Mistakes On Your Credit Report: How To Dispute Them?

July 27, 2009 by MyOrbit · Leave a Comment
Filed under: Banking, Employment, Money & Finance 

Question: My credit reporting company has made a mistake on my credit report, and due to that mistake, suddenly I am not able to get the student loan from the bank which had agreed in principle till now. This student loan is much needed for my MBA program this year (at an ivy league b-school). As you probably know, this year banks seem to be using every opportunity to deny loans. Please help!

Answer: You can surely dispute mistakes on your credit report. Under the Federal Credit Reporting Act (FCRA), both the consumer reporting company and the information provider (that is, the person, company, or organization that provides information about you to a consumer reporting company) are responsible for correcting inaccurate or incomplete information in your report. To take advantage of all your rights under this law, contact the consumer reporting company and the information provider.

Step One
Tell the consumer credit reporting company, in writing, what information you think is inaccurate. Include copies (NOT originals) of documents that support your position. In addition to providing your complete name and address, your letter should clearly identify each item in your report you dispute, state the facts and explain why you dispute the information, and request for its removal or correction. You can enclose a copy of your report with the items in question circled. Send your letter by certified mail, “return receipt requested,” so you can document what the consumer reporting company received. Keep copies of your dispute letter and enclosures.
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