Credit Report Repair: What You Need to Know

According to the FCRA, both the consumer reporting business and the information provider (the individual (s), firm (s), or organization that gives information about you to a consumer reporting company) are liable for the correction of incorrect or incomplete information in your report. If you see erroneous or incomplete information in a consumer report, contact the reporting business and the source of the information.

In order to get the information you believe to be erroneous, you must first contact the consumer reporting agency. Include papers that back up your claims, but just photocopies, not the originals. Besides giving your name and address, your letter should explicitly specify each item in your report that you dispute, describe the facts and explain why you disagree with the information, and request that the material be removed or amended. Your report should include a copy with the points of interest highlighted. It's possible that your letter will resemble the one on page 8. If a return receipt is desired, send your letter via certified mail to keep track of what the consumer reporting agency received. Keep a copy of your disagreement letter and any attachments you may have included in it.

An investigation must take place within 30 days unless the consumer reporting company considers you to be making a bogus claim. They also must forward all the relevant data you provide about the inaccuracy to the organization that provided the information. The information provider must investigate, analyze the relevant facts, and report back to the consumer reporting firm after receiving notification of a disagreement. Information providers must notify all three national consumer reporting agencies so that they may amend any incorrect information in your file if they discover that the disputed data is incorrect.

A free copy of your credit report must be sent to you if a dispute results in a change in your credit score after the investigation is complete. (Under the FACT Act, this free report does not count toward your yearly free report.) Consumer reporting companies are prohibited from re-entering information that has been altered or removed from your file unless the information provider confirms that the information is true and full. You must also get written notification from the consumer reporting agency stating who the information supplier is, as well as their name, address, and phone number.

Anyone who has obtained a copy of your credit report in the last six months must be notified of any corrections. Anyone who obtained a copy of your report for employment reasons in the last two years may request a corrected copy.

The consumer reporting firm might add a comment to your file and future reports if an inquiry fails to settle your complaint. Additionally, you may request that the consumer reporting agency distribute your comments to anybody who obtained a copy of your report recently. There is a cost for using this service.

Dispute an item in writing with the creditor or other information provider. Include documentation that backs up your claims, but just copies (not originals). Disputes are often handled in a specific location by several service providers. A notification of your complaint must be included in the provider's report to a consumer reporting agency. There are two possible outcomes to this scenario: if the information is incorrect, the information source may stop reporting it.

In my file, the following information is incorrect, and I'm writing to express my disagreement. In the attached copy of the report I got, the issues I object to are likewise encircled.

Due to a lack of information, this item (identify item(s) contested by source, such as creditors or tax court) is (inaccurate or incomplete) in terms of the type of item, such as a credit account, judgment, etc.A particular modification is needed, so I'm proposing that the item be removed (or that another specified change be made).

To support my stance, I have included (include this line if relevant and detail any contained proof, such as payment records, court papers) Investigate and rectify any disputed items as fast as possible, and I'll take care of it.

Your given and given names

A free copy of your credit report must be sent to you if a dispute results in a change in your credit score after the investigation is complete. (Under the FACT Act, this free report does not count toward your yearly free report.) Unless the information source proves that the information is true and complete after a modification or deletion, the consumer reporting business will not be able to put the disputed information back into your file. You must also get written notification from the consumer reporting agency stating who the information supplier is, as well as their name, address, and phone number.