Ryan asked:


If you’ve recently discovered that that you need to dispute credit report errors, you are not alone. Research shows that 75 percent of credit reports have errors on them, and 1 in 4 credit reports include errors that actually have a negative impact on your credit score. This is no surprise considering that credit report agencies have to manage data for millions of people on a daily bases, and rely on lenders and creditors to provide accurate information.

As a consumer, however, your best interest is protected by the Fair Credit Reporting Act, which mandates that if you dispute credit report errors, any information that is erroneous must be acknowledged and removed from your credit report within 30 days.

So how do you go about fixing errors on your credit report? The first thing to do is to access copy of all three of your credit reports from each reporting agency, Trans Union, Equifax and Experian. You will want to compare the information on all three reports since it is likely that some information will be included on one report but not the others.

Once you have reviewed your credit report and found the errors, you will want to contact the credit reporting agencies in writing. Highlight each of the errors on your credit report and attach a copy to your dispute letter. Keep a record of everything you send in case you need to refer to it when following up.

The credit reporting agency is then obligated to contact the credit/lender that indicated the negative information to validate your claim. If the creditor/lender is unable to come up with conclusive evidence that supports their claim, the items will be removed from your credit report and your credit score will immediately improve.



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Bruce Liu asked:


Your credit report contains important information about you. It generally includes facts about your identification data, your bill-paying habits, inquiries and public record information.

Credit bureaus compile and sell your credit information to businesses, which use it to evaluate your credit applications. Therefore, it is important that your credit report contain complete and accurate information.

Under the Fair Credit Reporting Act, you have the rights to dispute the completeness and accuracy of information in your credit files.

If you find information in your credit record that you believe is inaccurate, what you need to do is to complete the special investigation request form that comes with your credit report. Follow the form’s instructions to fill out all of necessary information.

You may also want to attach a letter to your completed form, dated and signed by you, and along with copies of any documentation you have that helps prove the error in your credit report.

The documentation might include copies of canceled checks, sales receipts, account statements, or previous correspondence between you and the creditor involved.

Attaching a letter to the investigation request form is always a good idea if you don’t think that the credit bureau’s investigation form gives you enough space to explain why you think there is error in your report.

Keep a copy of your completed investigation request form, letter, and backup documentation. They provide you with the records of what you said and when you said it. Also, the date on letter will let you know when you should have heard back from the credit bureaus.

Once you have completed the investigation request form, mail it, along with your letter, and copies of any documentation. Send it by certified mail with a request for a return receipt. When you get the signed receipt back, file it with the rest of your credit record information.

When a credit bureau receives a dispute, it must investigate and record the current status of the disputed items within a “reasonable period of time,” — between 30 and 45 days, unless it believes the dispute is “frivolous or irrelevant.”

If the credit bureau cannot verify a disputed item, it must delete it.

If your report contains erroneous information, the credit bureau must correct it.

If an item is incomplete, the credit bureau must complete it.

If a investigation does not resolve your dispute, the Fair Credit Reporting Act permits you to file a statement of up to 100 words to explain your side of the story.

The credit bureau must include this explanation in your credit report each time it sends it out. Credit bureau employees often are available to help you word your statement.

Be aware, however, that when negative information in your report is accurate, only the passage of time can assure its removal.

Credit bureaus are permitted by law to report bankruptcies for 10 years and other negative information for 7 years.

Also, any negative information may be reported indefinitely for use in the evaluation of your application for:

- $50,000 or more in credit;

- a life insurance policy with a face amount of $50,000 or more;

- consideration for a job paying $20,000 or more.

© 2005 Bruce Liu. All rights reserved.



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Jason Kay asked:


Even a minor mistake on your credit report can keep you from getting a good interest rate on a line of credit. It is vital to keep your credit as good as possible. But did you know that up to 70% of credit reports contain mistakes? The three major credit bureaus are in charge of keeping track of your credit history. Since they have millions of reports to keep track of, they can’t be concerned with making sure every report is 100% accurate. That job is up to you. So what steps do you need to take to make sure your credit reports are as good as possible?

Check one report every 4 months to locate any errors. This is an important step. You are entitled by law to one free report from each of the three credit bureaus every year. Take advantage of this. Remember, one bureau can make a mistake while the other two don’t, so be on the lookout. If you do find a mistake on one, then you should order to the other two to make sure the same mistake isn’t on the others.

Write to the bureau when a mistake is found, don’t call first. Why shouldn’t you call first? Because when you call, you don’t have any evidence you contacted the bureau, which is important if you, in a worst case scenario, have to take the mistake to court. Address the letter to a company executive, not to the bureau in general. In the letter, attach a copy of your report and highlight the mistakes. Give them all your contact information including your full name, address, contact information, and social security number. Make it as easy as possible for them to help you out.

Remind the bureaus what they are required to do by law. The Fair Credit Reporting Act requires Equifax, Transunion, and Experian to investigate all discrepancies consumers report, including…

? Purchases made by someone else

? Prices on bills that don’t match your records

? Charges for products or services you never received

? Computational errors

The Fair Credit Reporting Act requires that any transaction that can’t be proven within 30 days be removed.

Keep calm and be professional when you do make a call. Correcting your credit history is likely to be a headache. The one letter probably won’t be the end of your credit trouble. Be prepared to make a series of phone calls to credit bureaus and other financial institutions. These phone calls can be frustrating, but a calm and tactful attitude will get you much farther than screaming and yelling will.

Take notes of everything that happens and get confirmation. Why? In case you have to go to court. This is unlikely, but it does happen. When you get verbal assurance that a bureau will take action, try to get them to send you a written confirmation they have, or will, do what they said.

Call a lawyer only as a last result. Nobody wants to get caught up in a legal battle, but if an uncorrected mistake will be a huge blemish on your report, this step must be taken. A lawyer will help you take the necessary action if the above steps haven’t fixed the mistake.

