Fixing Mistakes
So, you check your credit reports and find a few mistakes. What do you do
next?
You can dispute inaccurate information with a CRA. If you tell a CRA that
your file contains inaccurate information, the CRA must investigate the items—usually
within 30 days—by presenting to its information source all relevant
evidence you submit. After that, the Fair Credit Reporting Act sets the rules
for how corrections are made:
- The source must review your evidence and report its findings to the CRA.
It also must advise other CRAs of any error. The CRA must give you a written
report of the investigation and a copy of your report if the investigation
results in any change.
- Inaccurate information must be corrected or deleted. A CRA must remove
or correct inaccurate or unverified information from its files, usually
within 30 days after you dispute it. However, the CRA is not required to
remove accurate data from your file unless it is outdated or cannot be verified.
- If the CRA’s investigation does not resolve the dispute, you may
add a brief statement to your file. The CRA must normally include a summary
of your statement in future reports.
- You can dispute inaccurate items with the source of the information.
If you tell anyone—such as a creditor who reports to a CRA—that
you dispute an item, they may not then report the information to a CRA without
including a notice of your dispute.
Outdated information may not be reported. In most cases, a CRA may not report
negative information that is more than seven years old or 10 years for bankruptcies.
If you have a problem with a credit report, it’s virtually impossible
to contact anyone at Equifax, Experian or TransUnion directly. The best you
can usually manage is to leave a telephone message or fax a letter to a generic
recipient.
Next: Specific Steps
to Take |
