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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