Getting Your Credit Reports
Be sure you order the reports from all three credit report agencies. If you have not ordered a report within the last 12 months, you are entitled to free copies through www.annualcreditreport.com. That is the only entity where they are truly free. Other similar sites will actually bill you. If you have ordered a report within the last 12 months, you will pay about $15, per agency, for another one.
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What Do I Look For Once I Get The Reports?
Look in the “public records” section to make sure that there are no erroneous judgments or liens against you. If you have filed bankruptcy, those should be listed as either “included in bankruptcy” or “satisfied”. Make sure the accounts listed are yours and that any closed accounts actually show closed. If you pay on time and see delinquencies, that’s a problem. In other words, look for anything that doesn’t seem correct.
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I Found A Mistake – Now What?
The first step is to dispute the debt, in writing, with the credit reporting agency. They all have online dispute processes, but I always tell my clients to do it by certified mail. Then you have a copy that a human actually has signed for and the agency cannot claim they did not get it. This proof will be important if you have to go to court. Copy the page with the mistake and highlight the problem. There are a number of sample dispute letters online or often an attorney will send you one at little to no charge. The agencies are notorious for changing their PO box addresses, so be sure to search online for the latest one.
How Long Before I Know Something?
Under federal law (the FCRA) the agency has to verify the debt within 30 days of receiving your request. That means they contact the creditor to check the accuracy of the entry. If their investigation comes up with an error, they have to either fix it or delete the entry. In my experience, the vast majority of errors are fixed within the time limit, and the agency will send you a corrected report as proof.
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What If It’s Still Wrong?
Then it’s probably time to consult a Consumer Law attorney in your area who deals with debt and credit report problems – especially if you have declared bankruptcy. There are a variety of remedies available to you depending on who (the agency or the creditor) is at fault for the error.
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