Credit Report Mistakes
There are three major credit reporting agencies, also known as credit bureaus, which gather and organize data about
our payment history with other creditors. These agencies, Equifax, Trans Union, and Experian, provide reports to potential
creditors, employers, and insurers almost every time an application is made. Credit bureaus make money by selling credit
reports and credit scores. Their files sell regardless of whether they're accurate. In fact, they lose money when they have
to delete personal credit report errors. It may not be important for them to have your information correct, but it is very
important for you. Your credit report determines your ability to make any major purchase.
Each year, thousands of consumers are turned down for credit cards, mortgages, loans and employment, and housing
opportunities, due to inaccurate information in their credit reports. You have the right to view your credit report,
know what information is contained in it, and you have the right to dispute that information if it is wrong or outdated
and have it removed from your report.
You are entitled to see your credit report for free at least one time in every twelve (12) month period. In order to
receive your free yearly credit report, you can visit
www.annualcreditreport.com. You can obtain a free report from each
of the three bureaus by following through the prompts of the website. In addition, if you get denied credit, insurance or
employment based on your credit report, you are entitled to a free credit report. It is important to keep all letters from
companies that deny you these opportunities, because you may need them to get your free report, or to prove in the future that
you suffered a loss because of your credit. Click to view a sample letter.
Q: What if I find errors – either inaccuracies or incomplete information – in my credit report?
A: The Fair Credit Reporting Act (FCRA) is a federal statute, enacted in 1970 to protect the rights of consumers, and regulate the
practices of those who provide information to the credit reporting agencies, the agencies themselves and credit report users.
The FCRA states that a consumer can make a legal claim against, and sue the credit reporting agencies, creditors and debt
collectors who report information that is wrong. If your credit report is wrong through no fault of your own, we can help.
We offer a FREE* case review and can assist you in either ensuring the report is
corrected in a timely manner or by pursuing
a claim against those who fail to comply with the FCRA.
If you think any of the information is incorrect or inaccurate, you can dispute that information any one of three ways.
- You can dispute it online at the website of any agency. However, this is not a recommended way of disputing a report
as there is very little opportunity for you to provide complete information on why the item on your report is inaccurate.
- You can call the agency, but you will have to deal with a complicated automated phone system where it is difficult to reach an actual person and explain your situation.
- Finally, and perhaps the best way to dispute your report, you can dispute in writing. There is a form is supplied
by the credit reporting agency with the report you ordered, which has your account number on it, for easier processing.
Or, you can use a basic dispute letter.
Under the Fair Credit Reporting Act, the bureaus have 30 days from the receipt of your dispute to provide you a response
with a result of their investigation. In that period, they are to contact the creditor, or company reporting the information,
and request their input. The law requires that they conduct a reasonable investigation, and review and consider all relevant
information that you provide in support of your dispute. If the credit bureaus or the creditors fail to perform a reasonable
investigation and continue to report inaccurate information that causes you losses of credit, employment or insurance, you have
the right to recover for that loss. FILL OUT THE FORM FOR A FREE* CASE REVIEW.
Find an attorney in your state that will handle claims involving credit report errors.
Q: What can I do if the consumer reporting company or information provider won't correct the information I dispute?
A: If an investigation doesn't resolve your dispute with the consumer reporting company, you can ask that a statement of the dispute be included in your file and in future reports. You also can ask the consumer reporting company to provide your statement to anyone who received a copy of your report in the recent past. You can expect to pay a fee for this service. If you tell the information provider that you dispute an item, a notice of your dispute must be included any time the information provider reports the item to a consumer reporting company.
Q: How long can a consumer reporting company report negative information?
A: A consumer reporting company can report most accurate negative information for seven years and bankruptcy information for 10 years. There is no time limit on reporting information about criminal convictions; information reported in response to your application for a job that pays more than $75,000 a year; and information reported because you've applied for more than $150,000 worth of credit or life insurance. Information about a lawsuit or an unpaid judgment against you can be reported for seven years or until the statute of limitations runs out, whichever is longer.
Q: Can anyone else can get a copy of my credit report?
A: Our credit information is and should be private. We don't want how much money we owe or how much we spend to be available
to the general public. We are entitled to protection of that privacy under the FCRA. Not everyone who wants to do so can view
your credit report. To a great extent, your permission is required. Any company that receives your application for credit,
employment or insurance can obtain a credit report on you. In addition, once you have established a credit relationship with
a company, they are entitled to routinely check your report to assure that you maintain financial health while your account
is open. Beyond that, nobody else should be checking your report. More importantly, when your credit report is pulled, it
causes a decrease in your score.
Fill out the form for a free case review if you believe someone has gained unpermitted access to your
credit report.
Credit Dispute Letter
Date: Put the date you are sending the letter
Equifax
Equifax Credit Information Services Inc.
P.O. Box 740241
Atlanta, GA 30374
TransUnion
TransUnion LLC
Consumer Disclosure Center
P.O. Box 1000
Chester, PA 19022
Experian
Experian
National Consumer Assistance Center
P.O. Box 2002
Allen, TX 75013
Re: Credit report error
Dear Sir or Madam:
I have obtained a recent copy of my credit report and discovered it contains inaccurate information. The credit report in my name (LIST FULL NAME HERE) and Social Security number (LIST SSN NUMBER) maintained by your agency (NAME OF BUREAU).
You will find a copy of this credit report enclosed, with the inaccurate data highlighted in yellow and/or circled in red (Use one method or both). The following information that I have highlighted/circled is wrong because the report states that: (LIST THE
INACCURACY). This is not the case because (LIST REASONS WHY THE LISTING IS WRONG).
(If you are dealing with a billing error, make sure you list the creditor's name and account number that lists the inaccurate data.)
Please investigate this matter with (LIST CREDITOR HERE) and correct and delete these disputed items from my credit report.
In addition, make this letter a permanent part of my credit record.
If you have any questions about this request or the disputed credit information, you can call me at (LIST PREFERRED CONTACT NUMBER: WORK, HOME, CELL).
Thank you for your prompt attention in this matter.
Sincerely,
Your Signature
Your Printed or typed name
Your Address
City, State and Zip Code
Your Social Security Number
Your contact number
Encl: credit report
* Information provided by FTC.gov.
