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Disputing Items on Your Credit Report

Believe it or not, at least 70% of credit reports have mistakes. You, not the credit reporting companies, are responsible for finding and correcting mistakes. Getting rid of mistakes on the credit report can take a long time, but actions need to be taken mistake appear on your credit report.

Send a letter to each of the three credit bureaus where a mistake is found. Explain the situation in detail, include proof, and include a copy of the credit report with your letter. Any errors that you find on your report and dispute must be investigated the credit reporting bureaus showing the mistake. If the original creditor agrees with the credit bureau, the credit bureau will change the item on your credit report. If the original creditor does not admit to an error, you can still file a dispute a dispute that will be included on your future credit reports, or at least a summary of your dispute.

An error can be one of the following things:

  • A charge for something you didn't buy or something that someone else used your account to buy
  • A charge for something not properly identified on your bill. This would occur, for example, if the actual purchase price and purchase date were different than what appears on the bill
  • A charge for something that you did not accept delivery or something that was not delivered according to agreement.
  • Charges that have errors in arithmetic
  • Charges caused by failure to show a payment or credit to your account
  • Failure to mail to your correct billing address if you have notified the creditor at least 20 days before the end of the current billing cycle.
  • Questionable items, or any items that you need more information

If information on your credit report is proven to be false but is not removed, you are entitled to punitive damages. If you feel that a credit bureaus or creditor has not responded properly and fairly to your situation, contact the attorney general of your state or the Federal Trade Commission in Washington at (202) FTC-HELP or (202) 326-2222.. The Fair Credit Reporting Act (FCRA) requires the bureau to investigate your disputed items within 30 days. The credit bureaus must provide you with a written notice of the results of the investigation within five days of its completion, including a copy of your credit report if it has been changed upon the dispute. The Federal Trade Commission is responsible for enforcing the FCRA.

 

 

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Brought To You By
Mark Harmon, Realtor

CalHFA Preferred Loan Officer
USA Realty and Loans

Brokerage Main Office
3994 Carson St.
San Diego, CA 92117