Credit Report
It is extremely important to ensure the accuracy of information contained on your credit report. In today’s world, credit reports are used for many different purposes that do not even pertain to obtaining credit. Among other things, credit reports are commonly used for background checks of job applicants. Credit reports are also used to establish your insurance rates.
A lower score or inaccurate information could mean that you don’t get your dream job, or that you pay more for insurance. Credit Reporting is governed by the Fair Credit Reporting Act. The Act states, “A person shall not furnish information relating to a consumer to any consumer reporting agency if (i) the person has been notified by the consumer, at the address specified by the person for such notices, that specific information is inaccurate; and (ii) the information is, in fact, inaccurate.”
A furnisher of inaccurate or erroneous credit information is only liable for your damages after you have disputed the account. Therefore, to invoke your rights under the Act, you must first dispute the inaccurate information. You may do this with the creditor directly, if you have the appropriate address. Or you may dispute inaccurate accounts with any of the three major credit reporting bureaus. The addresses are:
EQUIFAX
P.O. Box 740256
Atlanta, GA 30374
800 685-1111
EXPERIAN
P.O. Box 9701
Allen, TX 75013
888 397-3742
TRANS UNION
P.O. Box 2000
Chester, PA 19022
800 888-4213
Another way to contact the credit bureaus is www.annualcreditreport.com.
If you have disputed an item on your credit report and it is still being reported incorrectly, you may sue the individual reporting the erroneous account.