What is the best way for me to dispute an item on my credit report?

Question

I just closed a mtg refi. My lender found a $3500 chargeoff on my credit report. I called the company who placed the item. They could not find anything with partial acct # provided on the report. Had them cross-reference my social security #--nothing.

I spoke to a rep (in India, maybe?). Was asked to fax all info that I have to them. I don't have info. I need THEM to provide info since they are the ones who placed this item on my report.

What is the best way to handle this? Deal with the creditor and hope they rescind the item on report. Deal with the reporting agency and hope, since I don't any documents, that they see merit in this case and proceed. Or, pay a local atty a fee to handle this?

When contacting the creditor about this, I was switched repeatedly to/from different reps. I sensed a run-around and don't want this to get long and drawn out.

What is the most sensible course for resolution? The path of least resistance? I don't want a headache.

Answer 1

Send a letter to each of the reporting agencies (Trans Union, Equifax & Experian) telling them about this charge off you found on your credit report. Explain how you contacted the company but received the run around. That they were unable to provide you with the doucamentation about the charge off.

The reporting agencies will contact the company to validate the charge off. If the company falls to comply it will be taken off your credit report. The company who reported the charge off has to prove it was you. Just like the whole until proven guilty thing :)

You can also do it online at this TransUnion link and most likely they will forward it on to the other 2 agencies (https://annualcreditreport.transunion.com/entry/disputeonline)

Answer 2

First, tell the credit reporting agency (CRA) in writing what information you believe is inaccurate. Include copies (NOT originals) of documents that support your position. In addition to providing your complete name and address, your letter should clearly identify each item in your report you dispute, state the facts and explain why you dispute the information, and request deletion or correction. You may want to enclose a copy of your report with the items in question circled. Your letter may look something like the one on page 7. Send your letter by certified mail, return receipt requested, so you can document what the CRA received. Keep copies of your dispute letter and enclosures.

CRAs 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 CRA, it must investigate, review all relevant information provided by the CRA, and report the results to the CRA. If the information provider finds the disputed information to be inaccurate, it must notify all nationwide CRAs so they can correct this information in your file.

Disputed information that cannot be verified must be deleted from your file.

If your report contains erroneous information, the CRA must correct it.

If an item is incomplete, the CRA must complete it. For example, if your file showed that you were late making payments, but failed to show that you were no longer delinquent, the CRA must show that you’re current.

If your file shows an account that belongs only to another person, the CRA must delete it
When the reinvestigation is complete, the CRA 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 CRA cannot put the disputed information back in your file unless the information provider verifies its accuracy and completeness, and the CRA gives you a written notice that includes the name, address, and phone number of the provider.

Also, if you request, the CRA must send notices of corrections to anyone who received your report in the past six months. Job applicants can have a corrected copy of their report sent to anyone who received a copy during the past two years for employment purposes. If a reinvestigation does not resolve your dispute, ask the CRA to include your statement of the dispute in your file and in future reports.

Although the FTC can't act as your lawyer in private disputes, information about your experiences and concerns is vital to the enforcement of the Fair Credit Reporting Act. Send your questions or complaints to: Consumer Response Center - FCRA, Federal Trade Commission, Washington, D.C. 20580.

Answer 3

Write a letter to the 3 main credit reporting agencies stating the actions you have already taken in contacting the business - your reasons for disputing this - any information that can help you that you think is pertinant and send it to them. Also you can call the credit reporting agencies Equifax, eqperian & trans union - they can give you more in depth answers.

Answer 4

Contact the credit report agency
they have to contact the company which you have the question/problem about
that company has 30 days to respond back with a answer- if no answer the problem in question is immediately removed
if they respond back .. it must be with proof it is legit

if/when the problem is removed.. contact the other 2 credit reporting agencies with the info.. they have to remove it too

Answer 5

There's an online article called "How to Dispute Credit Report Errors" at the site listed below that includes detailed instructions and a sample dispute letter.

Answer 6

I agree with some of the other answers. You need to dispute this account with the credit reporting agency who is reporting. Tell them you do not have any knowledge of this account and if they verify ask them to let you know how they verified this information. They have 30 days to investigate if they can't find information out, then they must delete.

Answer 7

You have a legal right to offer your position if you disagree with anything in your credit report. Reply in writing,telling your side,send it registered mail,and check back in 30 days to see if your credit history has been corrected.
You might also read books like Suze Orman,or other financial gurus,to learn more about your rights and responsibilities.

Answer 8

Just dispute the item. The original reporter has 30 days to verify that it is real, otherwise it has to be removed. Sounds like they will have trouble verifying it.

Answer 9

I dealt with a problem like this once for my elderly mother, she began getting payment demands from a finance company she had never had business with. I called my states attorney generals office and gave them my information and the address of the loan company and believe me it was handled very quickly ! They couldn't provide any information of any dealing with my mother and were in deep trouble .

Answer 10

contact the creditor in writing stating that you are disputing the item. they must respond to you asking for more information unless you tell them everything upfront. recheck your credit report in a few months and cross your fingers.