You Have a Right to a Fair and Accurate Credit Report
According to credit bureau insiders estimates, more than 50% of all credit reports have errors. These errors are costing consumers millions of dollars in unfair interest rate charges and lost credit opportunities. And because the credit bureaus are so overwhelmed with information, consumers have very little chance of being heard when they have a dispute.
Under the law, you have a right to a fair and accurate credit report! Consumer reporting agencies must follow reasonable procedures when preparing a consumer report to assure maximum possible accuracy of the information about the consumer.
The First Step to a Fair and Accurate Credit Report is to Obtain a Copy of Your Report
As our society increasingly depends on the information in credit reports, it is vital that everyone check their credit reports regularly.
You can obtain a free credit reports in the following circumstances:
- Once each year.
- Within 60 days of being denied credit.
- When you have become a victim of identity theft.
- If you are unemployed and plan to look for a job in the next 60 days
- If you receive public assistance
You can download this form and send it to the following address to get a free copy of your annual credit report:
Annual Credit Report Request Service
P.O. Box 105281
Atlanta, GA 30348-5281
Or you can call the Annual Credit Report Request Service at 1-877-322-8228. If you have been denied credit within the last 60 days, the company that refused you credit is obligated to send you an "adverse action notice." This notice will have instructions on how to get a credit report from the bureaus that are reporting the negative information on you.
If you have already received your free credit report this year you can call the following numbers to purchase a copy of your report. The credit bureaus cannot charge more than $9.50 for this report.
Equifax: 1-800-525-6285
Experian: 888-EXPERIAN (888-397-3742)
TransUnion: 1-800-680-7289
Always request the copy of your credit report by regular mail and not over the internet. The terms and conditions credit bureaus try to force you to consent to over the internet can be unfair. For example, forcing you to waive your Constitutional right to a trial by a jury should you have a dispute which would prejudice your right to a free and fair trial.
If your credit report contains errors, you can and should write a dispute letter to the credit bureaus. The credit bureaus are obligated to conduct a reasonable reinvestigation of your dispute in order to determine whether the information is incorrect.
Following the investigation, the credit bureau must record the current status of the disputed information or delete the item from your file before the end of the 30-day period when the notice of dispute was received. If the credit bureau does not correct or delete the information, then according to the Fair Credit Reporting Act you the right to sue for damages. The Fair Credit Reporting Act also provides that the credit bureaus must pay attorneys' fees and court costs.
It should also be noted that there are hundreds of companies that will promise to "fix" your credit for a fee. These companies often promise more than they can actually deliver. Remember, the dispute process is not something that you should have to pay for. The law says that the credit bureau must perform a reasonable investigation of the information in dispute "free of charge."
Call an experienced Fair Credit Reporting Act attorney like Michael O’Connor before entrusting your credit reputation to a "credit repair mill."