How Do I Fix My Credit Report?

Inaccurate information in credit reports adversely affects ability to get loans and credit cards from lenders, as this information is retained by the Reporting Agencies. If this happens you, here's a detailed description on How To Fix Your Credit Report.

If you were recently turned down for credit, then you should contact the Credit Reporting Agencies as soon as possible. If you are working, then you must pay for a copy of the report. This costs around $15.00 US dollars from each Credit Reporting Bureau. (Addresses of the Credit Reporting Agencies are listed at the bottom of this page.)

If you're unemployed or on welfare state benefits, or plan on looking for work within the next 60 days, or your credit file is inaccurate because of fraud, Print this free credit report request letter and send it to all 3 bureaus. This will enable you to get a copy of your credit file free of charge.

(Important Update: Because of changes to the law you are entitled to one free annual credit report per year.)

When sending any documentation, don't send original documents, as you may need these as evidence. Always send copies instead and certify each copy as follows:

1. "I certify this document a true copy of the original."
2. Signed, Full Name
3. Insert the Date, and
4. Time

It's an idea to make extra copies of any documentation you send, then file this somewhere safe for easy reference in future. If you need to make a telephone call, make a note of the name of the person you spoke with including the date and time.

How to Contact the Credit Reporting Agency

Contact the Credit Reporting Agency holding erroneous information about you. This will enable you to obtain a copy of your credit file which - depending on the circumstances - may be free of charge.

Once the Credit Reporting Agency receives all evidence of the inaccuracy, they will review your request and decide whether an investigation is needed. The Credit Reporting Agency will also notify the creditor that reported the inaccurate information about you for investigation.

Whenever creditors receive complaints from the Credit Reporting Agencies, they also complete their own investigation and report back with the Credit Reporting Agency. Whenever the creditor completes its investigation and reports its findings to the Credit Reporting Agency, the Credit Reporting Agency - if appropriate - will update their records containing the information and make any necessary corrections. The Credit Reporting Agency will notify you of any corrections.

How to Contact Creditors regarding Disputes

There are times when you should contact the creditor or lender before contacting the Credit Reporting Agency. This is a good idea if you suspect fraud. You will find most creditors have procedures in place for disputing items on account. So if you have evidence of any inaccuracies, your dispute should be resolved quickly.

Where the creditor finds that the disputed item is incorrect, the FAIR CREDIT REPORTING ACT requires that creditor to update its own records and notify the Credit Reporting Agency within 30 days. The law, however, provides that some smaller creditors (those who do not liaise regularly to the Credit Reporting Agencies), are not required to notify the Credit Reporting Agency following any dispute. If this is the case, you will need to contact the Credit Reporting Agency directly.

Remember always to follow up telephone calls with a letter. List each disputed item, and state clearly in what way it is inaccurate. Remember to attach copies of all relevant documents, including your full name, account number, the amount in question. State the reason you believe the item is wrong.

Contacting all the Credit Reporting Agencies

If you happen to find an inaccuracy with one Credit Reporting Bureau, it may be a good idea to contact all three Credit Reporting Agencies to see whether their files show the same error. It's possible, too, that the other CRAs may not have received any updated information regarding inaccuracies in your credit file. It's advisable you contact each of the three Credit Reporting Agencies individually.

Checking that Errors in your Credit Report are Fixed

According to the law, after thirty days the Credit Reporting Agency should notify you of the outcome from its investigation and provide you, free of charge, an updated fix copy of your credit report. It's advisable you make sure to check your new credit report to ensure that the inaccuracy has been fixed or removed.

The "100-word statement"

It's your right to file a brief statement with the Credit Reporting Agency about any disputed item in your credit report. This is called "The 100 Word Statement". In the statement explain the nature of your disagreement. Try to limit it to approximately 100 words. Be aware that if your statement is longer than 100 words, the Credit Reporting Agency may limit it to around 100 words. The 100 Word Statement becomes part of your credit report file and will be viewable by any creditor who accesses your credit report file.

Here are the three major CRAs

Contact the CRAs listed in the Yellow Pages under "credit" or "credit rating and reporting." Because more than one CRA may have a file on you, call each until you have located all the agencies maintaining your file. The three major credit bureaus are:

This concludes information on How To Fix Your Credit Report.

Other helpful information:

What to do if you suspect Stolen Identity or Credit Fraud:
Here's what to do if you suspect fraud - such as stolen identity; if you suspect this has happened you, then you'll need to contact the Credit Reporting Agencies and explain the situation. The next step is to report the fraud police and your creditors.

New article: Identity Theft - How To Tell If You're A Victim.

Print this free credit report request letter and send it to all 3 bureaus. This will enable you to get a copy of your credit report free of charge.

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