Accurate Information on My Credit Report
Under the Fair Credit Reporting Act, both credit bureaus and lenders must ensure that all information they report about you is accurate. However, it’s not uncommon for credit reporting agencies and lenders to make mistakes when collecting or assessing your information. These errors can then be reflected on your credit reports, which can affect your ability to get loans and other types of credit. Fortunately, you have the right to dispute inaccurate information on your credit reports. Inaccurate information can include everything from incorrect account balances to personal identifying information.
If you notice any inaccurate information on your Credit Repair Coral Gables, the first step is to contact the credit bureaus that provide them. Each of the major bureaus — Experian, Equifax and TransUnion — has an online section that walks you through their dispute process. You can also write a letter and mail it to the credit bureau. The Consumer Financial Protection Bureau recommends you circle or highlight the disputed items on your credit report and include copies of documents that support your claim.
Once the credit bureau has received your dispute, they have 30 days to investigate it with the business that provided the disputed information. After the investigation, the credit bureau must send you a written copy of your credit report with the results of the dispute. If the disputed item is found to be inaccurate, it must be corrected or deleted from your credit report.
Can I Dispute Accurate Information on My Credit Report?
A credit bureau must notify the business that provided the inaccurate information of your dispute and provide you with a revised copy of your credit report if it changes as a result of the reinvestigation. The credit bureau also must provide a statement of the outcome of your dispute to anyone who requests your credit report in the future.
There are certain credit report errors that don’t warrant further inquiry. This can include small errors that don’t significantly impact your credit score, like a misspelled former employer name or an outdated phone number. Other errors that aren’t worth disputing can include negative information that is too old to be reported; most derogatory marks on credit reports must be removed after seven years.
If you’re unsure whether something is worth disputing, it may be best to consult with a professional credit repair company for help. These companies can work with the credit bureaus to correct inaccurate information and assist you with resolving disputes. If the disputed information is determined to be accurate, then it will remain on your credit report. In this case, it is best to rework your credit with the lender or credit reporting agency responsible for the inaccurate information to make sure all necessary steps are taken to improve your credit.
Remember, even if an error is deemed to be accurate, it is still a violation of the Fair Credit Reporting Act to not verify that the information you are reporting is correct. It’s important to check your credit reports regularly and make sure the information is up to date.
