Are you one of those people that believe that they've found credit mistakes and errors on their credit history ?
Is this common ? You bet it is !
I've heard it said that more than 40% of the credit reports on file have errors in them.
Not good !
Well, the good news is that under the Fair Credit Reporting Stautes (FCRS) you have the right to challenge anything in the report you believe to be wrong, in error, out of sync with reality. In other words, you have a right to dispute the entry.
The credit reporting agencies are bound by law to check out anything you believe is an error in your report, and if your right correct the error within thirty days.Along with the report from the bureaus verifying that your correct, the bureaus must also show you that the information that they've processed is accurate. This is also the law. If the bureau can't prove that the information in the credit history is accurate that information has to be removed and the corrected credit history must then be forwarded to you.
Whenever you find what you believe to be a mistake in your credit history you should send a letter to the bureaus challenging the information in the file. The bureau will investigate the disputed item or items and update the file on the challenge or discard the effort if the bureau believes that the challenge has no merit or is frivolous.
If the bureau is unable to verify anything about the disputed item or items the bureau has to delete it. If the information is incorrect the bureau has to correct it after it's been verified.
As an example, if your credit file currently demonstrates that you're late in making your payments but fails to demonstrate that your now current, the bureaus have to change the information to reflect the curent status of your payment history.
Another example would be if someone with the same name as your showed up on your credit report, but you were able to prove that your not the person mistakenly identified as you in the report.
Challenge the report if you think it contains errors.
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