Your Rights under the
Fair Credit Reporting Act
Under penalty of law, the Fair Credit Reporting Act (F.C.R.A.), neither the credit bureaus, nor the company providing the information to them, can put inaccurate… misleading... or incomplete information on your credit report.
And they must correct it once it is discovered and brought to their attention!
If you believe something on your report is incorrect then in order to protect all your rights under this law, you would contact both the credit bureau and the individual company providing the information.
First, tell the credit bureau in writing what information you believe is inaccurate. Credit bureaus must reinvestigate the items in question - usually within 30 days - unless they consider your dispute frivolous. They also must forward all relevant data you provide about the dispute to the information provider.
After the information provider receives notice of a dispute from the credit bureau, it must investigate, review all relevant information provided by the credit bureau, and report the results to the credit bureau. If the information provider finds the disputed information to be inaccurate, it must notify all nationwide credit bureaus so that they can correct this information in your file.
When the reinvestigation is complete, the credit bureau must give you the written results and a free copy of your credit report if the dispute results in a change. If an item is changed or removed, the credit bureau cannot put the disputed information back in your file unless the information provider verifies its accuracy and completeness, and the credit bureau gives you a written notice that includes the name, address, and phone number of the provider.
Second, tell the creditor directly, in writing, that you dispute an item. Many providers specify an address for disputes. If the provider then reports the item to any credit bureau, it must include a notice of your dispute. In addition, if you are correct, that is, if the information is inaccurate, the information provider may not use it again.
TWO COMMON LEGAL QUESTIONS REGARDING CREDIT REPORTS:
Can a Credit Report Contain Other, Unrelated Personal Information?
No. Your consumer credit report does not contain information about your race, religious preference, medical history, personal lifestyle, personal background, political preference or criminal record.
How long Does Information Stay on My Credit Report?
Positive credit information remains on your report indefinitely, although information about an account will cycle off your report if no new information is reported about it for seven years. (Thus, a closed account will disappear from your report seven years after it is reported closed by the credit grantor.)
Most negative information remains for up to 7 years. Bankruptcies remain on your credit report up to 10 years. Other public record information can remain for up to 7 years.
Most inquiries stay on your credit report for up to two years.