3 Facts about the Fair Credit Reporting Act Every Consumer Should Know

According to the Fair Credit Reporting Act:

#1 Consumers Are Entitled To A Free Copy Of Their Credit Report: If a consumer has ever been denied credit, insurance or employment within the last 60 days, it will show up on this credit report. If their application for credit, insurance or employment is denied because of information supplied by a collection agency or any other organization that reports you to the credit bureaus. In this instance the company that denied you credit must provide you with written details as to why they denied you and the credit bureaus must provide you with the address and phone number of the organization that reported negatively on your credit report which must be available to you upon written request.

#2 Consumers Can Dispute Inaccurate Items On Their Credit report For FREE: Consumers should inquire with the credit  reporting agencies and this should be done in written form and should be sent to three credit bureaus via certified mail or UPS with a tracking number to prove your dispute letter was delivered.

#3 Clearly Identify Each Item In Your Report That You Dispute: Consumers should explain why they dispute the credit repair information and request a credit repair investigation. If the new credit repair investigation reveals an error, they may ask that a corrected credit repair version of the report be sent to anyone who received their credit repair report within the past six months. Job applicants can have corrected credit repair reports sent to anyone who received a report for employment purposes during the past two years.

 

When the credit repair investigation is complete, the credit bureaus must give the consumer the written credit repair results and a free copy of the credit repair report if the dispute results in a change. When a credit repair agency removes or changes an item, then the responsible credit bureau cannot reuse the contested information back in a consumer’s record unless the agency validates its authenticity. The credit agency issues consumers a statement including the provider’s name.

Consumers should also contact the credit information provider in writing by certified mail which is usually the collection agency that reported the item to the credit bureaus so they can dispute an item in writing. The address to the said collection agency or reporting agency can be found on your credit report.

If the collection agency or reporting company reports an item to any credit bureau, it must include a notice of your credit dispute. In addition, if the credit dispute is correct and the information on the credit report is inaccurate, then the information provider may not use it again.

If the investigation does not resolve a consumer’s dispute, they should have the credit bureau include their version of the written dispute in the file and in future credit reports. Remember, there is no charge for an investigation into a complaint of an inaccuracy on your credit report.

 

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