Your credit reports are official documents from the three major credit bureaus -- Equifax, TransUnion and Experian -- that include information about your credit and financial accounts, including mortgage loans, automotive loans, student loans and credit cards. Your credit reports contain personal information about you, including your full name, current address, most recent employer, Social Security number and date of birth. Items on your credit report, both good and bad, are used to determine your credit score -- the figure lenders use to determine your creditworthiness.
Background on Credit Report Disputes
Federal law requires the consumer reporting agencies to investigate claims of credit report errors. If you believe your credit reports contain misleading, incorrect or outdated information, you can file a dispute with each of the three major credit bureaus. Once you file disputes with the credit bureaus, they will contact your creditors, double-check your personal information and look for information of identity theft and/or accounts opened without your consent or knowledge.
Function
If someone gains access to your personal information, such as your full name, address or Social Security number, she can open credit accounts in your name. In such a case, these accounts will show up on your credit report, despite the fact that you are not the person who opened them. If the unauthorized accounts have high balances, are unpaid or in default, they will damage your credit score. If you file credit disputes, the consumer reporting agencies will find you did not authorize the fraudulent accounts and remove them from your credit history.
Methods
The fastest way to file credit disputes is to visit the three major consumer reporting bureaus' websites and fill out their online dispute forms. If you do not wish to file disputes via the Internet, you can write letters to three major credit bureaus requesting they remove or amend certain items on your credit report. These letters must include your address, full name and Social Security number. Along with your dispute, you should send bank statements, change of address forms, receipts or other documents that you feel supports your case, to the to the credit bureaus, says the Federal Trade Commission.
Cost
As the time of this publication, it costs nothing to file a credit report dispute. Filing a dispute and requesting an investigation is completely free of cost, regardless of whether you do this online or in writing through the mail.
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