Fixing Your Credit Mistakes

The Fair Credit Reporting Act (FCRA), is designed to promote accuracy & ensure the privacy of the info used in credit reports.

Under the FCRA, both the credit reporting agency (CRA) & the organization that provided the information to the CRA (creditor) must correct any errors or incomplete information in your report.

If you do encounter a mistake on your credit report, several steps need to be taken to correct the matter:

1.  The first thing to do is get a copy of your credit report from each of the three major CRA's: Equifax, http://www.equifax.com; Experian, http://www.experian.com; & TransUnion, http://www.tuc.com.  You can call us for assistance to get your report.

2.  In a written letter, tell the CRA what information you believe to be inaccurate.  Include copies (not originals) of documents that support your position.  Provide your complete name & address, identify each item in your report you dispute, & request deletion or correction.  Be sure to make copies of your dispute letter & enclosures for future problems.

3.  Send your letter by certified mail, return receipt requested, so you can document what the CRA received.  This is very important & should not be skipped.

4.  The FCRA mandates that all CRAs reinvestigate the items in question — usually within 30 days — unless they consider your dispute frivolous.  They also must forward all relevant data you provide about the dispute to the 3rd party you are disputing.  After 3rd party receives notice of a dispute from the CRA, it must investigate, review all relevant information & report the results to the CRA.

5.  If the disputed information is found to be inaccurate, the 3rd party in dispute must notify all nationwide CRAs that they report to so they can correct this information in your file.  Disputed information that cannot be verified must be deleted from your file.

6.  When the reinvestigation is complete, the CRA must give you the written results & a free copy of your report if the 3rd party disputes result in a change.  If an item is changed or removed, the CRA cannot put the disputed information back in your file unless the 3rd party verifies its accuracy, & the CRA gives you a written notice that includes the name, address, & phone number of the 3rd party.

7.  In addition to the CRA, you should also write to the 3rd party in dispute about the error.  Again, include copies of documents that support your dispute.  If you are correct — meaning the information you disputed is found inaccurate — the 3rd party cannot use it again.  Further, at your request, the CRA must send notices of corrections to anyone who received your report in the past six months.

We at AmeriBest have added additional resources you to use to correct your credit report.