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Tell the credit bureau in writing what information you
believe is inaccurate in your credit report. 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 credit 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 credit report with the items in
question circled. Send your letter by certified mail, return
receipt requested, so you can document what the credit bureau
received. Keep copies of your dispute letter and enclosures.
Credit
bureaus must reinvestigate the items in question-usually within
30 days-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 all nationwide credit bureaus
so they can correct this information in your file. Disputed
information that cannot be verified must be deleted from your
credit report.
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 credit report showed that
you were late making payments, but failed to show that you
were no longer delinquent, the credit bureau must show that
you are current. If your credit report shows an account that
belongs only to another person, the credit bureau must delete
it.
When the
reinvestigation is complete, the credit bureau must give you
the written results and a free copy of your credit 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 credit report 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 provider.
Also,
if you request, the credit bureau must send notices of corrections
to anyone who received your credit report in the past six
months. Job applicants can have a corrected copy of their
credit 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 credit bureau to include
your statement of the dispute in your file and in future credit
reports.
Contact
the Information Provider
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 providers specify an address for
disputes. If the 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.
You
Should Also Know...
When negative information in your credit report is accurate,
only the passage of time can assure its removal:
- Accurate
negative information can generally stay on your credit report
for 7 years.
- Bankruptcy
information may be reported for 10 years.
- 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.
Some information
has no time limit:
- Credit
information reported in response to an application for a
job with a salary of more than $75,000 has no time limit.
- Credit
information reported because of an application for more
than $150,000 worth of credit or life insurance has no time
limit.
Your credit
report may not reflect all your credit accounts. Although
most national department store and all-purpose bank credit
card accounts will be included in your credit report, not
all creditors supply information to credit bureaus: Some travel,
entertainment, gasoline card companies, local retailers, and
credit unions are among those creditors that do not.
If you
have been told that you were denied credit because of an "insufficient
credit file" or "no credit file" and you have accounts with
creditors that do not appear in your credit report, ask the
credit bureau to add this information to future reports. Although
they are not required to do so, many credit bureaus will add
verifiable accounts for a fee. You should, however, understand
that if these creditors do not report to the credit bureau
on a regular basis, these added items will not be updated
in your credit report.
 
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