You can dispute information on your credit report at Experian.com, TransUnion.com and Equifax.com or you can do it by letter. The most common mistake consumers make when requesting a reinvestigation by letter is to not explain why they claim an entry on their credit report is in error. You can't simply write or say, "This is wrong." You must tell them why it is wrong and advise them what action you want taken. For example, you might write: "The 30-day late payment notation is incorrect. I have never paid this account late and have the cancelled checks to prove it." OR "This account is not mine. As you can see from my birth date, I was only 15 years old when this account was opened, so it could not possibly be mine since they don't give credit card accounts with $5,000 limits to children. I would like this record deleted from my file as soon as possible" OR "I paid this account in full on August 6, 2007. Attached is a copy of my cancelled check. I am requesting a notation be made on my file that this account was paid in full." OR "You have my birth date wrong. I was born on May 16, 1980. Attached is a copy of my driver's license proving my correct date of birth. Please change your records to reflect my true birth date as soon as possible."
If you do not explain sufficiently why you believe something is incorrect, they will request you give them more information. This will delay you another 30 days, so try to offer as much information as briefly as you can the first time (don't write them a book).
If you can send them documented proof, then go ahead and do so. But don't go overboard at this point, meaning, don't send them copies of all your cancelled checks for the past four years paid to the Acme Credit Card Company to prove that you never paid late. (Of course, you might have to do something like that at a later point if the subscriber reaffirms the reported information and won't change it.)
There are three ways one can begin the process of correcting errors found on a credit report: (1) online; (2) by telephone; or (3) by mail. No matter what method you choose, it will take at least 30 days to have any errors you find investigated. The credit bureau will send you the results in writing when their investigation is complete. They will tell you the information will remain as is, that they have added or changed information, or that they are deleting the information.
What Information May I Dispute?
Under the Fair Credit Reporting Act (FCRA), you may dispute any information on your credit report that is incorrect, incomplete, in error, false, and out of date. Examples:
(1) If your file shows that you were late making payments, but fails to show that you are no longer delinquent, the credit bureau must change your file to show that you're current.
(2) If you had an account previously charged-off, but subsequently, paid it in full, your credit report should reflect this.
(3) If your file shows an account that is not yours, the credit bureau must delete it from your file.
(4) Negative information (charge-offs, late payments, judgments) older than seven years is required by federal law to be removed from your credit report (bankruptcy remains for ten years).
(5) The amounts owed, as well as the correct dates and names associated with accounts, must be shown correctly. This includes the dates and amounts associated with a bankruptcy or judgment taken against you.
What Happens After I Dispute Information on My Credit Report?
Credit bureaus are required by federal law (Fair Credit Reporting Act) to reinvestigate all items you dispute. The period allowed is about one month. Credit bureaus reinvestigate by sending a copy of all the information you provided to the reporting company (subscriber). Once the subscriber receives your dispute, they are required to reinvestigate and report their results back to the credit bureau in a timely manner (about 30 days). If a subscriber fails to report back in a timely manner, federal law requires that the credit bureau remove the entire entry from your credit report. However, if the subscriber should verify the information at a later date, the record can be added back to your credit report. The credit bureau is required by federal law to notify you in writing if it is added back.
What If The Credit Bureau Refuses To Remove Disputed Information?
The Fair Credit Reporting Act allows you to insert a consumer statement in your credit report if you cannot get negative information removed; however, a consumer statement probably will not persuade a lender to approve your loan if you have a low credit score. It might convince an employer to overlook your poor credit rating and hire you anyway.
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