As we mentioned earlier, you have a right to receive a free credit history from each of the three major credit reporting agencies once a year by visiting www.annualcreditreport.com. If you think the report is inaccurate, under the Fair Credit Act, you have the right to dispute the charges.

To dispute the charges, you should write a letter to both the reporting agency and the company that provided the information to the credit agency. (It is especially important that you contact the credit agency’s source directly if you think you were the victim of identity theft.)

In your letter to the credit agency, mention each item you are disputing, and give a detailed explanation of why you are disputing the charge. Make sure to include copies of any supporting documents (such as police reports in the case of identity theft, or a notice of paid accounts if you believe a lender is erroneously stating you have not paid a bill.) Do not include your original documents; always make sure you send copies. Also include a copy of your credit report with the items you are disputing circled.

Send any correspondence to the credit agency via a return receipt or through a courier so you have confirmation that your letter has been received.

Once the credit agency receives your complaint, they must respond in a timely manner. They will usually refer the matter to their reporting source and ask them to investigate.

If their investigation finds there was an error, they must report the result back to the credit agency you filled your complaint with, and the other two reporting agencies. The credit agency must supply you with the written results of the investigation, and supply you with a copy of the corrected credit report. You may also ask that a corrected report be sent to anyone who has requested a copy of your report in the last six months. You can also ask that a corrected report be sent anyone who requested your report for employment purposes over the last two years.

Once the credit reporting agency has corrected your credit report, it cannot be changed back unless the agency receives written verification from the provider that the information is correct. The agency must inform you of any changes in writing, and provide you with the reporting agency’s name address and phone number.

If you do not resolve your dispute with the credit agency, you may ask that a statement of your dispute be included in the credit report, and that it is included in future reports. The credit agency may charge you a fee for doing this.

Your credit report may have a great impact on your ability to get reasonable rates on a loan, insurance or even a job. By checking your report and disputing any results that you believe to be inaccurate, you can help ensure that your report is correct.

By David Plowman

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