Making wise financial decisions and paying off all your bills are steps you can take to keep your credit reports spot free. But a bureau can easily make a mistake. Do your part to catch these mistakes as soon as possible. The sooner you catch them, the more likely the mistakes can be co



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Ian Webber asked:


Credit Repair - It Takes Three to Tango

Get all three of your credit reports. There are a variety of ways to do this. In fact, as any one who has started a credit repair project knows, there are about a thousand ways to get your credit reports on the Internet. Everyone has his or her own favorite, so this is somewhat subjective, but you may want to try it my way.

It’s Free, but it’s Hard

Stay away from annualcreditreport.com. Annualcreditreport.com is the site set up by the three credit bureaus under the mandate of the Fair Credit Reporting Act (FCRA) for the purpose of providing free credit reports, one from each bureau, one time per 12-month period. Okay it’s free. But darn, it’s a pain in the ****. The site itself is a hub that directs you to each bureau in turn, so you will be making your effort in triplicate. Did I say effort?

Millions are stopped at the Security Blockade

Yes, folks, you will probably be sweating by the time you are done. And there is a pretty good chance you will not get all three reports. What? Right-o. You will have to face a series of security questions that may block you from your credit reports and delay your credit repair project until the obstructing bureau mails you a pass code. Credit repair is tough enough without the frustration that this site can impose. There is a better way.

Credit Repair Bucks Well Spent

Your credit repair effort is really important. Keep everything in perspective. If you have the fortitude, are comfortable on the computer, and feel up to the task, go ahead and get your reports from Annualcreditreport.com. Otherwise, if you are like me, and want to get the show on the road, just go to Truecredit.com and part with $14.95 for a one time tri-merged report.

Minimize the Credit Repair Pain

The process is quick the security is appropriate but manageable, and the report is easy to look at. And that may make a big difference as you get your credit repair job underway. But there is a trick. On the Truecredit.com site you need to find the light grey text that says, “You can also get your three bureau report, without the free scores”.

The Case of the Hidden Link

Just click on the underlined phrase, “without the free scores”. This line does not conform to web standards for a link and is almost hidden. You need to look hard. Oh, and once at the order page please deactivate the two pre-checked boxes that attempt to sell you nonsensical “Debt Analysis” and “Home and Auto Insurance Scores”.

My Credit Repair Money

I’ll let you draw your own conclusions about the accessibility of the link, but as far as I know this is the cheapest way to get a great tri-merged report without signing up for a monthly monitoring service, identity theft protection, and other costly extras that the credit bureaus want to sell. There is nothing particularly wrong with any of these extra features, so it’s up to you, but for my credit repair money, I like the simple path.

A Few Good Tips

Once you decide to take this path here are three pointers. You should jot these down. Your credit repair project will benefit. Here you go. One, make a note of your user name and password; you may want to log back in later. Two, look for the “printable copy” link. If you are going to print your reports this option is much better than a screen print. And lastly, notice the extra-info links offered in each account section. This info may be handy, so don’t overlook it.

The Credit Repair Lifeline

If all of this is daunting just call a credit repair professional. He will guide you through the process of getting your reports. And of course, once your reports are in hand a credit repair expert will provide all of the guidance you need to make sense out of the entire task. This is an important business! So if you find yourself intimidated, just call a pro. One way or the other, take action and you will succeed!

Copyright © 2008 Ian Webber. All Content. All Rights Reserved.



Margaret

Sandra Stammberger asked:


Under the Fair Credit Reporting Act the reporting company and the information provider are responsible for correcting any credit report disputes. However, they must first be made aware that you have credit report disputes. A person can report and correct errors in their credit report by following two easy steps.

Step one is to report your error to the consumer reporting company in writing and make them aware that you have a credit report dispute. Make sure you include all your personal information like your name, address, and a list of each credit report dispute that have. Remember to send your letter by certified mail to prove that you have initiated a credit report dispute. The consumer reporting company will then investigate your credit report disputes and respond in 30 days. If they find there is an error and the credit report dispute can be resolved by correcting it then they will forward the information to the other credit bureaus and your credit report will be revised.

After reviewing your credit report dispute the consumer reporting company may decide that they disagree with the items raised in your credit report dispute and decline to pursue the matter any further. They will send you all of the evidence that they have and the reasons for not pursuing your credit report dispute, along with a copy of your credit report.

Another way to handle a credit report dispute is to contact the particular creditor directly. Again, send the creditor a list of your credit report disputes in writing. Be sure to call your creditor and ask for the specific address of where credit report dispute issues need to be sent to ensure that there is no unnecessary delay in the credit report dispute being investigated. Many companies have a separate address for handling credit report disputes and it can take time for it to be forwarded to the correct address if you do not send it there initially. If you are correct in your credit report dispute and there is an error they will report the error to the credit bureaus and send you notification of the change.

Below is a sample credit report dispute letter :

Date

Your Name

Your Address, City, State, Zip Code

Complaint Department

Name of Company

Address

City, State, Zip Code

Dear Sir or Madam:

I am writing to dispute the following information in my file. I have circled the items I dispute on the attached copy of the report I received.

This item (identify item(s) disputed by name of source, such as creditors or tax court, and identify type of item, such as credit account, judgment, etc.) is (inaccurate or incomplete) because (describe what is inaccurate or incomplete and why). I am requesting that the item be removed (or request another specific change) to correct the information.

Enclosed are copies of (use this sentence if applicable and describe any enclosed documentation, such as payment records, court documents) supporting my position. Please reinvestigate this (these) matter(s) and (delete or correct) the disputed item(s) as soon as possible.

Sincerely,

Your name

Enclosures: (List what you are enclosing.)



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