How to Challenge Something on Your Credit Report
Consumers have rights when it comes to their credit report. The Fair Credit Reporting Act (FCRA) governs credit reports and specifies the credit bureaus responsibilities when it comes to the information contained within a credit report. Under the FCRA, credit bureaus are not allowed to include false or erroneous information on the report. The bureau must also delete negative information that's older than seven years in most cases, although it may report a Chapter 7 bankruptcy for up to 10 years. If your report does contain errors or outdated information, you have the right under the FCRA to dispute that error with the credit bureaus and have it corrected or deleted. Having inaccurate negative information removed from your credit report will improve your credit score.
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Instructions
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Order your credit report at AnnualCreditReport.com. You are allowed to obtain one free copy of your report each year from the three credit bureaus -- Experian, Equifax and TransUnion -- through that website. The AnnualCreditReport.com website also contains information on how to order your reports by mail or phone. Review your credit report to determine whether any of the information in the negative entries is inaccurate or outdated.
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File a dispute with the credit bureau if you detect errors in a negative item on your credit report. You can file a dispute by filling out an online dispute form at the bureau's website, by sending a written request via mail or by speaking with a credit bureau customer service representative by phone.
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Allow the bureau up to 30 days to investigate. Under the FCRA, bureaus have this amount of time to investigate your claim and resolve the dispute. If the bureau is unable to verify the accuracy of the disputed information during this 30-day period, it must delete the information from your credit report.
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Review the investigation results sent to you by the credit bureau. The FCRA requires the bureau to send you the results in writing along with an updated copy of your credit report that shows any changes that were made.
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Contact the entity that reported the disputed information to the credit bureau if you are not satisfied with the results of the bureau's investigation. The credit bureau will verify data, but if the provider of the information has incorrect data, you must correct the error with that source directly for it to be updated by the bureaus.
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Tips & Warnings
When filing a dispute by mail, the dispute letter should include the items you're disputing, the reasons for the dispute and any documentation you have that supports your dispute. Send the letter certified mail, return receipt requested to ensure the bureau receives it and to have a record of the date it was received.
If you've already ordered your free credit report for the year from AnnualCreditReport.com, you can purchase an additional report directly from the credit bureau.
Never pay anyone to repair your credit report. You can file a dispute yourself for free with the credit bureaus.
