A common problem, before and after bankruptcy, is inaccurate information on your credit report. With so many companies and collection agencies reporting to the credit bureaus on so many individuals, errors occur, probably more frequently than you realize.
The Fair Credit Reporting Act is a set of laws that provide protection for consumers from this inaccurate reporting of credit information. Under the FCRA, you have the right to dispute any item on your credit report, and the credit bureau and the company or organization that reported the information to the credit bureau are responsible for correcting the inaccurate information.
If you have inaccurate information on your credit report, here are the steps to follow to get that information corrected:
First, tell the credit bureau, in writing, specifically what information is inaccurate in your report. This is often referred to as a dispute letter. Here is a link to a sample dispute letter provided by the Federal Trade Commission: http://www.consumer.ftc.gov/articles/0384-sample-letter-disputing-errors-your-credit-report.
If you have any documents that support the inaccuracy of the information in your credit report, include copies of those documents with your dispute letter.
The credit bureau should investigate your dispute and provide you the results in writing. This usually occurs within thirty (30) days of the credit bureau receiving your dispute letter.
Second, tell the company or organization that reported the inaccurate information to the credit bureau, once again, in writing, that you dispute an item in your credit report. The Federal Trade Commission has provided a sample of this letter as well: http://www.consumer.ftc.gov/articles/0485-sample-letter-disputing-errors-your-credit-report-information-providers.
Once again, it is helpful to include copies of documents that support the inaccuracy of the information with your dispute letter.
If the company or organization continues to report the information you believe is inaccurate to the credit bureau, it must inform the credit bureau of your dispute. If, upon inquiry following your dispute letter, the information is found to be inaccurate, the company or organization must inform the credit bureau in order for the information to be corrected or deleted.
It is generally a good idea to pull your credit report a few months after a resolution of inaccurate information to ensure that the credit bureau is now reporting the correct information. The FCRA requires that each of the nationwide credit bureaus provide you a free copy of your credit report, upon your request, once every 12 months. You can order your free annual reports at www.annualcreditreport.com or by calling 1-877-322-8228.
Don’t let yourself be a victim of inaccurate credit reporting. At O’Bryan Law Offices, we encourage our clients to check their credit reports periodically, even after their bankruptcy case is discharged, in order to ensure that the information being reported is accurate.
We look forward to working with you to evaluate your specific financial situation and answer your questions. Call us today at 502-339-0222 to make an appointment for a free consultation with one of our experienced bankruptcy attorneys.
