What Credit Bureaus Wont Tell You

  1. Each item on your credit report must be proven or it cannot remain in the report. If the credit bureau cannot verify the item when investigated, it must be removed from your file whether or not it’s true.

  2. Every negative entry on your report can be denied or challenged at any time. The bureau must reinvestigate and if that item cannot be verified within a “reasonable amount of time”, it must be removed from the file.

  3. Items when challenged can be mistakenly erased. Consumers say they often experience computer operator mistakes.

  4. Many times the creditor does not re-verify in time or the credit bureau is busy and does not handle your dispute properly. It must then be deleted.

  5. The older an item, the more difficult re-verification is. It is possible it cannot be verified because records may no longer exist after 1 or 2 years.

Your Six Basic Rights under The Fair Credit Reporting Act

  1. You, the consumer, have the right to challenge the accuracy of your credit report any time.

  2. The credit bureaus must reinvestigate anything you challenge without a charge.

  3. The credit bureaus must reinvestigate within a reasonable amount of time. 30 days constitutes a “reasonable amount of time” unless the bureau notifies you otherwise (so keep accurate records).

  4. If the credit bureau finds an error in the challenged item, they must delete or correct that information in your files immediately.

  5. If the credit bureaus cannot or do not confirm the challenged item within 30 days, they must delete that information from your files immediately.

  6. You have the right to submit a Consumer Statement of your view of the problem. If you, as a credit consumer, dispute the accuracy of certain information in your credit report and it is verified by the creditor as correct, then the credit bureau is required to include your explanation of your dispute, if you request, in your credit report. Limit your explanation to no more than 100 words.

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