at can I do if there are errors in my report?
There is no denying that errors can and do appear in credit reports. There are two main reasons errors may appear on your credit report. One is when you have been mistaken for another person with a similar name and their information ends up in your file. The other more serious cause of error is fraud. Someone may have intentionally gained access to your personal information and obtained credit in your name. Instances of identity theft are increasing.
According to a February 2014 Javelin Study. 13.1 million adults became a victim of identity fraud in the United States during 2013. You can read more about identity theft in our two guides:
Both state and federal laws provide you with the right to have errors corrected. Credit bureaus are regulated under the California Consumer Credit Reporting Agencies Act (California Civil Code section 1785 et seq.), the laws of other states, and the federal Fair Credit Reporting Act (15 USC 1681 et seq.).
For information on the law in your state, contact your state's consumer protection bureau or office of the Attorney General. National credit bureaus must have a toll-free number so you can contact them with your questions. Also, credit reports must provide an address to request an investigation of inaccurate information.
You may file your dispute by writing to the credit bureaus. Or you can follow the bureau’s Web site instructions for filing disputes online. Although letter writing may seem a bit old fashioned to some, there are certain advantages to taking this approach. First, when you send your letter certified and get a signed receipt, you have evidence that your dispute was received.
Once you have notified a CRA of your dispute, both federal and California law allow 30 business days for an investigation. The bureau must consider all the relevant evidence you give it, and errors must be corrected. If the CRA cannot verify negative information, it must be deleted from your file. You are entitled to receive a free copy of your corrected report.
You may ask the credit bureau to send a corrected report to anyone who has requested your file in the past six months, as well as to anyone who has requested it in the last two years in relation to employment.
If you disagree with the result of the CRA's investigation, you have the right to submit a 100-word explanation. The credit bureau must include the explanation in your file although the negative information will not be removed.
If you are having a problem getting your credit report corrected, you can file a complaint with the Consumer Financial Protection Bureau (CFPB) using their complaint form . You may also:
- Call their toll-free phone number at 1-855-411-CFPB (2372) or TTY/TDD phone number at 1-855-729-CFPB (2372) Fax the CFPB at 1-855-237-2392 Mail a letter to: Consumer Financial Protection Bureau, P.O. Box 4503, Iowa City, Iowa 52244
A November 2013 report by U.S. PIRG titled “Big Credit Bureaus, Big Mistakes: The CFPB’s Consumer Complaint Database Gets Real Results for Victims of Credit Reporting Errors” found that the most common consumer problem with credit reports was incorrect information, which accounted for 65 percent of complaints.
The FCRA also places obligations to investigate errors on the companies that furnish information to a CRA. You can dispute inaccurate information found in your credit report directly with the company that furnished the inaccurate information. If you dispute an error with a CRA, it is always a good idea to also notify the creditor that supplied the information.
On September 4, 2013, the CFPB put companies that supply information to consumer reporting companies on notice that they are responsible for investigating consumer disputes forwarded by the consumer reporting companies. Furnishers are also responsible for reviewing all relevant information provided with the disputes, including documents submitted by consumers. CFPB Bulletin 2013-09 .
For more on resolving disputes, see PRC Fact Sheet 6a. FACTA, The Fair and Accurate Credit Transactions Act: Cons