The federal government gives each person with a credit report the right to review and contest items found within it. If a person wishes to contest every item on her credit report, she's required to be meticulous in her documentation and provide sound evidence and reasoning why the information contained on the report is inaccurate. This is necessary for any credit bureau to take the claim seriously.
Your Guaranteed Rights
The Fair Credit Reporting Act requires all three major credit reporting bureaus--Equifax, TransUnion and Experian--to deliver you a free copy of your credit report upon request every 12 months. This gives you the opportunity to review the information contained in your credit report and allows you to initiate proceedings to have any errors investigated. If you believe you've discovered massive discrepancies in your credit report, you should contact the credit reporting bureaus as soon as possible.
Contesting Items on Your Credit Report
The major credit reporting bureaus are bound by federal law to investigate all claims of false information on a credit report. An exception to this rule occurs if the company views your request as "frivolous." To submit a request for a credit bureau to examine your entire credit report, you are required to include in writing your name, Social Security number, current address and the names of all your creditors. If your spouse is named on any of your accounts, her identifying information must be included. You are also required to include why you believe each creditor has reported incorrect information.
Credit Bureau Obligations
The credit bureaus are required to investigate your claim within 30 days of receipt of your certified letter of discrepancy. The investigation includes formally contacting each creditor and asking the creditor to validate that the account in question belongs to you and to verify spending records and payments. If the creditor finds the information it provided is inaccurate, the creditor is required to immediately notify all three credit bureaus with the corrected information. You may also request the updated information be sent to any creditor who has viewed your credit report in the last six months.
Identity Theft and Fraud
If any of the three credit reporting bureaus finds evidence of identity theft or fraud in its investigation of your credit report, it is required to move immediately to have creditors freeze the suspicious accounts and contact the local authorities. According to the Federal Trade Commission, your liability on accounts where identity theft has occurred is limited to $50. It is illegal for a creditor to tell you otherwise.
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