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How To Dispute Credit Inaccuracies

Fixing credit inaccuracies is a bit cumbersome, but something you can do yourself without having to pay a credit repair service. Here’s the process:

Step 1 – Obtain your credit reports

The first step to correcting your credit is to know what is on your credit report. Make sure to get all three credit reports, Equifax, Experian, and TransUnion, since they are all a little different. Look over your credit reports carefully to verify that the information is correct. Keep in mind that balances may be off by a month or two as your creditors may not have reported the most recent balances and payment history yet.

Step 2 – Dispute Inaccuracies with the credit reporting agencies.

If you discover inaccuracies on your credit report, you have the right under the Fair Credit Reporting Act to get this errors corrected. To do so, dispute the inaccuracies with the credit reporting agencies and the information provider (the bank or creditor that reported the item on your credit report to the credit reporting agency). Under the law, they are required to investigate the claim within 30 days, unless they consider your dispute frivolous, and remove any inaccuracies or incomplete information. They also must forward all the relevant data you provide about the inaccuracy to the organization that provided the information.

Make sure to file your dispute in writing by certified mail “return receipt requested”. Keep copies of this letter and the documents that you send. Tell the consumer reporting agency what information you think is inaccurate. Include copies (not originals) of documents that support your position. Give them your full name and address, and clearly identify each item in your credit report that you dispute. Make sure to state the facts and explain why you dispute the information, and request that it be removed or corrected. It’s a good idea to enclose a copy of your credit report with the items in question circled.

The credit reporting agency will notify the information provider, who in turn must investigate and review the relevant information and report the results back to the credit reporting agency.

If the information provider finds the disputed information is inaccurate, it must notify all three credit reporting agencies so they can correct the information in your file.

When the investigation is complete, the credit reporting agency must give you the results in writing and a free copy of your report if the dispute results in a change. If an item is changed or deleted, the credit reporting company can’t put the disputed information back in your file unless the information provider verifies that it is accurate and complete.

If you request, the consumer reporting company must send notices of any correction to anyone who received your report in the past six months. You can have a corrected copy of your report sent to anyone who received a copy during the past two years for employment purposes.

If an investigation doesn’t resolve your dispute with the consumer reporting company, you can ask that a statement of the dispute be included in your file and in future reports.

Step 3 – Inform the creditor of your dispute.

Tell the creditor or other information provider, in writing, that you dispute an item. Be sure to include copies (NOT originals) of documents that support your position. Many providers specify an address for disputes. If the provider reports the item to a consumer reporting company, it must include a notice of your dispute. And if you are correct – that is, if the information is found to be inaccurate – the information provider may not report it again.

For more information about credit reports and ways to fix your credit score, visit http://www.freecreditdoctor.com

Source: www.ezinearticles.com