| Your credit report is a type of consumer report | | | | a hike. Now think about it, you have a debt that is |
| and contains information about where you work, | | | | not yours and you go to the CRA to disputed it. |
| live, what you own and how you pay your bills. It | | | | They send a letter and to the no good company |
| also may show whether you've been sued or | | | | reporting you as a deadbeat and asked them to |
| arrested or have filed for bankruptcy. Companies | | | | substantiate a non-existent debt. To add insult to |
| called consumer reporting agencies (CRAs) or | | | | injury that no good company tells the CRA it's |
| credit bureaus compile and sell your credit report | | | | good debt and your SOL.When the reinvestigation |
| to businesses. Because businesses use this | | | | is complete, the CRA must give you the written |
| information to evaluate your applications for | | | | results and a free copy of your report if the |
| credit, insurance, employment, and other purposes | | | | dispute results in a change. If an item is changed |
| allowed by the Fair Credit Reporting Act (FCRA), | | | | or removed, the CRA cannot put the disputed |
| it's important that the information in your report is | | | | information back in your file unless the information |
| complete and accurate.Estimates indicate that as | | | | provider verifies its accuracy and completeness, |
| many as three forths of all consumer reports are | | | | and the CRA gives you a written notice that |
| inaccurate or have information that should have | | | | includes the name, address, and phone number of |
| been removed. Chances are your report has | | | | the provider.Also, if you request, the CRA must |
| something that is inaccurate of outdated.Logic | | | | send notices of corrections to anyone who |
| would suggest that you periodically review your | | | | received your report in the past six months. Job |
| credit report for inaccuracies or omissions. This | | | | applicants can have a corrected copy of their |
| could be especially important if you're considering | | | | report sent to anyone who received a copy |
| making a major purchase, such as buying a home | | | | during the past two years for employment |
| or a new car.Checking in advance on the accuracy | | | | purposes. If a reinvestigation does not resolve |
| of information in your credit file could speed the | | | | your dispute, ask the CRA to include your |
| credit-granting process.Getting Your Credit | | | | statement of the dispute in your file and in future |
| ReportIf you've been denied credit, insurance, or | | | | reports.Second, in addition to writing to the CRA, |
| employment because of information supplied by a | | | | tell the creditor or other information provider in |
| CRA, the FCRA says the company you applied to | | | | writing that you dispute an item. Again, include |
| must give you the CRA's name, address, and | | | | copies (NOT originals) of documents that support |
| telephone number. If you contact the agency for | | | | your position. Many providers specify an address |
| a copy of your report within 60 days of receiving | | | | for disputes. If the provider then reports the item |
| a denial notice, the report is free. In addition, | | | | to any CRA, it must include a notice of your |
| you're entitled to one free copy of your report a | | | | dispute. In addition, if you are correct-that is, if |
| year if you can prove that (1) you're unemployed | | | | the disputed information is not accurate-the |
| and plan to look for a job within 60 days, (2) | | | | information provider may not use it |
| you're on welfare, or (3) your report is inaccurate | | | | again.Personally, after helping dozens of people |
| because of fraud. Otherwise, a CRA may charge | | | | clear negative, incorrect information from their |
| you up to $9.00 for a copy of your report.If you | | | | credit reports I can tell in option 1 is a necessary |
| simply want a copy of your report, call the CRAs | | | | step but for the most part a useless step. Going |
| listed in the Yellow Pages under "credit" or "credit | | | | right to the creditor and documenting the attempt |
| rating and reporting." Call each credit bureau listed | | | | is by far the best way to remove the inaccurate |
| since more than one agency may have a file on | | | | information on your credit reports. After disputing |
| you, some with different information. The three | | | | the information to the creditor, documenting the |
| major national credit bureaus are:Equifax | | | | attempt, and documenting the non response of |
| P.O. Box 740241 | | | | the creditor you have irrefutable evidence to |
| Atlanta, GA 30374-0241 | | | | present to the credit bureau. According to the |
| (800) 685-1111Experian | | | | federal law they have no choice but to remove |
| P.O. Box 2104 | | | | the incomplete or inaccurate informationAccurate |
| Allen, TX 75013 | | | | Negative InformationWhen negative information in |
| (888) EXPERIAN (888-397-3742)Trans Union | | | | your report is accurate, only the passage of time |
| P.O. Box 1000 | | | | can assure its removal. Accurate negative |
| Chester, PA 19022 | | | | information can generally stay on your report for |
| (800) 916-8800Correcting ErrorsUnder the FCRA, | | | | 7 years. There are certain exceptions:· |
| both the CRA and the organization that provided | | | | Information about criminal convictions may be |
| the information to the CRA, such as a bank or | | | | reported without any time limitation.· |
