How to File a Credit Report Dispute
Good thing you checked your credit report, because it turns out you were one of the 25% of us that have an error in our credit reports after all. If this statement speaks to you, then you're going to want to know how to file a credit report dispute and get the situation handled and resolved as quickly as possible.
Whether it's a credit report dispute from Equifax or any of the other credit reporting agencies, every consumer - this means you - has, according to federally-enforced guidelines set forth in the Fair Credit Reporting Act (FCRA), the following rights:
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To be told if information in your file has been used against you (i.e. to deny you credit, insurance, or employment, or to take any other adverse action against) and to be told the name, address, and phone number of the agency that provided the information the action was based on
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To know what is in your file (proper identification required)
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To ask for a credit score (though it's not usually free)
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To dispute incomplete or inaccurate information (more on this in a moment)
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Consumer reporting agencies must correct or delete inaccurate, incomplete, or unverifiable information (and this credit rating correction must take place within 30 days)
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Consumer reporting agencies may not report outdated negative information (in most cases nothing more than 7 years old can be shown on your credit report or used against you)
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Access to your file is limited (to only those with an FCRA-specified "valid need")
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You must give your consent for reports to be provided to employers (or potential employers)
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You may limit "prescreened" offers of credit and insurance you get based on information in your credit report (in other words - you can "opt-out" of receiving promotional offers; just dial 1-888-5-OPTOUT or 1-888-567-8688)
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You may seek damages from violators (if a consumer reporting agency, a user of consumer reports, or a furnisher of information to a consumer reporting agency violates the FCRA, you may be able to sue them in Federal court)
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Identity theft victims and active duty military personnel have additional rights (also briefly detailed further below)
The FCRA dictates that if you find information in your credit report that is incomplete or inaccurate (credit report disputes) and you report it to the consumer reporting agency, the agency is required by law to investigate (unless your claim is deemed "frivolous").
You may have additional rights to file credit report disputes based on individual state laws. Contact the state or local consumer protection agency for your state or your state Attorney General to find out more.
Whatever the information that needs correcting, to file a credit report dispute, you need only contact the appropriate credit reporting agency (the one that issued the report the contained the error) and request an investigation and a subsequent credit rating correction.
It is best to file a credit report dispute in writing, and send it to the agency "Certified Mail, Return Receipt Requested." Though you can file a credit report dispute over the phone, if you choose to do it this way, for your protection you will want to follow it up with a letter in writing. If you file your credit report dispute online, make sure you print out a dated confirmation that the credit report dispute has been properly filed.
If your credit report dispute is with a credit report from Equifax you can request an investigation:
After you've made a correction to your credit file with one agency, you may wish to contact the other two and notify them of the corrected information as well.
Upon completion of an investigation, the credit reporting agency should send you a new credit report with the result of the investigation and the credit rating correction included. If this is not automatically done in your state or by the specific credit reporting agency, you should request one. Don't believe it's done until you see it with your own eyes.
Then request that the agency said the corrected version of your credit report to anyone who received in inaccurate report in the past 6 months (2 years if for employment). This too is your right.
If there even a single error in any of your credit reports, you'd be doing yourself a disservice not file a credit report dispute and get a credit rating correction implemented right away. Don't wait for an emergency to polish your credit. Do it now, and you'll thank yourself later.
For more information on credit report disputes, go to www.ftc.gov/credit.
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