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Any incorrect information on a credit report can be challenged. The Fair Credit Reporting Act states that you are allowed a free copy of your credit report if you have been denied credit. The Fair Credit Reporting Act, or the FCRA, gives you every right to contest any inaccurate information, by contacting the credit-reporting agency. According to FCRA rules, these agencies are accountable for any errors contained in your credit report.

The three credit bureaus, Transunion, Experian and Equifax are responsible for investigating the dispute, within 30 days of reporting the error. They start by identifying the source of information and then attempt to verify the record. Presenting documented evidence to support your claim can also speed up the process. If the credit bureaus are unable to verify the inaccurate information from the source, then by law the entry has to be erased from your credit report. This will help to raise your credit score.

How To Go About Disputing Incorrect Information:

If you dispute any ‘incorrect’ information present on your credit report, there are certain steps that you, the credit reporting agency and the information provider should take, to correct the information or erase it from your report.

• Get in touch with the credit-reporting agency and ask for the removal of the information you dispute. Send a letter of request and enclose a copy of your credit report. Make sure that the incorrect information is highlighted on the report.
• After this, the credit-reporting agency is expected to send a request for verification to the source of the information. They in turn must investigate the claim. If the information cannot be verified, then it must be erased. Likewise, if the source of the information does not respond in a timely manner, usually 30 days, the negative item must be deleted.
• If the source supplying the information finds that they have made an error, they must present evidence for the change and then forward a copy of the report to you and the credit-reporting agency.
• If the information supplier does not find an error on the report, you can request the credit-reporting agency to forward a copy of the disagreement along with any other report requested by the creditor to the credit bureau.

Writing A Dispute Letter:

Identifying an error on your credit reports can be very discouraging, particularly when you apply for credit. However, the issue can be resolved with a letter of dispute. There are certain points to be kept in mind while writing a letter of dispute:

• When writing the letter, be as precise as you possibly can. Specify your creditor’s name and contact details. Enclose a duplicate copy of the report in question. Make sure to highlight the inaccurate information.
• Send copies of old bills and statements. Include the copies of communication you had with the company or any other legal documents in your possession.
• Always keep copies of the paperwork done. If you have had telephone conversations with the creditor or the agency, always write down the person’s name, the date and the time of the call.

If you feel that the dispute was not investigated properly, under the FCRA you have the right to sue the credit-reporting agency for non-compliance with the law.