You have the right to a correct credit report under the Fair Credit Reporting Act. If there is incorrect information on your credit report, you have the right to get it fixed and correctly reporting your personal information. Under the FCRA, you can utilize the three main credit bureaus, Experian, Equifax, and TransUnion, to view a copy of your credit report once a week. It is best to utilize that to ensure there are no issues. If you find an issue with your credit report, here is what you must do.
What Are Common Credit Report Errors?
A credit report provides a detailed rundown of you and your finances, so it can be overwhelming to assess every inch of it. So, here are some common errors to keep an eye out for:
- Incorrect name, address, birthday, phone number, or other personal information.
- Accounts that do not belong to you and are under someone with a similar name.
- Completely incorrect accounts made by an identity thief.
- Closed reports that are now shown as open.
- Incorrect dates of payments
- Debts are listed twice or still show up when they shouldn’t be.
- Accounts show the incorrect balance.
How to Prepare a Credit Report Dispute
When you find incorrect information on your credit report, you want to take the time to create a strong dispute for your case. This dispute should ensure that the three main credit bureaus and furnishers understand what is wrong and will correct it immediately.
It all starts with collecting the proper documentation. When you gather all the necessary information first, you can avoid any delays in your dispute. Any documents you attach to your dispute should directly show what is wrong and correct about your credit report. So this could be bank statements, utility bills, name change documents, letters for creditors, marriage or death certificates, or police reports.
Once you gather all the necessary documentation, you can move on to the next steps.
Start by Contacting the Three Credit Bureaus
You can contact the three main credit bureaus by mail, online, or phone. Experian, Equifax, and TransUnion each have their own contact methods.
If you were to dispute your credit report through the mail, it is essential to include information such as contact information for yourself, your credit report confirmation number, each credit error you want fixed (with appropriate documentation attached), a clear explanation as to why you are disputing the information, the outcome you wish to have, and copies of your credit report. Any documentation included in the letter should be copies, not the originals.
Here is where to send your information:
Experian
Online: experian.com
Phone: 855-414-6048
Mail: P.O. Box 4500
Allen, TX 75013
Equifax
Online: equifax.com
Phone: 888-378-4329
Mail: P.O. Box 740256
Atlanta, GA 30374-0256
TransUnion
Online: transunion.com
Phone: 800-916-8800
Mail: P.O. Box 2000
Chester, PA 19016-2000
Contact the Companies Who Provided the Incorrect Information
The information on your credit reports is gathered from other companies called furnishers. Furnishers could be considered your banks, landlords, or other financial institutions. If there is incorrect information on your credit report, your next step is to report it to the furnishers who supplied the information. You can send in your credit report dispute through the mail or a specified email address.
These companies will have 30 days to investigate the dispute, determine if the information is wrong, and work to remedy it. If they do, the credit bureaus will fix the error on their side.
Possible Credit Dispute Outcomes
The main credit bureaus and furnishers have 30 days to investigate your dispute. Throughout the investigation, you will likely get updates on when your case is opened and when it is being worked on. However, if you wish to have more detailed information on your case development, you can contact the bureaus.
After the investigation, there is the chance of multiple different outcomes:
Updated – The information in your dispute was updated on your credit report.
Added – The information was added to your credit report.
Deleted – The information was removed from your credit report.
Processed – The information was either updated or deleted.
Verified and Updated – The information you disputed was proven accurate, but other information was updated outside of that.
Remains – The information was proven accurate, and nothing was changed.
What if Identity Theft Was Involved With the Credit Report Issues?
While many times your credit report is incorrect because of the activities of the furnishers, there are times when the errors are larger than that. Credit report errors can also derive from identity theft. If you are seeing opened accounts, new loans, strange medical bills, or things that simply do not make sense to be on your credit report, it could be because someone stole your identity.
If you are the victim of identity theft, it is not only good to dispute credit report errors, but it is also wise to report the theft to the Federal Trade Commission. When you do this, you can get a recovery plan and ensure your credit report is rectified. So, during this time, report the theft to identitytheft.gov
Was Your Dispute Written Off?
More often than not, when you dispute information on your credit report, the three main credit bureaus and the furnishers will agree with the dispute and work to remedy the situation. However, there are times when your dispute is written off, and the credit companies will claim that the information is correct and does not need to be fixed. You have the right to resubmit your claim and try again, but if you are not getting the results you deserve, you don’t need to accept it.
Under the FCRA, you have the right to a correct credit report. If the credit companies are not helping, it could be time to partner with a consumer lawyer to ensure you are heard and properly represented in your case. A consumer lawyer can review your dispute, create a strong case, and stand up for your rights as a consumer. Don’t allow your credit report to be wrong. Fight back with a consumer lawyer by your side.
If you have further questions or are finding yourself in this situation, contact the team at Stecklein Robertson Law.