This Article on credit disputes is dedicated to passing on accurate nformation
to you regarding handling credit disputes and resolutions. A credit dispute is
when you do not agree with what is being reported to one or all of the main consumer
reporting agencies. Keep in mind that no CRA is going to remove accurate information!
Here is your course of action:
- Send a dispute letter to the CRA and to the creditor reporting the inaccurate information
- I recommend that you send both letters via certified mail with return receipt requested
- Include any supporting documentation that you may have to assist in resolving
any credit disputes(you may not have any)
Here are some facts:
- Once a credit dispute is filed, the CRA normally has 30 days to complete it's
investigation unless they consider your dispute to be frivolous.
- Disputed information that cannot be verified must be deleted from your file
- If your report contains inaccurate information, the CRA must correct it
- When the investigation is complete, the CRA must give you your results in writing along with a free copy of your credit report if the dispute results in a change.
- The CRA is prohibited from adding the information back to your report unless the creditor verifies its accuracy. The CRA is also required to give you written notice that includes the name, address, and phone number of the creditor.
What about accurately reported negative information on your report?
The only thing that will remove these items is the passage of the necessary allowable time for these items to be reported.
Generally, the CRAs can report negative information for 7 years.
Here are the exceptions:
- Criminal convictions may be reported without any time limitations
- Bankruptcy information can be reported for 10 years
- Information about lawsuits or unpaid judgments against you can be reported for 7 years or until the statute of limitation expires, whichever is longer.
- Credit information reported in response to an application for a job with a salary of more than $75,000 has no time limit
- Credit information reported because of an application for more than $150,000 worth of credit or life insurance has no time limit
Beware of the following:
- Be careful of those counselors that want up front fees for repairing your credit
- Anyone that promises to fix your credit - they cannot do anymore than you can do yourself
- Do not follow the advise of those advising you to obtain a new identity or to dispute all of the information on your credit report - these options do not work and can be considered illegal
Once again, I cannot stress the importance of knowing what is contained in your credit file. As time passes it becomes more difficult to resolve inaccurate information on a timely basis. I will be adding a sample dispute form to this web site shortly. If you need one before it is published please Contact Me
and I will email one to you. Please let me know what type of format you would like it in (Word - version, etc. ).
