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Errors Credit Report
Adam Said:Can you tell me what to do about errors on my credit report?
We Answered:Reaging of a debt is illegal. The original date for listing a debt with the CRA's is as follows:
Running of Reporting Period - Section 605 [15 U.S.C. § 1681c]
As of December 29, 1997 the reporting period runs 7 ½ years (7 years plus 180 days) from the date (month and year) of the last delinquency (known as "last missed payment:).
So, regardless of how long a creditor waits to charge off, sell or transfer a debt, they must report the true and correct "delinquent or last missed payment" date (month and year) that preceded the creditor's action. The additional 180 day period accords a measure of flexibility to credit bureaus whose furnishers may provide them with the wrong date. However, the expansion of the time period that Section 605 allows chargeoffs and similar actions to be reported accents the desirability of treating the "commencement" of the delinquency as the first missed payment -- not some later date that would further extend the period.
Tell the consumer reporting company, in writing, what information you think is inaccurate. Include copies (NOT originals) of documents that support your position. In addition to providing your complete name and address, your letter should clearly identify each item in your
report you dispute, state the facts and explain why you dispute the information, and request that it be removed or corrected. You may want to enclose a copy of your report with the items in question circled. If you have any copies of an older credit report that shows these debts as having been removed or the actual date of the original delinquency, use this as evidence.
Send your letter by certified mail, “return receipt requested,” so you can document what the consumer reporting company received. Keep copies of your dispute letter and enclosures. Consumer reporting companies must investigate the items in question usually within 30 days.
When the investigation is complete, the consumer reporting company must give you the results in writing and a free copy of your report
if the dispute results in a change. This free report does not count as your annual free report. If an item is changed or deleted, the consumer
reporting company cannot put the disputed information back in your
file unless the information provider verifies that it is accurate and complete.
If an investigation doesn’t resolve your dispute with the consumer reporting company, you can ask that a statement of the dispute be included in your file and in future reports.
You may seek damages from violators if a consumer reporting
agency, or, in some cases, a user of consumer reports or a furnisher
of information to a consumer reporting agency violates the FCRA,
you may be able to sue in state or federal court.
I have included a link to the FTC explaining in more detail how to dispute an entry on your credit report.
Hope this answer is of help to you
LEGAL DISCLAIMER: The answer provided here is intended for informational purposes only. It is not intended nor presumed to be legal counsel or professional legal advice
Dwight Said:How does an individual correct errors on their Credit Report?
We Answered:I would get a book on credit repair, go online and find out information about this subject, and or hire a credit repair agency. If you don't have that much to repair, then by all means give it a go by yourself , just do your homework. But if you have a lot then I would suggest you get a credit repair agency to do the work for you. They have the time, expertise and legal knowledge to deal with the credit bureau. But all the things you mentioned can be challenged and disputed. There are various credit repair letters online, like dispute, account verificaion letters etc. that you can use to help you with this situation.
Jeffrey Said:Help with possible errors on credit report?
We Answered:In regards to the 60 day late payment in 2001...the credit agencies will go by the date the account was closed not by the date the account was updated. So don't worry about the late payment staying longer than it should. I had the same issue. But once closed the account cannnot stay longer than 10 years. So not a whole lot you can do there. As for the other errors...dispute them. But make sure the person on the phone your talking to knows EXACTLY what you are wanting to doing other wise they will just dispute the whole account in general in which case nothing will change. Good luck
Helen Said:I had found some errors on my credit report?
We Answered:Someone may have stolen your identity and is adding things to your credit report without your knowledge. Sorry, but you will indeed have to dispute it again.
Louis Said:How to resolve errors on credit report?
We Answered:You also need to send a certified letter to the collection agency demanding that they validate the debt. Send it to the address listed on the credit report.
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There are different credit repair letters on the web, similar to debate, account verificaion letters and so forth that you can use to help you with this circumstance.
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