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The Truth:
No one can legally remove accurate and
timely negative information from a credit report. But the law does allow you to
request a reinvestigation of information in your file that you dispute as
inaccurate or incomplete. There is no charge for this. Everything a credit
repair clinic can do for you legally, you can do for yourself at little or no
cost. According to the Fair Credit Reporting Act:
- You are entitled to a free
copy of your credit report if you've been denied credit, insurance or
employment within the last 60 days. If your application for credit,
insurance, or employment is denied because of information supplied by a
credit bureau, the company you applied to must provide you with that credit
bureau's name, address, and telephone number.
- You can dispute mistakes or
outdated items for free. Ask the credit reporting agency for a dispute form
or submit your dispute in writing, along with any supporting documentation.
Do not send them original documents.
Clearly identify each item in
your report that you dispute, explain why you dispute the information, and
request a reinvestigation. If the new investigation reveals an error, you may
ask that a corrected version of the report be sent to anyone who received your
report within the past six months. Job applicants can have corrected reports
sent to anyone who received a report for employment purposes during the past two
years.
When the reinvestigation is complete, the credit bureau must give you the
written results and a free copy of your 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.
You also should tell the creditor or other information provider 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.
If the reinvestigation does not resolve your dispute, have the credit bureau
include your version of the dispute in your file and in future reports.
Remember, there is no charge for a reinvestigation.
Reporting
Negative Information
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