Your worst financial nightmare is now reality and your credit report is full of errors. You fear that this problem prevents you get a new house or even a career progression depending on the industry of your job.
If you are a victim of mistaken identity or an open identity theft, you need to successfully exercise your right to dispute errors on your credit report. Note that accurate negative information, such as late credit card payments or bankruptcies can legally stay in your credit report for 7-10 years.
Write a letter to each credit reporting agency. In the United States are Equifax, Experian and TransUnion. Briefly explain why your credit report is incorrect, together with the facts; do not give very detailed explanations. In your letter, be sure to include your full name, current address, date of birth, social security number and credit reporting numbers that you have available.
It provides copies of all documents that support your claim. They can be credit card receipts, bills of mortgages or other loan document.
It may help to enclose in a circle the items in question.
Save copies of your dispute letter and any attachments that you used to support your claim.
Send the letter by mail using certified mail, “return receipt request.” Use certified mail so you have an idea of when mail is sent and what documents were sent. The addresses of the major credit bureaus are as follows:
Equifax Information Services, LLC, P.O. Box 740256, Atlanta, GA 30374
Experian, P.O. Box 2002, Allen, TX 75013
TransUnion, Baldwin Place, P.O. Box 2000, Chester, PA 19022
Wait approximately 45 days before making inquiries about the status of your dispute. Whenever possible, contact all credit bureaus via mail. But if you need to call about a dispute on a credit report, using the following numbers:
Equifax, (800) 685-1111; Experian, (888) 397-3742; TransUnion, (800) 888-4213.
Credit reporting companies are obliged to investigate the matter within 30 days, unless somehow prove that your dispute is frivolous.
What happens during the investigation? The credit information company sends the information you gave to the institution or company that created the information. For example, assume it is a restaurant. The restaurant should investigate the matter and inform the credit reporting company on its findings. The restaurant is responsible for notifying all three credit bureaus if you find that the information in question is erroneous.
Awaits the verdict for research. Beyond that determine the credit company is obliged to issue the written verdict. If the credit company believes that the information in question is incorrect, they should provide a “free” credit report that includes this information.
This free credit report does not count toward your free annual credit report.
The credit bureau must also send the name, address and telephone number of the institution or company that provided the disputed information.
If appropriate, it asks the credit reporting agency to send notifications of your revised any person or institution that received your credit report in the last six months credit report. The credit bureau must also send copies of the revised credit report from any person or institution that received your credit report in the past two years for employment purposes. The credit bureau is required by law to do both.
If you do not receive a response to your inquiry within 45 days or if the wrong item remains on your credit report, send another registered letter. This time, mentioned that your rights under the Act Fair Credit Reporting (FRCA, for its acronym in English) were violated by an error of the credit bureau to quickly investigate and respond to your dispute.
Calls for an overview of the dispute in future reports if the investigation is not resolved is included. You have the legal capacity to do so. If you want to make a payment, you can also make the credit reporting agency gives you your statement to any person or institution that received your credit report in the past.