June 18,2009
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Fixing Your Credit, Pt.3
Disputing Credit Report Items.After you have finished examining your credit card accounts, auto loans, mortgages, and other debt, take a look at the negative elements. These would include bankruptcies, judgments, credit card defaults, and collections. Any items that have been paid in full and continue to linger on the report should be resolved. Anything that is over seven years old should be disputed as well. You’ll have the capabilities of disputing items online; however, it is always best if you put it in writing. Tell the credit reporting bureau the information you believe to be inaccurate. Support your claim with copies of documents such as contracts, paid receipts, and cancelled checks or money orders. Do not send originals. List each item, credit card account, loan, etc. that you are disputing and explain why you are disputing the information. Additionally, include your request that the information be deleted or corrected.
When writing your letter, be sure to include your full name, address, and telephone number. It is also advisable to send a copy of your report with the items in dispute circled. Keep copies of your report and letter along with the original documents in a file for future reference. You might want to also include copies of any current credit card or loan statements. It is best to send your letter and all pertinent documents via certified mail, return receipt, so that you can keep track of all communication and proof that the credit bureau has received your request. If there were any discrepancies with balances on your credit card accounts, you should check your current statements and notify the bank of any unauthorized charges.
By law, the credit reporting bureaus must investigate all disputed items. It generally takes about 30 days for them to do so. They must notify the credit card company or organization responsible for reporting the information to them of the dispute. The reporting company must then investigate their records and respond back to the credit reporting bureau. The reporting organization must notify all three credit reporting bureaus to rectify the information on file. If your claim is rejected the first time, do not give up. Continue to dispute the item until you have received satisfaction.