January 11, 2010
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New Year; New Decade; New Lease on Life, Pt.4
Put it in writing.Although you'll have the capabilities of disputing items online, you should consider putting it in writing so that you have a record. When filing the dispute, list any item you believe to be inaccurate including credit card accounts, loans, etc. Request that the agency delete or correct any discrepancies. Clearly state your reason for dispute and support your claims with copies of contracts, paid receipts, credit card statements, or cancelled checks; never send originals. Be sure to include your full name, address, email address, and telephone number on your claim. It's also advisable to include a copy of your credit report with the disputed items circled. Retain copies of all the items you send. Include copies of any current credit card or loan statements as well.
Send your letter and document copies via certified mail, return receipt. Keep an accurate record of all communication. The law requires the credit bureaus to investigate all disputed items. They must contact the credit card company or organization involved in the dispute. The company investigates the disputes and reports back to the bureau that is required by law to provide you with the investigative results in writing as well as an updated credit report. If the organization determines the information is accurate, such as the credit card company, the bureau must provide written notice to that effect. If the information is determined to be false, the item must be deleted and the company is prohibited from reinstating the information. The law also requires that the organization provide the corrected information to anyone who requested your report within the past six months as well as the other two credit bureaus.
If your claim is rejected, don't give up. It often takes two or three attempts before receiving satisfaction. Finally, if the dispute has not been resolved, for a small fee, you can request that the credit bureau include an explanation of the dispute in your file. Now that you have cleared up your report, protect it in the future by paying your bills on time. Arrange auto payments on all credit card accounts and loans. Satisfy medical, cable, and phone bills before they get sent to collections. Start this New Year and decade off with a new lease on life.