Credit Report Dispute Procedures And Information

Consumers may not always agree with the information in their credit report. There are credit report dispute procedures consumers can take if they believe the credit bureaus are wrong. The credit report contains information about where you live, how often you pay your bills, whether you have been sued or filed for bankruptcy. The credit bureaus sell this report to creditors, insurers, employers and other businesses. The report is used to evaluate a consumer's application for credit, insurance, employment or renting a home. The federal Fair Credit Reporting Act regulates the credit bureaus and promotes accurate reporting on consumers. Sometimes the credit bureaus make mistakes. That is why it is recommended that consumers review their credit report periodically to prevent a credit report dispute.

A credit report dispute may be necessary when there are errors on a credit report. The information, whether it is wrong or right, in a credit report can affect whether you get a loan and how much money you can borrow. You should check your credit report before you apply for a loan to buy a house, buy insurance or apply for a job. Inaccurate information showing up on a consumer's credit report could be the result of identity theft. Consumers are entitled to receive a free copy of their credit report from each of the three major credit bureaus – Equifax, Experian and TransUnion – once every 12 months. You can order your free credit report at annualcreditreport.com. Under federal law, consumers are also eligible for a free credit report anytime their application for credit, insurance, or employment is denied.

What type of errors warrant a credit report dispute?

Under the Fair Credit Reporting Act, anytime you initiate a credit report dispute, the credit reporting company and information provider (the person, company, or organization providing information about the consumer to the credit reporting company) are responsible for correcting any inaccurate or incomplete information in a consumer's report.

If a consumer believes there is inaccurate or incomplete information in their report, they must tell the credit reporting company in writing what information they think is incorrect. A consumer must present documents to support their credit report dispute.

Credit reporting companies are required by law to investigate the inaccurate statements – usually within 30 days – unless they consider the credit report dispute to be frivolous. After their investigation, the credit reporting company will divulge their findings in writing and provide the consumer a free credit report with the changes. After a credit report dispute has been resolved in the consumer's favor, the consumer may ask the credit reporting company to send notices of any corrections to anyone who received their credit report in the last 6 months.

You can find more information about other credit reporting subjects throughout our NCO Financial Systems, Inc. ConsumerHelpUnit website or find ways on how to contact NCO Financial Systems, Inc. There is a representative waiting to help you today.

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