| Your credit report contains information about where | | | | must correct it(clean credit). |
| you work, live and how you pay your bills (On time or | | | | If an item is incomplete, the CRA must complete it. For |
| not). It also may show whether you've been sued, | | | | example, if your file showed that you were late making |
| arrested or have filed for bankruptcy with in the last 10 | | | | payments ( 30 days or more), but failed to show that |
| years. Companies called consumer reporting agencies | | | | you were no longer delinquent, the CRA must show |
| (cra) or credit bureaus compile and sell your credit | | | | that you're current. |
| report to businesses all over the world. | | | | If your file shows an account that belongs only to |
| Many financial advisors suggest that you periodically | | | | another person, the CRA must delete it. |
| review your credit report for inaccuracies or omissions. | | | | When the reinvestigation is complete, they must give |
| This could be especially important if you're considering | | | | you the written results and a free copy of your clean |
| making a major purchase, such as buying a home. | | | | credit report, if the dispute results in a change. If an |
| Checking in advance on the accuracy of information in | | | | item is changed or removed, they cannot put the |
| your credit file could speed the credit-granting process, | | | | disputed information back in your file unless the |
| clean credit is a must. | | | | information provider verifies its accuracy and |
| Because businesses use this information to evaluate | | | | completeness. |
| your applications for credit, insurance, employment, and | | | | Also, if you request, they must send notices of clean |
| other purposes allowed by the Fair Credit Reporting | | | | credit report corrections to anyone who received your |
| Act (FCRA), it's important that the information in your | | | | report in the past six months. Job applicants can have |
| report is complete and accurate. | | | | a corrected copy of their clean credit report sent to |
| Whenever you apply for any type of credit or | | | | anyone who received a copy during the past two |
| financing, a credit report is pulled from at least one of | | | | years for employment purposes. If a reinvestigation |
| the three major credit bureaus. You want a clean | | | | does not resolve your dispute, ask the CRA to include |
| credit report to be pulled. While there are hundreds of | | | | your statement of the dispute in your file and in future |
| smaller credit bureaus around the country, virtually | | | | reports. |
| every credit bureau is affiliated with either Experian, | | | | Second, in addition to writing to the credit agency, tell |
| Trans Union, or Equifax. | | | | the creditor or other information provider in writing that |
| Getting Your Clean Credit Report | | | | you dispute an item. Again, include copies (please not |
| If you've been denied credit, insurance, or employment | | | | originals) of documents that support your position. |
| because of information supplied by a credit reporting | | | | Many providers specify an address for disputes. If the |
| agency, the FCRA says the company you applied to | | | | provider then reports the item to any credit reporting |
| must give you the agency`s name, address, and | | | | angency, it must include a notice of your dispute. In |
| telephone number. If you contact the agency for a | | | | addition, if you are correct that is, if the disputed |
| copy of your report within 60 days of receiving a | | | | information is not accurate the information provider |
| denial notice, the report is free. In addition, you're entitled | | | | may not use it again, thus you will have a clean credit |
| to one free copy of your report a year. | | | | report. |
| If you simply want a copy of your report, call each | | | | When negative information in your report is accurate, |
| credit bureau listed since more than one agency may | | | | only the passage of time can assure its removal. |
| have a file on you, some with different information. | | | | Accurate negative information can generally stay on |
| The three major national credit bureaus are: | | | | your report for 7 years. |
| Equifax, P.O. Box 740241, Atlanta, GA 30374-0241; | | | | Clean Credit: There are certain exceptions: |
| (800) 685-1111. | | | | Bankruptcy information may be reported for 10 years. |
| Experian (formerly TRW), P.O. Box 2002, Allen, TX | | | | Information about criminal convictions may be reported |
| 75013; (888) EXPERIAN (397-3742). | | | | without any time limitation. |
| Trans Union, P.O. Box 1000, Chester, PA 19022; (800) | | | | Credit information reported in response to an |
| 916-8800. | | | | application for a job with a salary of more than |
| Correcting Errors For Clean Credit. | | | | $75,000 has no time limit. |
| To protect all your rights under the law and to keep | | | | Information about a lawsuit or an unpaid judgment |
| your credit clean contact both the CRA and the | | | | against you can be reported for seven years or until |
| information provider. | | | | the statute of limitations runs out, whichever is longer. |
| First to get clean credit reports, tell the credit reporting | | | | Criminal convictions can be reported without any time |
| agency in writing what information you believe is | | | | limit. |
| inaccurate. Include copies (please keep your originals) | | | | Credit information reported because of an application |
| of documents that support your position. In addition to | | | | for more than $150,000 worth of credit or life insurance |
| providing your complete name and address, your letter | | | | has no time limit. |
| should clearly identify each item in your report you | | | | Adding clean credit accounts to your file: |
| dispute, state the facts and explain why you dispute | | | | Your credit file may not reflect all your clean credit |
| the information, and request deletion or correction. | | | | accounts. Although most national department stores |
| Always keep copies of your dispute letter. | | | | and all-purpose bank credit card accounts will be |
| They must reinvestigate the items in question, usually | | | | included in your file, not all creditors supply information: |
| within 30 days, unless they consider your dispute | | | | Some travel, entertainment, gasoline card companies, |
| frivolous. They also must forward all relevant data you | | | | local retailers, and credit unions are among those |
| provide about the dispute to the information provider. | | | | creditors that don't report clean credit. |
| After the information provider receives notice of a | | | | If you've been told you were denied clean credit |
| dispute from the CRA, it must investigate, review all | | | | because of an insufficient credit file or no credit file and |
| relevant information provided by the CRA, and report | | | | you have accounts with creditors that don't appear in |
| the results to the CRA. If the information provider finds | | | | your credit file, ask the CRA to add this information to |
| the disputed information to be inaccurate, it must notify | | | | future reports. This will help get you on the road to a |
| all nationwide CRAs so they can correct this | | | | clean credit report. Although they are not required to |
| information in your file. Disputed information that cannot | | | | do so, many CRAs will add verifiable accounts for a |
| be verified must be deleted from your file, then you will | | | | fee. You should, however, understand that if these |
| recieve a clean credit report, with that item removed. | | | | creditors do not report to the CRA on a regular basis, |
| If your report contains erroneous information, the CRA | | | | these added items will not be updated in your file. |