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Best Ways to Fix Credit-Report Problems
Eric Gertler
Privista
Special from Bottom Line/Personal
If you have proof that an item on your credit report is incorrect, contact
the creditor or lender. The creditor is required under the federal Fair
Credit Reporting Act to update credit-reporting agencies, usually within 30
days.
In a letter, state the disputed item... how it is inaccurate... and how it
should be fixed. Always include your full name and account number and
copies of original documents. Send correspondence return receipt requested.
If you cant resolve a problem with a lender or creditor, get a copy of
your credit report from the reporting agencies...
Equifax, www.equifax.com.
Experian, www.experian.com.
TransUnion, www.transunion.com.
It is easiest to send written documentation of the inaccuracy to one of the
credit-reporting agencies. It will make changes to your report if its
investigation proves you correct. The other agencies will eventually pick
up the corrected information, but to ensure prompt correction, contact all
agencies directly.
Ask the agencies to send the corrected report to every company that
received an inaccurate report in the past six months (or two years for
employers who have requested your credit report).
If you cant resolve a disputed item, write an explanation of up to 100
words. The credit agency should make this part of your file. If you believe
a creditor or credit-reporting agency has not responded fairly or promptly
to your situation, contact the Federal Trade Commission, www.ftc.gov.
Caution: Avoid credit-repair companies that guarantee to clean up your
credit report. By law, negative information may be removed only if it is
inaccurate or the reporting period -- seven years or, in the case of
bankruptcy, 10 years -- has expired.
First Printed: April 15, 2002
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Bottom Line/Personal interviewed Eric Gertler, president and CEO of
Privista, privacy and credit-management consultants, New York City.
www.privista.com.
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www.bottomlinesecrets.com
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