Have you discovered incorrect items on your Experian credit report? The very first step to cleaning up credit report information is to file a dispute with Experian directly.
Your will need a current and updated copy of your Experian credit report. You can get this for free according to federal law by visiting http://www.annualcreditreport.com. Your given one free report per year.
Once you get your credit report you need to review it closely. The items that you believe are incorrect is what you need to identify. The incorrect information is what you will dispute. The Fair Credit Reporting Act is a federal law and it entitles you to dispute any item on your credit report, that you believe is incorrect.
3 Ways To File An Experian Credit Dispute
It appears they encourage you to file your Experian dispute online by visiting http://www.experian.com/disputes/main.html. You can however can file your credit report dispute over the phone or by mail. This contact information is contained on your credit report.
What Happens After You File Your Experian Dispute?
First, Experian is going to deem your dispute valid or invalid. If your dispute is valid they will investigate it by contacting the lender or creditor. More often your dispute is going to be found invalid. Critics of the credit bureaus say there needs to be more oversight and enforcement.
Did you know the credit bureaus are not government agencies? They are a 100% for-profit businesses, just like Walmart and Target. Few folks, are aware that when credit bureaus investigate a dispute. They are actually spending money on time and resources.
This money is otherwise profit for the credit bureaus. The Fair Credit Reporting Act the federal law, passed by Congress in 1970. This requires the credit bureaus to investigate consumer disputes. The credit bureaus have a history of ignoring consumer disputes in violation of this law.
The Federal Trade Commission or FTC actually fined all 3 of the credit bureaus collectively $2.5 million as recently as 2000. If you are lucky enough to get a valid dispute submitted then Experian will conduct an investigation.
During their investigation they will contact the collection agency or the creditor that has reported the negative information about you on your credit report. They will ask them for verification of your account and details about your account.
When the credit bureau investigates the lender has 30 to 45 days to respond but according to the Experian website typically responds within 14 days. If your account is verified during the investigation. The information such as the dates of last activity or balance can be updated.
If your account is not verified during the investigation. Then, in compliance with the Fair Credit Reporting Act the item must be removed from your credit report. We would strongly encourage you to contact one of the top credit repair companies if you have any difficulty removing incorrect information on your credit report.
According to research 79% of all credit reports contain an error. This error could be significantly damaging your credit score. Take action today with a free credit consultation by calling toll-free 1-877-418-7596. And for more bad credit help with Dan Willis sign up for our free newsletter.
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