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Can You Actually Correct Inaccuracies on Your Credit Report?

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The answer is a resound yes!

As provided under the Fair Credit Reporting Act, both the credit reporting company and the information provider (i.e. the company that owns the debt) are responsible for correcting inaccurate or incomplete information in your report.

The law affords you rights to correct such inaccuracies. All you need to is write the credit reporting company, notifying them about the inaccurate or missing information. In the letter, provide your complete name and address, identify each item that you are disputing, state the facts and explain why you dispute the information, and request that it be removed or corrected.

You must also include copies, but not the originals, of certain documents that will support your claim. Make sure to send the letter via certified mail. That way, you can keep track when and if the credit reporting company has received your letter. Don’t forget to keep copies of your dispute letter just in case.

Once the credit reporting company has received the letter, they must investigate the inaccuracies or missing information you stipulated in your letter. They must do this within 30 days, or as what the law provides. If the misinformation or inaccuracy was caused by the organization that provided such information, they must forward relevant data to such organization, who must then investigate the forwarded data. If the organization (information provider), upon conducting investigation, finds inaccuracy or missing information, they must immediately contact the three nationwide credit reporting agencies to fix the error. When the investigation is complete, the credit reporting company must give you the results in writing along with a free copy of your report if the dispute results in a change.

To find out more details about the process, kindly read the link:

http://www.consumer.ftc.gov/articles/0151-disputing-errors-credit-reports

However, if there’s no inaccuracy with your credit report and score and you are being dragged down by unpaid debts, you should not waste time and contact a qualified debt settlement attorney as immediately as possible. With a great attorney by your side, you can negotiate for large reductions in your debts, including the principal and interest. This further allows you to settle the debts permanently for just a fraction of the balance. Once your debts are settled, your credit score will likely begin to improve. It’s a win-win situation for you.

Can You Actually Correct Inaccuracies on Your Credit Report? was last modified: November 29th, 2016 by Kevin Fallon McCarthy
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