It’s possible for incorrect, incomplete or outdated information to appear on your
credit report.
If it does, it can drastically lower your chances of getting
the loans, credit cards, and other credit products you deserve. If you find
an error, take the following steps as soon as possible. If you see evidence
of fraud, contact the credit reporting companies immediately. Explain the
situation and ask that a fraud alert be placed in your file. Also report the
fraud to the police, and your creditors.
1. Contact the credit reporting company
Contact the credit reporting company that is reporting the item in question.
It is helpful for you to have a printed copy of your
credit report from them.
You may be eligible to receive it free of charge.
After you advise the credit reporting agency of the information that you
dispute
and why, the credit reporting company will review it. If you have any documentation
that supports your position also send that to the credit reporting agency. If
further investigation is required, the credit reporting agency will provide notification
of what you’re disputing to the source that furnished the disputed
information to
them.
The source of the disputed information will review the information, conduct its
own investigation, and report back to the credit reporting agency. The credit
reporting company will then make all appropriate changes to your credit file based
on the investigation, and notify you of the results of the investigation and any
changes that were made to your
credit report.
2. Contact the Creditor Regarding the Problem
In some cases, you should contact the appropriate creditor or lender before contacting
a credit reporting company. This is especially true if you are a victim of
identity theft or fraud. You should also contact the appropriate creditor
or lender if that source has verified the
information that you disputed with the
credit reporting company. Most large creditors have standard procedures for
customers to dispute items about their accounts with them. If you have proof
that the item in question is incorrect, it should be resolved quickly.
If the creditor finds that the disputed information is indeed incorrect, the creditor
is required by federal law, the
Fair Credit Reporting Act, to update its records
both internally and with the credit reporting companies to which it reported the
disputed information,
usually within 30 days.
Always follow up your phone calls with a
letter. List each disputed item,
and state how it is inaccurate, attaching copies of all relevant documents.
Include your full name, account number, the dollar amount in question, and the reason
you believe the item is wrong. Be concise.
3. Contact the Other credit reporting companies
If you find an inaccuracy with one credit reporting company, you may want to get
your credit report
from the other two credit reporting companies to see if their
credit reports contain the same error.
After you've corrected an error with one credit reporting company, the other credit
reporting companies will in most cases also receive the corrected information.
But for prompt correction, it's best to contact each of the three major credit reporting
companies yourself.
4. Make Sure the Disputed Information Is Addressed
Within 30 days (45 days if based upon your annual free credit file), the credit
reporting company should notify you of the results of its investigation. You'll
need to obtain a new copy of your
credit report to make sure that the inaccuracies
have been corrected or removed.
If the disputed information has been resolved, you can have the credit reporting
company notify anyone who received a
credit report with the inaccurate information
in the past six months (two years in the case of employers) of the corrections that
have been made.
5. If You Cannot Resolve a Disputed Item
You have the right to file a brief statement with the consumer reporting company,
free of charge, explaining the nature of your disagreement. The consumer reporting
company may limit your statement to not more than 100 words if it provides you with
assistance in writing a clear summary of the disagreement. Your statement
will become part of your
credit report, and will be reported each time your credit
report is accessed, for as long as the disputed item remains in your credit report.