How to Update False Information on a Credit Report

Posted on : 20-07-2010 | By : Angela King | In : Credit Cards

Tags: Credit Report, Report

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There are many reasons why credit reports are requested, ranging from new business partnerships, prospective tenants or lease agreements, and loan/credit card application approval amongst others. While credit reports are often fairly accurate, there are some instances when the information contained on the report may be outdated or inaccurate.

Fortunately, there are ways to change the information contained on the credit report. When information is found to be inaccurate by the credit reporting agency it is usually removed from the report or revised within thirty days of the complaint.

What Information Can Be Revised?

Although it is not possible to dispute the actual credit score, there are many details contained on a credit report that can be disputed. The following information can be and has been disputed with success.

• Late Payments

False late payments are often reported to credit agencies by banks or financial institutions. These late payment notations can be proven to be inaccurate, especially with the proof of cancelled checks and statements that prove the payments were made on time.

• Outdated Information

Outdated information pertaining to the delinquencies of past account is often contained on credit reports. However, this information cannot be disputed until 7 years after the first delinquency was reported.

• Fraudulent or Unknown Accounts

It is very important to look for any credit accounts that are not familiar. Accounts that were opened by another party through means of identity theft should be taken very seriously. There are also instances when a credit account of an individual with a similar name is reported. In any case, false or fraudulent accounts can and should be removed from the credit report almost instantly with the right proof.

The Process of Filing a Dispute

The process of filing a credit report dispute is actually fairly simple, as long as the proper proof is contained within the dispute. The first step in filing a dispute is contacting the reporting agency through one of their main contact methods. Some agencies have online dispute forms on their web site. The best way to file any credit report dispute is to include a picture of the report along with a letter stating the discrepancies or errors found on the report. Be sure to draw an arrow to or circle any errors on the report and then number each erroneous instance. These numbers can be used to reference particular mistakes within the attached letter.

It is very important to be sure that all information pertaining to identity such as name, address, social security number and signature are included within the dispute letter, in order to facilitate expedited processing. After the dispute has been filed the credit reporting agency has 30 days to come to a conclusion about the dispute.