The Inaccuracies in Credit Reports

Inaccurate information contained in credit reports is widespread, estimates that nearly 50% of the credit reports contain some type of inaccurate information. Some of the errors are serious enough to prevent you from qualifying for credit. Credit reports have errors of some kind and the only way they are corrected is at your request.  You are the person with the vested interest in the report, the credit bureau is paid each time it provides your report, regardless of the accuracy of the items it contains. Serious errors like false delinquencies and judgments that  don't belong to you will prevent you from obtaining credit. I have personally seen credit reports that listed a consumer as deceased, try getting a loan if you are dead. (death seriously impedes your ability to repay) 

 

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The Fair Credit Reporting Act * FCRA

The FCRA is designed to promote accuracy and ensure the privacy of information used in consumer reports. Recent amendments to the Act expand your rights and place additional requirements on CRAs. Businesses that supply information about you to CRAs and those that use consumer reports also have new responsibilities under the law.  The laws established by this act require the credit reporting agencies to remove all obsolete, inaccurate, irrelevant, outdated, misidentifying, incomplete, incorrect, erroneous, and misleading information from their credit reports.

Specifically, if the completeness or accuracy of any item in a consumer's file at a credit reporting agency is disputed, the agency shall reinvestigate free of charge and record the current status of the disputed information, or delete the item, before the end of the 30-day period beginning on the date on which the agency receives the notice of dispute.

Additionally, the credit reporting agency shall promptly provide notification of any dispute to anyone who provided any item of information in dispute. If an item is found to be inaccurate or incomplete or cannot be verified, the credit reporting agency shall promptly delete the item, or modify the item, as appropriate, and notify the consumer no later than 5 business days after the completion of the reinvestigation.

The credit reporting agency must also provide the consumer with a description of the procedure used to determine the accuracy, including the business name, address and telephone number of any furnisher of information, must be made available to the consumer upon request. This description of the reinvestigation procedure must be provided within 15 days of the request.

The applicable laws are in USC, Title 15, Chapter 41, entitled Consumer Credit Protection. The laws relating to credit bureaus are  in Subchapter III of the above cited chapter, entitled Credit Reporting Agencies. The laws which detail requirements relating to information contained in credit reports are found in 15 USC 1681c. The laws which require credit reporting agencies to assure maximum possible accuracy are found in 15 USC 1681e.

 

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The Credit Industry

The Inaccuracies in Credit Reports

The Fair Credit Reporting Act * FCRA

The steps required to restoring your good credit

Getting a copy of your credit report

Review Your Credit Report for Inaccuracies

Correcting Inaccuracies

Collection Agencies and your credit file

How to settle a debt and negotiate a settlement

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