It is common for many consumers to be concerned with the accuracy of the information contained in their credit reports. Many have concerns over whether the information they see in the credit report accurately reflects their financial status and how the credit company may be charging them for the loan they received from them. If you are worried about a company who has placed a false charge on your credit report, you may want to consider the following ways that the Fair Credit Reporting Act (FCRA) protects you.
The FCRA protects consumers from false or inaccurate reporting by allowing them to report complaints about certain practices to the consumer law enforcement officials of their choice. If you are not happy with the information contained in your Equifax or Transunion credit report, you can report it to the Consumer Financial Protection Bureau (CFPB).
The FCCA also protects you from companies that place their own reporting practices on your credit report without your permission. This type of practice is known as “reporting” under an alternate reporting agency or as an unauthorized practice, and if it is allowed to happen you can contact the FTC.
Another part of the Fair Credit Reporting Act protects you from having your credit rating taken by another lender. If you find that a lender has used your credit rating in determining interest rates or the amount of money you will have to pay on a debt, you may be able to dispute the practice with the credit bureau.
Consumers who are not satisfied with the accuracy of their credit reports can contact the credit bureaus and request a free copy of their credit reports. If you find that your credit information is inaccurate, you may choose to dispute this information yourself. If the credit bureau agrees to investigate the problem and correct the information, they will provide you with a copy of the investigation findings along with an explanation of the actions that were taken to correct the information.
You can also dispute information on your credit report that is reported incorrectly. For example, if a creditor reports that you have a bankruptcy when you actually do not have such a history, you may be entitled to compensation for this incorrect information. If you are not satisfied with the accuracy of your credit report, you may be able to file a complaint with the credit reporting agencies and ask for a credit repair review. Or credit dispute letter.
You should take advantage of the opportunity to dispute information in your credit report and file a dispute in writing to the credit reporting agencies. You should always take advantage of the opportunities to notify credit reporting agencies immediately if your information is incorrect, as they may require you to provide them with a credit repair letter before they make a final determination of the accuracy of your report. You should be aware that you do not have to wait for them to contact you before you file your dispute. If you are not sure about a certain credit matter or you would like a copy of the original credit report, you can obtain this information from the FDCPA.
You should never provide false information on your credit dispute letter. This information may be used against you if you file a dispute with the agencies.
When you receive your copy of the Equifax or TransUnion sample credit report, review it carefully for any errors. Make sure that you understand the information included in the report so that you know what the credit bureau requires you to correct on your credit report. If you find errors in the report, contact the credit bureaus and let them know as soon as possible.
If the information on your credit report is incorrect, you can contact the credit reporting agency and ask them to remove it. They may be able to do this, but you should be aware that many credit reporting agencies will not delete negative information from your report. Unless it is deemed necessary. This means that they may take months before they remove the item if you are the one who requested it.
If you think that you may be the victim of identity theft, the Better Business Bureau or other government agencies have the authority to help you with removing negative items on your credit report. To learn more about credit repair services and identity theft protection, register for a free credit report monitoring service.