceedings for additional information. Incorrect data sometimes makes its way into your credit bureau reports. Bob Sullivan of the MSNBC Money website warns that mistakes are present on about 16 to 25 percent of reports. If affected, you may dispute errors to force an investigation.

Credit Report Monitoring

You are legally entitled by the Fair and Accurate Credit Transactions Act to monitor your credit reports regularly, at no cost to you, since you do not control the data that goes into them. You have a yearly opportunity to find and dispute mistakes by ordering report copies from AnnualCreditReport.com. The site provides this information free, and you may get your reports all at once or at whatever intervals you wish, as long as you request only one copy per year from each bureau. The Michigan Attorney General's office recommends requesting single reports at four-month intervals.

Disputable Information

The Fair Credit Reporting Act, which regulates credit report disputes, does not limit disputable information as long as your complaints are not irrelevant or frivolous. You may challenge any item with any kind of mistake, although you see the most benefit from disputing negative items because the bureaus erase them if they cannot be confirmed with the data's originator. Erased items no longer influence your credit rating.

Dispute Process

Equifax, Experian and TransUnion all accept online disputes, but the Federal Trade Commission advises that written correspondence has some advantages. Letters allow you to go into as much detail as you wish, and you can attach copies of billing statements, canceled checks and other proof. Use certified mail and get a delivery receipt for your disputes.

Resolution

Disputed information on your credit reports is verified by its originator or removed by the credit bureaus, according to the FTC. The FCRA allows 30 days for Equifax, Experian and TransUnion to attempt verification, although they can remove the data immediately if they are too busy to meet the time frame. The bureaus must let you know whether they received acceptable validation or erased the disputed entries, and they give you new report copies so you can see the investigation results firsthand.

Considerations

Banks, credit unions, lenders and other companies constantly report new information to the credit bureaus, opening up room for more mistakes after you clean up your reports through the dispute process. The FCRA places no limit on the number of disputes you can file, and there is no waiting period between complaints, so monitor your Equifax, Experian and TransUnion reports regularly and dispute information as often as needed.