Credit report errors can and do arise on credit reports. If you want to maintain a healthy credit history, you must carry out annual credit report checks on your credit history reference files to
determine whether there is any negative credit information against you. If you have not yet requested your free credit report Uk or free credit report US, you can do so by following the link posted near the bottom of this article.
The potential exist for inaccurate information that is filed by
one agency, eventually be shared with the other two, creating the opportunity for credit disputes to arise.
Credit card credit crime is rife, so it is a good idea to do yearly checks with each of the three main credit reference agencies just to be sure your identity is not subject to fraudulent use. It is good practice to check with the 3 nationwide credit reference agencies, since the credit information they have on you may vary from agency to agency.
Should you encounter any errors or inaccuracies, you must undertake a credit report dispute by informing the credit reporting agency in writing, with a view to having your credit report file amended accordingly.
Is there anything else you consider dubious that warrant a credit report dispute?
You need to pay close attention to the above credit
dispute points, since any inaccuracies that are not amended can result in your credit report history being adversely affected.
For instance, your name might be slightly mis-spelled but this is a very serious error that could mean that your credit information or finance credit history may be incorrectly linked with someone else. In this instance, you will most certainly need to write a 'dispute credit report' letter.
It is really not that difficult to see how two different people who both happen to have shared the same address and name, for instance, 'Smith' and 'Smyth' could be linked. As a consequence, their poor credit history information data could inadvertently end up on your file, giving rise to a credit report dispute.
A further serious issue is that of identity fraud. Thoroughly checking your personal information and in particular, the number
of outstanding credit debts you have will highlight any instances
of fraud, such as your personal information being used to obtain credit in your name.
Remember, you will only be alerted to any anomaly if you check your credit report on a regular basis. Any inconsistencies that are noted in your personal credit report can then be
raised as a credit report dispute and referred to the credit reporting company.
An additional benefit of doing regular credit report checks is that you can see first hand the state of your credit card credit worthiness. If need be, you can
set about improving your credit score if your credit report highlights this need.
How To Dispute Credit Report
Under the Fair Credit Reporting Act (FCRA), both the consumer reporting company and the organisation or company that has provided information about you to a consumer reporting company are responsible for correcting any inaccurate or incomplete information in your report. You will therefore need to contact both the information provider and the consumer reporting agency
to alert them to any credit report dispute.
If you disagree with a creditor's adverse credit information on you, you can dispute the report and the creditor must then note your credit report dispute in your file prior to submitting a report to the credit reference agency.
It is a requirement that creditors only submit complete and accurate up-to-date information to the Credit reporting agency. This can include, making it clear whenever you close an account of your own free will, rather than it being closed for reason of non-payment.
consumer reference agencies must investigate any credit report dispute and inaccuracies
you bring to their attention, (usually within a 30 day timescale. They are required to forward all relevant information you provide about the inaccuracy to the organization that provided the information.
Upon receiving notice of your credit dispute, the information provider is required to review and/or investigate the information and report the outcome back to the consumer reporting company (or reference agency).
Where the disputed credit information is in fact inaccurate, the information provider must inform all 3 nationwide reporting companies so the information contained in your credit reports can be corrected.
In many instances, this is all that is involved in a credit report dispute. The credit reference agency will amend your file accordingly and send you an amended copy of your free credit report. You may additionally ask that the credit reporting company issue a notice about the amendement to anyone who has received a recent copy of your credit history report.
If Your Credit Report Dispute
Is Not Acknowledged
In some situations, the credit reference agency may not acknowledge
or act on your credit report dispute. What this means for you, is
that your file will not be amended. However, there is something you can do should you you encounter this problem.
You can still ask them to include a record of the dispute and the reasons for it, in your credit report. Doing this ensures that your
credit report files is a truer reflection of your credit history.
It is important not to simply let things rest, since your credit card score is of paramount importance to your financial health and well-being.
To order a free copy of your credit report, you will need
to visit the official, central credit reference agencies' website - which is Annual Credit Report: annualcreditreport.com US
and annualcreditreport.co.uk.
Here are the contact details for the 3 nationwide credit reporting agencies or credit reporting bureaus:
Equifax.
Website address is www.Equifax.com
Equifax Credit Information Services, Inc.
P.O. Box 740241
Atlanta, GA. 30374
Trans Union Corporation
Website address is www.Transunion.com
Transunion LLC
Consumer Disclosure Center
P.O. Box 1000
Chester, PA 19022
Experian
Website address is www.Experian.com
National Consumer Assistance Center
P.O. Box 949
Allen, TX 75013
Federal Trade Commission (FTC) is a government agency that monitors the practices of credit reporting agencies or credit reporting
bureaus. If you have a complaint about a credit bureau or reference
agency, there are several informative credit-related brochures you
can access. You can report to the (FTC) online, by mail or by calling their toll-free number:
Federal Trade Commission
Consumer Response Center
600 Pennsylvania Ave. N.W.
Washington, D.C. 20580 (877) FTC-HELP (877-382-4357)
TDD (202) 326-2502
www.ftc.gov
The Consumer Credit Act (CCA) 1974 (UK). You can exercise your rights under (CCA), Section 75, by following the same credit dispute steps outlined above. You can obtain further information on your rights from the Uk Consumer Protection Agency:
Website: http://www.consumerprotectionagency.co.uk/
The UK Consumer Protection Agency, (UKCPA) -
Registered office:
134 Percival Rd
Enfield
Middlesex
EN2 1QU
The content on this site is purely for information purposes only and is not intended to replace your seeking professional financial advice.
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