Disputing errors on Credit Bureau Reports

Who is responsible for compiling the Credit Bureau Reports?

There are three major credit reporting bureaus who compile consumers' financial information into a report that creditors and other organizations can buy to evaluate the risk of extending credit to a consumer. Experian, TransUnion and Equifax  have procedures in place to correct any errors that may appear on a consumer's credit bureau report. A credit report that affects your ability to get approval for a loan isn't fun, especially if the information the creditor used to deny you credit is false.

How to dispute information contained in your Credit Bureau Reports

Sometimes the credit bureaus make mistakes or receive erroneous, out dated information about consumers from their creditors. If you notice a mistake on your credit report that could affect your ability to acquire a mortgage loan or a credit card, there are steps you can take to dispute the information contained in your credit bureau reports. There are two steps consumers should follow when they are disputing an error on their report, according to the Federal Trade Commission, the government entity that regulates the credit industry.

Under the Fair Credit and Reporting Act, all credit reporting bureaus and information providers are responsible for correcting any inaccurate or incomplete information that may appear on a consumer's credit bureau report.

The first step is to notify the credit bureaus in writing about the error on the credit report. Make sure to include copies of documents to support your dispute. The credit reporting bureaus must investigate your dispute within 30 days, unless the dispute is a frivolous matter. If the information reported is found to be inaccurate, it must be corrected.

The second step is to notify creditors or other information providers, in writing, that you are disputing an item(s) in your credit bureau reports.

To learn more about credit bureau reports, consumers can contact one of the three major credit reporting bureaus. If you would like to learn more about debt, visit the NCO Financial Systems, Inc. consumer website. Contact information for NCO Financial Systems, Inc. can be found on every page.

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