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Credit Reports under The Fair Credit Reporting Act. The Fair Credit Reporting Act (FCRA) establishes procedures for correcting mistakes on your credit report and requires that your report be made available only for certain legitimate business needs.
First, call the credit bureau and follow up in writing. Tell them what information you believe is inaccurate. Include copies (NOT originals) of documents that support your position. If you don’t have any paperwork from the creditor, send a copy of the police report and the ID Theft Affidavit (in the Appendix below) In addition to providing your complete name and address, your letter should clearly identify each item in your report that you dispute, give 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 circles around the items in question. Your letter may look something like the sample below. Send your letter by certified mail, return receipt requested, so you can document what the credit bureau received and when. Keep copies of your dispute letter and enclosures.
The credit bureau’s investigation must be completed within 30 days (45 days if you provide additional documents). If the credit bureau considers your dispute frivolous (which may mean it believes you didn’t provide enough documentation to support your claim), it must tell you so within five business days. Otherwise, it must forward all relevant documents you provide about the dispute to the information provider. The information provider then must investigate, review all relevant information provided by the credit bureau, and report the results to the credit bureau. If the information provider finds the disputed information to be inaccurate, it must notify any nationwide credit bureau to which it reports, so that the credit bureau can correct this information in your file. Note that:
• Disputed information that cannot be verified must be deleted from your file.
• If your report contains erroneous information, the credit bureau must correct it.
• If an item is incomplete, the credit bureau must complete it. For example, if your file shows that you have been late making payments, but fails to show that you are no longer delinquent, the credit bureau must show that you’re current.
• If your file shows an account that belongs to someone else, the credit bureau must delete it
When the investigation is complete, the credit bureau must give you the written results and, if the dispute results in a change, a free copy of your report. If an item is changed or removed, the credit bureau cannot put the disputed information back in your file unless the information provider verifies its accuracy and completeness, and the credit bureau gives you a written notice that includes the name, address and phone number of the information provider.
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Return to all credit report facts
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