| credit card company, have responsibilities for | | | | Bankruptcy information may be reported for 10 |
| correcting inaccurate or incomplete information in | | | | years.· Credit information reported in |
| your report. To protect all your rights under the | | | | response to an application for a job with a salary |
| law, contact both the CRA and the information | | | | of more than $75,000 has no time limit.· |
| provider.First, tell the CRA in writing what | | | | Credit information reported because of an |
| information you believe is inaccurate. Include | | | | application for more than $150,000 worth of |
| copies (NOT originals) of documents that support | | | | credit or life insurance has no time limit.· |
| your position. In addition to providing your | | | | Information about a lawsuit or an unpaid judgment |
| complete name and address, your letter should | | | | against you can be reported for seven years or |
| clearly identify each item in your report you | | | | until the statute of limitations runs out, whichever |
| dispute, state the facts and explain why you | | | | is longer.· |
| dispute the information, and request deletion or | | | | Adding Accounts to Your FileYour credit file may |
| correction. You may want to enclose a copy of | | | | not reflect all your credit accounts. Although most |
| your report with the items in question circled. | | | | national department store and all-purpose bank |
| Your letter may look something like the sample | | | | credit card accounts will be included in your file, |
| below. Send your letter by certified mail, return | | | | not all creditors supply information to CRAs: Some |
| receipt requested, so you can document what | | | | travel, entertainment, gasoline card companies, |
| the CRA received. Keep copies of your dispute | | | | local retailers, and credit unions are among those |
| letter and enclosures.CRAs must reinvestigate the | | | | creditors that don't.If you've been told you were |
| items in question-usually within 30 days-unless | | | | denied credit because of an "insufficient credit file" |
| they consider your dispute frivolous.Now we get | | | | or "no credit file" and you have accounts with |
| to the good part. If you have several items to | | | | creditors that don't appear in your credit file, ask |
| dispute and submit them at the same time the | | | | the CRA to add this information to future reports. |
| CRA will almost always consider your dispute | | | | Although they are not required to do so, many |
| frivolous. Sorry, that's just the way it is. Your | | | | CRAs will add verifiable accounts for a fee. You |
| best bet is to dispute one or two items at a time. | | | | should, however, understand that if these |
| Send your letter, wait two weeks, send the next | | | | creditors do not report to the CRA on a regular |
| letter and so on. Best idea is to find something | | | | basis, these added items will not be updated in |
| wrong with what is being reported. Check the | | | | your file.$$$$$$$$$$$$$$$$$$$$$$$$$$$Sample |
| details. Are the dates correct, the amount | | | | Dispute LetterDateYour Name |
| correct, the payments correct? Do you even | | | | Your Address |
| owe the debt? Was it paid off?The CRA must | | | | Your City, State, Zip CodeComplaint Department |
| forward all relevant data you provide about the | | | | Name of Credit Reporting Agency |
| dispute to the information provider. After the | | | | Address |
| information provider receives notice of a dispute | | | | City, State, Zip CodeDear Sir or Madam:I am |
| from the CRA, it must investigate, review all | | | | writing to dispute the following information in my |
| relevant information provided by the CRA, and | | | | file. The items I |
| report the results to the CRA. If the information | | | | dispute are also encircled on the attached copy |
| provider finds the disputed information to be | | | | of the report I received. |
| inaccurate, it must notify all nationwide CRAs so | | | | (Identify item(s) disputed by name of source, |
| they can correct this information in your file.· | | | | such as creditors or tax |
| Disputed information that cannot be verified must | | | | court, and identify type of item, such as credit |
| be deleted from your file.· If your report | | | | account, judgment, etc.)This item is (inaccurate or |
| contains erroneous information, the CRA must | | | | incomplete) because (describe what is |
| correct it.· If an item is incomplete, the CRA | | | | inaccurate or incomplete and why). I am |
| must complete it. For example, if your file showed | | | | requesting that the item be |
| that you were late making payments, but failed | | | | deleted (or request another specific change) to |
| to show that you were no longer delinquent, the | | | | correct the information.Enclosed are copies of |
| CRA must show that you're current.· If your | | | | (use this sentence if applicable and describe any |
| file shows an account that belongs only to | | | | enclosed documentation, such as payment |
| another person, the CRA must delete it.Now for | | | | records, court documents) |
| the REAL story. The information provider will | | | | supporting my position. Please reinvestigate this |
| almost always responds saying they investigated | | | | (these) matter(s) and |
| and the debt is valid. That's all it takes for the | | | | (delete or correct) the disputed item(s) as soon |
| CRA to substantiate the debt and tell you to take | | | | as possible. |