How
to Fix Inaccurate Information on My Credit Report
Here
are some important tips on How to re-establish your credit history,
for shoppers and merchants.
How do I correct inaccurate
information on my credit reports?
The Fair Credit Reporting Act (FCRA)
establishes procedures for correcting mistakes on your credit record
and requires that your record be made available only for certain
legitimate business needs.
Under the FCRA, both
the credit bureau and the organization that provided the information
to the credit bureau (the "information provider"), such as a bank or
credit card company, are responsible for correcting inaccurate or
incomplete information in your report. To protect your rights under
the law, contact both the credit bureau and the information
provider.
First, call the
credit bureau and follow up in writing. Tell them what information
you believe is inaccurate. Include copies (NOT originals) of
documents that support your position. In addition to providing your
complete name and address, your letter should clearly identify each
item in your report that you dispute, give the facts and explain why
you dispute the information, and request deletion or correction. You
may want to enclose a copy of your report with circles around the
items in question. Your letter may look something like this
sample. Send your letter
by certified mail, and request a return receipt so you can document
what the credit bureau received and when. Keep copies of your
dispute letter and enclosures.
Credit bureaus must
investigate the items in question - within 30 or
45 days (depending on whether you provide
additional information) - unless they consider your dispute
frivolous. They also must forward all relevant data you provide
about the dispute to the information provider. After the information
provider receives notice of a dispute from the credit bureau, it
must investigate, review all relevant information provided by the
credit bureau and report the results to the credit bureau. If the
information provider finds the disputed information to be
inaccurate, it must notify any nationwide credit bureau that it
reports to so that the credit bureaus can correct this information
in your file. Note that:
Disputed
information that cannot be verified must be deleted from your
file.
If your
report contains erroneous information, the credit bureau must
correct it.
If an item
is incomplete, the credit bureau must complete it. For example, if
your file shows that you have been late making payments, but fails
to show that you are no longer delinquent, the credit bureau must
show that you're current.
If your file
shows an account that belongs to someone else, the credit bureau
must delete it.
When the
investigation is complete, the credit bureau must give you the
written results and a free copy of your report if the dispute
results in a change. If an item is changed or removed, the credit
bureau cannot put the disputed information back in your file unless
the information provider verifies its accuracy and completeness, and
the credit bureau gives you a written notice that includes the name,
address and phone number of the information provider.
If you request, the
credit bureau must send notices of corrections to anyone who
received your report in the past six months. Job applicants can have
a corrected copy of their report sent to anyone who received a copy
during the past two years for employment purposes. If an
investigation does not resolve your dispute, ask the credit bureau
to include your statement of the dispute in your file and in future
reports.
Second, in addition
to writing to the credit bureau, tell the creditor or other
information provider in writing that you dispute an item. Again,
include copies (NOT originals) of documents that support your
position. Many information providers specify an address for
disputes. If the information provider then reports the item to any
credit bureau, it must include a notice of your dispute. In
addition, if you are correct - that is, if the disputed information
is not accurate - the information provider may not use it again.
If you provide a copy
of your police report, the credit bureaus will automatically block
the inaccurate information from appearing on your credit reports
sent to companies that request your report. This may take up to 30
days. The credit bureaus have the right to remove the block, if they
believe it was wrongly placed. Except in a few states which have
made it a
law, blocking the inaccurate information based on a police
report is a voluntary initiative by the credit bureaus. It is not
part of the FCRA, therefore it's still important to follow all the
steps previously mentioned in order to obtain the full benefits due
you under the law. Contact the credit bureaus to find out more about
how this initiative works. If you're
having trouble getting a police report, see
What should I do if the local
police will not take a report from me?
Source: FTC
The FTC works for the
consumer to prevent fraudulent, deceptive and unfair business
practices in the marketplace and to provide information to help
consumers spot, stop and avoid them. To file a
complaint or to get
free information on
consumer issues, visit
www.ftc.gov or call
toll-free, 1-877-FTC-HELP (1-877-382-4357); TTY: 1-866-653-4261. The
FTC enters Internet, telemarketing, identity theft and other
fraud-related complaints into the Consumer Sentinel Network, a secure online database and investigative tool available to hundreds of civil and criminal law enforcement agencies in the U.S. and abroad.
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About Our Editors...
The InfoFAQ editorial staff are qualified professionals who are experienced at researching the Internet for relevant information about merchants, their products, their services, and their industries. The staff is trained to be objective, concise, and informative, helping consumers understand the importance of merchant compliance, consumer safety, privacy, security, fraud protection, and truthful information when shopping on the Internet.
