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Fair Credit Reporting - Questions &
Answers
What can I do about inaccurate
or incomplete information?
Under the new law, both the CRA
and the information provider have responsibilities
for correcting inaccurate or incomplete information
in your report. To protect all your rights under
this law, contact both the CRA and the information
provider.
First, tell the CRA in writing
what information you believe is inaccurate. 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 that they can correct this information
in your file.
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.
Second, 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 CRA, 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.
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