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Credit Rating
Correcting Errors
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5 of 8 Credit
Rating
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You have the right, under the Fair Credit Reporting Act, to dispute
the completeness and accuracy of information in your credit file.
When a credit reporting agency receives a dispute, it must reinvestigate
and record the current status of the disputed items within a "reasonable
period of time," unless it believes the dispute is "frivolous
or irrelevant." If the credit reporting agency cannot verify
a disputed item, it must delete it. If your report contains erroneous
information, the credit reporting agency must correct it. If an
item is incomplete, the credit reporting agency must complete it.
For example, if your file showed that you were late in making payments
on accounts, but failed to show that you were no longer delinquent,
the credit reporting agency must show that your payments are now
current. Or if your file showed an account that belongs only to
another person, the credit reporting agency would have to delete
it. Also, at your request, the credit reporting agency must send
a notice of correction to any report recipient who has checked your
file in the past six months.
For those items in your credit profile which you feel deserve further
explanation (such as an account that was paid late due to the loss
of job, military call-up, or unexpected medical bills), you may
send a brief statement to the appropriate credit reporting agency.
The information will be placed on your credit profile and will be
disclosed each time your credit profile is accessed.
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