2006-09-10 07:07:38 · 5 answers · asked by Anonymous in Business & Finance ➔ Credit
Start by reading the link below about the Fair Credit Reporting Act.
But generally here is an outline.
Get a copy of your credit reports (all three) from http://www.annualcreditreport.com
Carefully examine every line for errors.
Send out all letters by certified mail, return receipt. This is important, because if the creditor does not cooperate, or stonewalls you, then you need proof in order to file a lawsuit.
Send a dispute letter to the Credit Reporting Agency (CRA). They will contact the creditor who posted the entry and request that they "verify" the entry is correct. Note that they do NOT investigate anything. They will only ask the creditor if it's accurate, and if the creditor says it is, then the listing stays. But it will have a notation that the entry is being disputed (big deal....doesn't help your score).
At the same time, send a "demand to validate" the debt to the creditor/collection agency who posted the listing. Note that you must say you want it "VALIDATED". This is very important. It means they must send you copies of all contracts, bills, receipts, and everything they used to calculate what they claim you owe. They must prove that you have a legal obligation to pay this debt. They have 30 days to respond to this demand. If the dispute involves incorrect information, it must be corrected/deleted within this time.
If they do not respond, send a copy of the validation letter, along with another dispute letter to the credit reporting agency. Inform them that you want the listing deleted based on "lack of validation".
If, after all of this, the listing is still being reported, then you have fullfilled the requirements of the FCRA and you can file a lawsuit against the creditor and CRA's for $1000 each. If you have your proof of mailings, and whatever evidence you have to prove the listing is incorrect, or simply not yours, then you will easily win the lawsuit.
You do not need a lawyer to file a small claim. Just do a little research, read the links, and let me know if you need any more help.
2006-09-10 07:39:06 · answer #1 · answered by Anonymous · 2⤊ 0⤋
Call each of the three major credit reporting agencies (Equifax, Experian and one other one that I can't recall the name of right now, but a search will give you that name - Transunion maybe?). They will send you a form or set of forms with all the information you need.
You send in the form(s), and it takes 30 days for them to check it out and make any corrections. You are also given the opportunity/space on the form to add a brief comment about any mistakes or other things you'd like added to your report.
After the 30 days have passed you should then get new copies of the report to make sure the mistakes were removed.
2006-09-10 07:34:20 · answer #2 · answered by WhiteLilac1 6 · 0⤊ 0⤋
You can correct wrong info on your credit report, but the the "RATING" (credit score) will correct itself over time.
2006-09-10 09:25:50 · answer #3 · answered by CactusFlower 4 · 0⤊ 0⤋
I'm not really sure, but you can visit the following major credit reporting sites and seek help there.
www.experian.com
www.equifax.com
2006-09-10 07:23:56 · answer #4 · answered by Dick 7 · 0⤊ 1⤋
Try the links in http://www.hot8sites.com/credit-repair/
2006-09-10 07:13:00 · answer #5 · answered by Anonymous · 0⤊ 1⤋