THE DISPUTE METHOD
In many of our previous blogs we have discussed that you do indeed have the right to review your credit report. This means you have the right to challenge inaccurate and false information! It is within your rights to have this information removed from your report, and to have it be removed after a certain period of time.
One of the methods used to remove this information is the dispute method. This is used to dispute credit bureaus and creditors, removing or correcting inaccurate or unverified information. After doing this the credit bureau has 30 days to investigate the report. If your claims prove to be true they must delete the information from your report.
In the Fair Credit Reporting Act, there are some sections in particular that deal with dispute, it would be wise to become familiar with them and all of your rights! Check out sections 604, 605, 609, 610, and 611.
Section 611 is the heaviest of all the sections. (but the most important!)
Credit bureaus are REQUIRED to investigate your claims of misinformation
If the investigation does not solve the problem, the consumer can file a brief statement
When a statement is written the bureau must give reason behind the rejected claim
After incorrect information is deleted, by the consumers request, the credit bureau is to notify you that it has been deleted
It is important that even going through this process is taxing and time consuming, the results are well worth it. Getting false and negative information removed of your credit report is a great way to begin raising those scores!
Remember; if after the investigation and your first written statement the bureau does not remove information you deem to be false/inaccurate you can still file another statement after reinvestigation to be held on record.
Stay tuned to learn how to dispute these items!
Information pulled from:
Notley, S. Credit solutions: Proven strategies to establish and re-establish your credit. The Manning Group
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Solutions Team
