It is vital to check your credit report on a regular basis to check for its accuracy and completeness. The three leading credit reporting agencies, including Equifax, TransUnion, and Experian, are required under the law to provide you with a free personal credit report one time every year. You should check your credit report thoroughly looking for any errors, and making sure all the information is complete.If you find any errors, or believe portions of your report are incomplete, you have the right to file a dispute with the credit reporting agency. Examples of incorrect information may includes accounts that are not under your name or incorrect balances. An example of a incomplete credit report is an account that was delinquent, but you are now current with your payments. The credit report must show that your are now current and no longer delinquent with payments.
According to the Fair Credit Report Act (FCRA), each credit reporting agency is required to perform an investigation each time a dispute is filed. The agency can under certain circumstance dismiss the dispute if they deem it to be irrelevant or frivolous. All other disputes must be investigated within a reasonable amount of time. Through this investigation, the information that is currently on your credit report must be verified or they must delete the information. Likewise, if the investigation reveals any inaccuracies, the credit reporting agency must make the necessary corrections.
Once an appropriate change or deletion is made to your account, the credit reporting agency must send this new information out to everyone who has requested your credit report for at least the last six months. This allows each requester to be instantly notified of the correction to your credit report.
In addition, if you had a life circumstance in your life that may have affected your credit report, you can submit a brief statement to the credit reporting agencies explaining your circumstance. Some of these life circumstance could include unexpected major medical bills, loss of job, death of spouse, or active military duty. The credit reporting agencies will attached this statement to your credit report and send it with your report each time it is accessed.
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