|
Correcting Your Credit Report
Under the FCRA,
both the CRA and the organization that provided the information to the
CRA, such as a bank or credit card company, have responsibilities for
correcting inaccurate or incomplete information in your report. To protect
all your rights under the law, contact both the CRA and the information
provider.
First, tell the CRA in writing 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 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. Send your letter by certified mail, return
receipt requested, so you can document what the CRA received. Keep copies
of your dispute letter and enclosures.
CRAs must investigate 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
CRA, it must investigate, review all relevant information provided by
the CRA, and report the results to the CRA. If the information provider
finds the disputed information to be inaccurate, it must notify all
nationwide CRAs so they can correct this information in your file.
Disputed information that cannot be verified must be deleted from your
file.
If your report contains erroneous information, the CRA must correct
it.
If an item is incomplete, the CRA must complete it. For example, if
your file showed that you were late making payments, but failed to show
that you were no longer delinquent, the CRA must show that you're current.
If your file shows an account that belongs only to another person, the
CRA must delete it.
When the investigation is complete, the CRA 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 CRA cannot put the disputed information
back in your file unless the information provider verifies its accuracy
and completeness, and the CRA gives you a written notice that includes
the name, address, and phone number of the provider.
Also, if you request, the CRA 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 investigation
does not resolve your dispute, ask the CRA to include your statement
of the dispute in your file and in future reports.
Second, in addition to writing to the CRA, 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 CRA, 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.
This information is adapted from "Bound For Good Credit" published by
the Federal Trade Commission.
|
