What Information Do I Need To Include In My Dispute?
A dispute should include a letter directed to the credit reporting agency, identifying what the error is. The letter should include enough attachments to be able to verify that the information is inaccurate. Common attachments include a copy of the credit report with the erroneous information encircled and copies of bank statements or other documentation that would prove that the information is not accurate.
What Additional Evidence Should I Preserve To Prove My Case?
Evidence would include copies of all three credit reports (one from each of the bureaus) showing the erroneous information, documentation to show that the information is incorrect (such as bank statements or cancelled checks), and documentation showing the adverse consequences of the inaccurate information, as well as any communication between the relevant parties.
What If I Lost Or Can’t Access The Information Needed To Prove My Case?
The consumer should use whatever information they have accessible to support their dispute. If the consumer doesn’t have access to any information, a dispute letter would still be appropriate, but it may be more difficult to get the erroneous information removed. It is suggested that a person in that situation contact an attorney to review their options.
If I’m Told By A Lender That A Negative Entry Has Caused A Denial, What Should I Do?
If a consumer has been denied credit as a result of their credit score, they will receive a letter from the potential lender, confirming the basis for the loan denial. That documentation is very helpful in pursuing a remedy. The documentation of the denial, along with the credit reports reflecting the erroneous information, and documents showing the information is in error would all help to resolve the issue.
Should I File My Dispute Online Or Over The Phone Or By Mail? Does It Make A Difference?
I encourage filing disputes by mail. It is easier to document the dispute when there is physical writing. Moreover, the credit reporting bureaus have included language in their online dispute form which may require that any resulting litigation go into arbitration. It is advisable to preserve the right to bring suit in federal court.
Why Are The Terms Of My Agreement With The Credit Bureau Important In My Case?
Often, if there are terms with the credit bureau, they can affect where a dispute with the credit bureau would be resolved. Credit bureaus often encourage disputes to go into arbitration. In arbitration, the consumer does not have the same leverage of having a case in the public eye, which may encourage a credit reporting agency to make a consumer whole.
Can I Hold Credit Bureaus Liable Under The Fair Credit Reporting Act If they Fail To Observe The Time Limit On My Debt?
The Fair Credit Reporting Act has a number of requirements for how long information can be reported. This can be helpful to a consumer who has older delinquencies. In some instances, a report could contain an error for having outstanding delinquencies that are supposed to age outside of the reporting time. These errors can be caused by the credit reporting agencies, or by a furnisher, through a process known as re-aging a debt. Including aged credit information is a disputable event. The consumer can file a dispute with the credit reporting agency, and the agency should appropriately remove the information. If the credit reporting agency fails to remove the information it could be a basis for liability.
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