Disputing Your Credit Report

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Technology is wonderful unless you happen to be a victim of identity theft. This is the number one reason why keeping on top of your Credit Report is so important. The sooner you are able to identify a discrepancy regarding your credit status, the easier it is to dispute it and have it removed from your credit history.

Many different types of lenders and businesses can look at credit reports to evaluate applicants, whether it is for a loan, a job or just purchasing insurance. Before applying for any type of credit, it is advisable to request your credit report which you should be able to get without any kind of fee or charge. It is always a good idea to see what lenders “are saying about you”. There are three major bureaus: Equifax, Experian and Trans Union. Additionally, you are entitled to obtain a free annual copy of your credit report from AnnualCreditReport.com. Even if you do not plan on applying for any additional credit and you are maintaining all of your monthly obligations, always get your free annual report and make sure that is correct and up to date.

The Fair Credit Reporting ...
... Act (FCRA) is responsible in the promotion, accuracy and privacy of information in the nation’s files of consumer reporting companies. Each consumer reporting company and the companies that are providing information about you are responsible for correcting inaccurate and incomplete information that can show up in your report. But it is your responsibility to keep on top of your information, and if you do find a discrepancy there are steps to take to have it amended and corrected.

If you have found a discrepancy in your credit report the first thing you need to do is to contact each reporting company, in writing. Send as much documentation as you can to support your claim. Your letter should clearly identify the item on your report that is in dispute, and explain as clearly state the facts as to why you are disputing the information reported. It is sometimes helpful to also attach a copy of the report with each disputed item circled or highlighted. Always use certified mail and keep copies of your letter along with any attachments to the report.

Once the investigation has been completed, the reporting company must provide you with the results in writing. If the dispute changes your report you will be mailed a free copy, and the free report does not count as your annual free report.

If an item is changed or deleted, the consumer reporting company cannot put the disputed information back in your file unless the company providing the information verifies that it is accurate. The consumer reporting company also must send you written notice that includes the provider’s contact information.

If you ask, the consumer reporting company must send notices of any corrections to all who received your report in the past six months. For employment purposes, you may also have a corrected copy sent to anyone who may have requested it within the past two years.