Credit Reports: How to Dispute Items & Correct Errors

Working in the finance industry, many people ask us how do I get something off my credit report? With many companies promoting that they can help fix your credit, check out this article on how you can dispute items and correct errors on your credit report yourself!

While working with the credit bureaus, keep in mind that they will only permanently remove information that is inaccurate or outdated. If an item is removed from your credit report because the credit bureau was unable to verify the information within 30 days, but the negative information is later verified by the creditor, then the negative item will be placed back on your credit report.

In the event of a correction to your credit report, you can also request the creditor or employer be notified of the correction. The Fair Credit Reporting Act (FCRA) is a federal law that regulates credit reporting agencies and compels them to make sure the information they gather and distribute is a fair and accurate summary of a consumer’s credit history. This law makes it necessary for the creditor who rejects your application based on your credit report to let you know. If you are denied credit because of your credit report, the credit reporting agency (credit bureau) that provided the information to the lender must provide you with a free copy of your credit report if you order it within 60 days of being denied credit. However, you must ask the lender for the name and contact information for the credit reporting agency, and order it within 60 days of the denial.

Other useful information: Bankruptcy filings stay on your credit report up to 10 years. A delinquent account can stay on your credit report up to 7 years from the date of the last payment. Judgments can show up on your credit report for up to 7 years from the date of the charge off or date the judgment was obtained or until the statute of limitation runs out (whichever is longer). Examine your credit report for inaccuracies, and then work to correct any errors. You can order or review your free credit report annually through annualcreditreport.com.

Any other questions regarding your credit? Leave a comment on what you would like to learn more about or if you have any specific questions!

Do you know anyone that wants to get their credit back on track? If so, check out these posts:

Credit Score Makeover PART 1  Here: https://wp.me/p58JVa-Fs

and PART 2 Here: https://wp.me/p58JVa-Fw

 

17 thoughts on “Credit Reports: How to Dispute Items & Correct Errors

  1. Keeping uo with credit reportibg companies can be a task. But it worked for me. I try to check every 3-5 years for updates. Great to have a financial company like yours to help!! Thanks.

    1. Thanks for taking the time to read the article and recommend topics. We appreciate your feedback. Have a great day 🙂

  2. Ava,

    Your article is an excellent resource !!! It is extremely thorough and the level of detail provided especially regarding specific timelines and procedures for credit corrections saves a lot of time searching for a myriad of resources to address how to deal with the various credit bureaus especially in this “hacker identity theft” climate. This article is a vital resource tool for people of all ages.

    Thank you !

    Z

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