- 13 Jan 2010 23:39
#13292586
As a reminder (for those in the US)
From the Fair Credit Reporting Act
page 52
Once per year, if you live in the US, you are entitled to a credit report from all three major credit bureaus.
The website, setup to comply with the act is here:
https://www.annualcreditreport.com/cra/index.jsp
This is not to be confused with services like FreeCreditReport.com who are looking to sell you a service.
There are many interesting items in the act.
Of note, bankruptcies stay on file for 10 years, all other negative items must be removed at 7 years.
And consumers have a right to dispute the accuracies of their credit report. The credit bureau is then forced to verify the information and if the creditor who reported it does not respond in a timely manner or verifying the item doesn't happen for some other reason, the negative item must be removed.
Page 46-50 details the dispute process
some snips:
From the Fair Credit Reporting Act
page 52
(a) Free Annual Disclosure
(1) Nationwide Consumer Reporting Agencies
(A) In general. All consumer reporting agencies described in subsections (p) and
(w) of section 603 shall make all disclosures pursuant to section 609 once
during any 12-month period upon request of the consumer and without charge
to the consumer.
(B) Centralized source. Subparagraph (A) shall apply with respect to a consumer
reporting agency described in section 603(p) only if the request from the
consumer is made using the centralized source established for such purpose in
accordance with section 211(c) of the Fair and Accurate Credit Transactions
Act of 2003.
Once per year, if you live in the US, you are entitled to a credit report from all three major credit bureaus.
The website, setup to comply with the act is here:
https://www.annualcreditreport.com/cra/index.jsp
This is not to be confused with services like FreeCreditReport.com who are looking to sell you a service.
There are many interesting items in the act.
Of note, bankruptcies stay on file for 10 years, all other negative items must be removed at 7 years.
And consumers have a right to dispute the accuracies of their credit report. The credit bureau is then forced to verify the information and if the creditor who reported it does not respond in a timely manner or verifying the item doesn't happen for some other reason, the negative item must be removed.
Page 46-50 details the dispute process
some snips:
§ 611. Procedure in case of disputed accuracy [15 U.S.C. § 1681i]
(a) Reinvestigations of Disputed Information
(1) Reinvestigation Required
(A) In general. Subject to subsection (f), if the completeness or accuracy of any
item of information contained in a consumer's file at a consumer reporting
agency is disputed by the consumer and the consumer notifies the agency
directly, or indirectly through a reseller, of such dispute, the agency shall,
free of charge, conduct a reasonable reinvestigation to determine whether
the disputed information is inaccurate and record the current status of the
disputed information, or delete the item from the file in accordance with
paragraph (5), before the end of the 30-day period beginning on the date on
which the agency receives the notice of the dispute from the consumer or
reseller.
(2) Prompt Notice of Dispute to Furnisher of Information
(A) In general. Before the expiration of the 5-business-day period beginning on
the date on which a consumer reporting agency receives notice of a dispute
from any consumer or a reseller in accordance with paragraph (1), the
agency shall provide notification of the dispute to any person who provided
any item of information in dispute, at the address and in the manner
established with the person. The notice shall include all relevant
information regarding the dispute that the agency has received from the
consumer or reseller.
(5) Treatment of Inaccurate or Unverifiable Information
(A) In general. If, after any reinvestigation under paragraph (1) of any
information disputed by a consumer, an item of the information is found to
be inaccurate or incomplete or cannot be verified, the consumer reporting
agency shall–
(i) promptly delete that item of information from the file of the consumer,
or modify that item of information, as appropriate, based on the results
of the reinvestigation; and
(ii) promptly notify the furnisher of that information that the information
has been modified or deleted from the file of the consumer.
- By Tainari88
- By wat0n
- By litwin