How to Dispute Credit Report Errors

Companies called consumer reporting agencies (CRAs) or credit bureaus compile and sell your credit report to businesses. Because businesses use this information to evaluate your applications for credit, insurance, employment, and other purposes allowed by the Fair Credit Reporting Act (FCRA), it's important that the information in your report is complete and accurate.

Some financial advisers suggest that you periodically review your credit report for inaccuracies or omissions. This could be especially important if you're considering making a major purchase, such as buying a home. Checking in advance on the accuracy of information in your credit file could speed the credit-granting process.

Getting Your Credit Report:
If you've been denied credit, insurance, or employment because of information supplied by a CRA, the FCRA says the company you applied to must give you the CRA's name, address, and telephone number.

If you contact the agency for a copy of your report within 60 days of receiving a denial notice, the report is free.

In addition, you're entitled to one free copy of your report a year if you certify in writing that

(1) you're unemployed and plan to look for a job within 60 days,
(2) you're on welfare, or
(3) your report is inaccurate because of fraud.

Otherwise, a CRA may charge you up to $9.00 for a copy of your report. If you simply want a copy of your report, call the CRAs listed in the Yellow Pages under "credit" or "credit rating and reporting." Call each credit bureau listed since more than one agency may have a file on you, some with different information.

The three major national credit bureaus are:

Equifax, P.O. Box 740241, Atlanta, GA 30374-0241; (800) 685-1111.
Experian P.O. Box 2002, Allen, TX 75013; (888) EXPERIAN (397-3742).
Trans Union, P. O. Box 1000, Chester, PA 19022; (800) 916-8800.

Correcting Errors:
Under the FCRA, both the CRA and the organization that provided the information to the CRA, such as a bank or credit card company, have responsibilities for correcting inaccurate or incomplete information in your report. To protect all your rights under the law, contact both the CRA and the information provider.

First, tell the CRA in writing what information you believe is inaccurate. Include copies (NOT originals) of documents that support your position. In addition to providing your complete name and address, your letter should clearly identify each item in your report you dispute, state the facts and explain why you dispute the information using the instructions they send you.


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