How do you correct errors in your credit report? By law, credit bureaus are responsible for investigating and correcting inaccurate or incomplete information on your credit report. To have them do so, you must contact the credit bureaus in writing to inform them of the information you believe is inaccurate. In addition to your name, address, and Social Security Number, your letter should state each item in the report that you dispute, what you believe to be the correct information and why. Request a correction and include copies of any documents that support your position. You may want to enclose a copy of your report with the specific items circled. Send the letter by certified mail and request a return receipt so you can document that the credit bureau received your letter. Keep copies of all of your correspondence.
Credit bureaus are required to investigate disputes within 30 days (unless they consider your
dispute frivolous). They must also notify the creditor involved, as well as all other credit bureaus,
of the correct information. Finally, they must give you a free copy of your credit report if the
dispute results in a change. We have included a sample dispute letter for your reference:
What about negative information in your credit report?
Negative information may appear in your credit report if you have ever made late payments, declared bankruptcy, or gone to a collections agency, etc. Most information – positive and negative – remains on your credit report for seven years. Exceptions to this rule are:
Credit bureaus are required to investigate disputes within 30 days (unless they consider your
dispute frivolous). They must also notify the creditor involved, as well as all other credit bureaus,
of the correct information. Finally, they must give you a free copy of your credit report if the
dispute results in a change. We have included a sample dispute letter for your reference:
What about negative information in your credit report?
Negative information may appear in your credit report if you have ever made late payments, declared bankruptcy, or gone to a collections agency, etc. Most information – positive and negative – remains on your credit report for seven years. Exceptions to this rule are:
- Bankruptcy information may remain on your report for 10 years
- Information about a lawsuit or an unpaid judgment against you can be reported for seven
- years or until the statute of limitations runs out, whichever is longer
- Information about criminal convictions has no time limit
- Credit information reported in response to an application for a job with a salary of more
- than $75,000 has no time limit
- Credit information requested for an application for more than $150,000 worth of credit or
- life insurance has no time limit