What Can I Do If I Suspect That My Credit Report Contains Inaccurate Or Erroneous Information That Adversely Affects My Credit Score? - CREDIT REPORT

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TODAY'S SAVING TIP A company that gathers and sells credit information is called a consumer reporting agency (CRA). These types of companies collect information about your credit activities, store it in giant databases, and charge a fee for supplying the information. ... Read more

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CREDIT REPORT: What can i do if i suspect that my credit report contains inaccurate or erroneous information that adversely affects my credit score?

Review your credit report. Under federal law, if you have been denied credit or insurance, if you are on welfare or unemployed, or if you are the victim of identity theft, you are entitled to a free copy of your credit report from the credit reporting bureau.

However, even if you are not eligible for a free copy of your report, most consumer groups suggest you get a copy of your credit report once a year and review it for errors.

You should also get a copy of your credit report from each of the three national credit bureaus, which are listed below. Since the three national credit reporting bureaus do not share information with each other, if you correct an error on one report, it will not "fix" incorrect information on the other reports. You may have to pay a nominal fee (probably less than $10) for each report.

Tell the credit bureau about any errors. If you report an error, the credit bureau must investigate the error and respond to you within 30 days. The credit bureau will contact whoever reported the information (e.g. the bank, credit card company, collection agency, court clerk, etc.) to verify its accuracy. If the disputed information cannot be verified, or if the reporting entity agrees that the information is incorrect, the credit bureau must remove, complete, or update the information. Also at your request, the credit bureau must send a notice of the correction to any creditor that has checked your file in the past six months.

If the reporting entity verifies that the information is indeed correct, the credit bureau will not remove the information from or change the information on your credit report. However, the FCRA permits you to file a 100-word statement explaining your side of the story, and the reporting bureau must include your statement with your credit information each time it's sent out. Make sure your insurance company has a copy of your statement, and ask if they will take it into account.

Once the errors are removed or corrected, it's a good idea to obtain a new copy of your credit report several months later to make sure the incorrect or erroneous information hasn't been reported again.

Tell your insurance company about any errors. Don't wait until the credit bureau investigates the errors to contact your insurer. Tell your insurer right away and ask if the insurer will wait to use your credit information until the errors are corrected. Small errors may have little or no affect on your credit score, but big errors can make a significant difference in your insurance coverages or premium. If you or the consumer reporting agency notifies the insurer that the dispute has been resolved in your favor, Illinois law requires the insure to re-underwrite or re-rate you within 30 days after receiving the notice, and make any necessary adjustments. If the insurer has determined that you overpaid premium, Illinois law requires the insurer to refund any overpayment you made for the past 12 months of coverage, or the actual policy period, whichever is shorter.