Who has the burden of proof regarding information you challenge as being inaccurate on your credit report?
If you tell a CRA that your file contains inaccurate information, the CRA must investigate the items (usually within 30 days) by presenting to its information source all relevant evidence you submit, unless your dispute is frivolous. The source must review your evidence and report its findings to the CRA.
If you find errors, you should contact the credit reporting company that sent you the report, and the lender or company that provided the information (called the “furnisher” of the information).
Both the credit bureau and the business that supplied the information to a credit bureau have to correct information that's wrong or incomplete in your report.
Accordingly, it is critical that people have a meaningful opportunity to correct inaccuracies on their reports. That's why Congress—when it passed the Fair Credit Reporting Act (FCRA)—required credit reporting companies, and the companies that give them information, to respond appropriately when notified of errors.
If you identify an error on your credit report, you should start by disputing that information with the credit reporting company (Experian, Equifax, and/or Transunion). You should explain in writing what you think is wrong, why, and include copies of documents that support your dispute.
TIP: The credit bureaus must make sure that the information they collect about you is accurate. The Fair Credit Reporting Act (FCRA), a federal law, requires this. But you want to check your credit report regularly to be very sure the right information is there.
You generally cannot have negative but accurate information removed from your credit report. You can, however, dispute accurate information if it appears multiple times. Most negative information will remain in your report for seven years. Some types of information remain longer.
“Credit bureaus are required to follow reasonable procedures to ensure that the information they report is accurate. However, mistakes may occur. “You may, on your own, notify a credit bureau in writing that you dispute the accuracy of information in your credit file.
You have the right to bring a lawsuit.
Credit reporting companies that break the law can be held liable for damages and attorney fees. In the case of a willful failure to comply with the law, the company can be liable for actual or statutory damages and punitive damages.
Specifically, section 609 of the FCRA gives you the authority to request detailed information about items on your credit report. If the credit reporting agencies can't substantiate a claim on your credit report, they must remove it or correct it.
What's the best dispute reason?
We can divide all valid disputes into one of five basic categories: criminal fraud, authorization errors, processing errors, fulfillment errors, or merchant abuse.
Contact the lender directly to ask them about the inquiry. If they find it was made in error, ask them to inform the credit reporting agencies. If the lender finds the inquiry was made fraudulently, report it to the FTC.
Notice violations under the FCRA might occur when: a creditor fails to notify you when it supplies negative credit information to a credit reporting agency. a user of credit information (such as a prospective employer or lender) fails to notify you of a negative decision based on your credit report.
Reporting old or inaccurate credit information beyond allowable timeframes. Failing to update your credit information after a dispute has been resolved. Unauthorized pulls of your credit report, constituting privacy violations. Disregarding FCRA mandates for reporting accurate credit information by furnishers.
Some of the more common personal information or identity mistakes found on credit reports include: Incorrect addresses. Incorrect names. The wrong middle initial or middle name.
A debt collector must stop all collection activity on a debt if you send them a written dispute about the debt, generally within 30 days after your initial communication with them. Collection activities can restart, though, after the debt collector sends verification responding to the dispute.
The most common credit report errors are accounts that are too old, accounts with the wrong balances, accounts with the wrong payment history, mixed credit files, identity theft accounts, and being mistakenly reported dead.
- Assemble documentation about the debt.
- Review the debt collection notice from mistakes.
- Dispute the debt by sending a Debt Validation Letter.
- Wait for a response from the debt collection agency.
To ensure mistakes are corrected as quickly as possible, contact both the credit bureau and organization that provided the information to the bureau.
Federal law allows you to dispute inaccurate information on your credit report. There is no fee for filing a dispute. You may submit your dispute to the business who provided the information to the credit reporting company and/or to the credit reporting company who included the information on your credit report.
Who holds credit bureaus accountable?
The FCRA is responsible for regulating the collection, dissemination, and use of consumer credit information, as well as providing guidelines for credit reporting agencies (CRAs), such as TransUnion, Experian, and Equifax.
What does that mean? It means we already investigated the item(s) you are disputing, and the company who provided the information to TransUnion told us the information on your credit report was correct.
Go to the Dispute Center to start a new dispute. Choose a reason for the disputes you're submitting. Review your request before hitting submit. Upload relevant documents that confirm the inaccuracy.
A 609 letter is a credit repair method that requests credit bureaus to remove erroneous negative entries from your credit report. It's named after section 609 of the Fair Credit Reporting Act (FCRA), a federal law that protects consumers from unfair credit and collection practices.
What happens if you falsely dispute a credit card charge? Purposely making a false dispute is punishable by law and could lead to fines or imprisonment.
