--------------------------------------------------------------- Summary
The Fair Credit Reporting
Act (FCRA) allows for consumers to contact
the credit bureaus directly to correct inaccuracies.
Details on Steps to Repair Your Credit
Report
If you find any information you believe to
be inaccurate or wrong here are the steps
to take in dealing with the credit
bureau:
1) Contact the
credit bureau. Inform the credit bureau
in writing what information you believe is
inaccurate. Include copies (never send 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 you dispute, state
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 the items in question circled. See some
of the Sample
Letters for help. Send your letter by
certified mail, return receipt requested,
so you can document what the credit bureau
received. Make sure to keep copies of your
dispute letter, enclosures and anything you
send to a credit bureau.
2) Investigation. The credit
bureaus must reinvestigate the items in
question (within 30-45 days). The bureaus
must forward all relevant data you provide
about the dispute to the information
provider (creditor).
After the information provider receives notice
of a dispute from the bureau, it must
investigate, review all relevant information
provided and report the results to the bureau.
If the information provider finds the disputed
information to be inaccurate, it must notify
all nationwide bureaus, so they can correct
this information in your file. Disputed information
that cannot be verified must be deleted from
your file.
If your credit report
is determined to contains erroneous information,
the bureau must correct it.
If an item is determined
to be incomplete, the bureau must complete
the item. (For example, if your file showed
that you were late making payments, but
failed to show that you were no longer delinquent,
the bureau must show that you're current.)
If your file shows an
account that belongs only to another person,
the bureau must remove that item.
3) Notification
to you. When the reinvestigation is complete,
the bureau must provide you the written results
and a free copy of your credit report if the
dispute results in any change. If an item
is changed or removed, the bureau cannot put
the disputed information back in your file
unless the information provider verifies its
accuracy and completeness, and the bureau
gives you a written notice that includes the
name, address, and phone number of the provider.
4) Notification
to others. Additionally, if you request
it, the 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 a reinvestigation
does not resolve your dispute, ask the bureau
to include your statement of the dispute in
your file and in future reports.
5) Addition of
a statement. The three credit bureaus
will usually allow you to add a 100 word statement
to your credit report. This tends to happen
after a dispute has been submitted to the
bureau and decided against. The value of this
clarifying statement is up to debate. Many
argue that most creditors do not look at this
statement.
6) Response stating dispute is frivolous.
At times credit bureaus may respond to your
dispute stating that it is "frivolous"
or "irrelevant." This most often
happens when the bureaus feels a consumer
is disputing an item that was just upheld,
with very short or no duration in between
disputes. This is again up to debate, and
very subjective. Many argue the bureaus use
the frivilous claim too easily and that you
should push in order to have the dispute go
through.
More
Information
More information can be found at:
