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Your credit report includes all the most important personal information, like place of employment, present address and your bill payment pattern. It may also display your past history of lawsuits, arrests or bankruptcy. Usually, it is the responsibility of the consumer-reporting agencies (CRAs) or credit bureaus to compile and distribute your credit report to businesses, which use this information to assess your applications for credit, insurance, employment, or any other purpose permitted by the Fair Credit Reporting Act (FCRA). Therefore, it is vital and essential that your credit report contains all correct and complete information. Generally, financial advisors recommend checking your credit report from time to time for incorrect information or omissions. It becomes even more important if you want to buy a home in the near future. An early settlement of incorrect information or mistakes appearing in your credit report could accelerate the process of credit approval. Getting Your Credit Report Fixed If you are not able to obtain credit, insurance, or employment due to any information provided by a CRA, according to the FCRA, you can request that the concerned company give you the name, address and phone number of the CRA. You can get a free copy of your credit report if you request the agency for the same within 60 days of getting the denial notice. Moreover, you have the right to receive one free copy of your report annually if you are able to provide the proof that you're unemployed and plan to search for a job within 60 days, your credit report is incorrect due to fraud or you're on welfare. Otherwise, you have to purchase a copy of your credit report for up to $8 from the CRA. Correcting Errors Per the FCRA, the responsibility of rectifying incorrect or incomplete information in your credit report lies with both the CRA and the company (a bank or credit card company) that gave the information to the CRA. So, to protect your legal rights, you should approach both the CRA and the information provider. First, you have to write a letter to CRA that details the incorrect information or mistake in your credit report. Mail it along with copies (not originals) of documents, which justify and strengthen your case. You should write your full name and address on the letter. All the disputed items should be followed by an explanation of dispute, statement of facts, and a request for their removal or rectification. You can also include a copy of the credit report where the disputed items are either circled or highlighted. Mail this packet by certified mail with a request for receipt that can be used as a proof. Also, maintain copies of your dispute letter and all enclosed documents. CRA usually investigates genuine cases within 30 days. They forward all documents related to your dispute to the information provider. After receiving a notice of a dispute from the CRA, it must investigate the case and send the results to the CRA. If the disputed information is actually incorrect, then the information provider must forward it to all CRAs to make the necessary correction in your file. Unverified disputed information must be removed from your file. The CRA must correct all inaccurate information in your report. The CRA must complete all incomplete information. The CRA must remove any account belonging to another person from your report. After the completion of the investigation, the CRA must provide you its results and a free copy of credit report if the disputed items are altered. The CRA has no right to insert the disputed information back in your report unless the information provider checks its correctness and completeness. In such cases, the CRA issues you a written notice that contains the information provider's name, address and phone number. Adding Accounts To Your File Sometimes, your credit report may not represent all credit accounts, as many creditors, such as travel, entertainment, gasoline card companies, local retailers and credit unions, do not provide information to CRAs. Conclusion So, you can easily settle errors in your credit report if you are able to submit a genuine dispute case. If the disputed items are, in fact, inaccurate or misleading, then there are good chances of their deletion from your credit report. But in the case of negative items, the same can't be said with confidence. |
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