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Credit Reporting Agency

A credit reporting agency holds some of the most important information about you. If you have ever heard of a credit reporting agency then you have probably heard of the Equifax credit reporting agency, the Experian credit reporting agency, and the Trans Union credit reporting agency. Like it or not, too often a credit reporting agency holds the key to your financial future.

You should contact a credit reporting agency if there are any doubts about the information on your credit report. First, tell the credit reporting agency in writing what information you believe is inaccurate. The credit reporting agency must reinvestigate the items in question - usually within 30 days - unless they consider your dispute frivolous. They also must forward all relevant data you provide about the dispute to the information provider. After the information provider receives notice of a dispute from the credit reporting agency, it must investigate, review all relevant information provided by the credit reporting agency, and report the results to the credit reporting agency. If the information provider finds the disputed information to be inaccurate, it must notify all nationwide credit reporting agencies so that they can correct this information in your file.

When the reinvestigation is complete, the credit reporting agency must give you the written results and a free copy of your report if the dispute results in a change. If an item is changed or removed, the credit reporting agency cannot put the disputed information back in your file unless the information provider verifies its accuracy and completeness, and the credit reporting agency gives you a written notice that includes the name, address, and phone number of the provider.

Second, tell the creditor or other information provider in writing that you dispute an item. Many providers specify an address for disputes. If the provider then reports the item to any credit reporting agency, it must include a notice of your dispute. In addition, if you are correct - that is, if the information is inaccurate - the information provider may not use it again.

A reinvestigation may not resolve your dispute with the credit reporting agency. If that's the case, ask the credit reporting agency to include your statement of the dispute in your file and in future reports. If you request, the credit reporting agency also will provide your statement to anyone who received a copy of the old report in the recent past. There usually is a fee for this service. If you tell the information provider that you dispute an item, a notice of your dispute must be included anytime the information provider reports the item to a CRA. We encourage you to visit our home page and learn how you can get a free credit report so that you can have the option of communicating with your credit reporting agency if you wish to.