We are, all, familiar with the three main credit reporting agencies: Equifax, Transunion and Experian; but did you know errors on your credit report can occur with these and any other CRA? Whether false or misleading information on your credit report is due to identity theft, human error or other reasons, lower credit scores can impact you financially. You might be denied a line of credit or car loan; you could be subjected to higher interest rates; you could be denied a job – the list goes on.
In 2012, the Federal Trade Commission issued a report that should concern all of us – the report revealed that 1 out of 4 Americans had a minimum of one error on at least one of their credit reports. Because your credit report could contain errors, unknown to you, it is crucial you obtain a free copy of your credit report from each of the three CRAs, once a year. The contact information is: www.annualcreditreport.com.
The Dispute Process
The Fair Credit Reporting Act, from the US Federal Government, is designed to guard consumers from willful and/or negligent inclusion of false or inaccurate information in credit reports. The Fair Credit Reporting Act, also, ensures a consumer's privacy of information.
The Dispute Process with the CRA
If you believe you have discovered one or more inaccuracies on your credit report, you have the right to dispute any possible errors with one or more CRAs. The dispute process must follow a certain procedure:
*** Send a dispute letter to the CRA. A sample of this letter can be found in the FORMS and RESOURCES section of my website.
*** The dispute letter must include full identifying information concerning yourself and account details. Include your first, middle and last name as well as account number(s), social security and driver's license numbers, any relevant documents, and any other applicable information.
*** The dispute letter would need to be sent by certified mail, with 'return receipt requested'.
You can, also, submit credit report errors, online. Equifax, Experian, and TransUnion websites have the online option; and one can initiate a dispute over the phone or by mail. At times, reaching out to a CRA can result in possible delays, however, when CRAs must check information with the data furnisher – the creditor or collector – who would respond back to the CRA.
If the CRA were to not follow through with a satisfactory reinvestigation, you potentially have the right to pursue a cause-of-action against the CRA, as stipulated in the Fair Credit Reporting Act.Call me to discuss your options.
Do you have questionable information on one or more credit reports? If so, contact James Foley for a free credit consultation. This would include a free credit-report review on all your accounts. If there are any discrepancies, I may be able to dispute them and, possibly, bring a suit against the CRAs and/or furnishers.
Call Our Office Today
The answers to your questions are only a phone call away! When it comes to credit-report disputes, things can get complicated -- Foley Law can help!
James Foley ~ 817-738-1633 ~ Fort Worth, Texas