Day 13 of 30 Day Credit Tips: Myth #5
Today is Day 13 of 30 Day Credit Tips: Myth #5: It is illegal or immoral to have the information on your credit report altered or removed? As I talk to my clients one of the biggest topics we discuss is ” Is it illegal to have information altered or removed off my credit report”? The answer is “NO”!
Hopefully this information will show you some of your rights as it pertains to your credit file and disputing inaccurate information.
Your Rights Under the FCRA
According to the Fair Credit Reporting Act (FCRA) you as the consumer have the right to know what is in your file and you have the right to ask for a credit score. You may request and obtain all the information about you in the files of a consumer reporting agency.
You will be required to provide proper identification, which may include your social security number. In many cases, the disclosure will be free.
You are entitled to a free file discloser if:
- A person has taken adverse action against you because of information in your credit report;
- You are the victim of identity theft and place a fraud alert in your file;
- Your file contains inaccurate information as a result of a fraud;
- Your are on public assistance
- You are unemployed but expect to apply for employment within 60 days.
A copy of any supporting documents will be requested.
Disputing Incomplete or Inaccurate Information
You also have the right to dispute incomplete or inaccurate information. If you identify information in your file that is incomplete or inaccurate, and report it to the consumer reporting agency, the agency must investigate unless your dispute is frivolous.
Consumer reporting agencies must correct or delete inaccurate, incomplete, or unverifiable information. Inaccurate, incomplete or unverifiable information must be removed or corrected, usually within 30 days.
However, a consumer reporting agency may continue to report information it has verified as accurate.
Consumer reporting agencies may not report outdated negative information.
In most cases, a consumer reporting agency may not report negative information that is more than seven years old, or bankruptcies that are more than 10 years old.
For more information, including information about additional rights, go to www.ftc.gov/credit or write to:
Consumer Response Center, Room 130-A, Federal Trade Commission, 600 Pennsylvania Ave. N.W., Washington, D.C. 20580.
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PS: There are 10 Credit Myths the Credit Agencies don’t want you to know so you can protect your assets. To get your copy of this free report click here.
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