Credit Report

I'm having a hard time reading my credit report. Are delinquent accounts supposed to be repeated throughout the report as if it has been charged twice. Because when I want to submit a dispute it still shows different account names, one from the actual retailer, and then one from the collection agency, and I can dispute them, but which one do I dispute, or do i even have dispute? Does it work against me rather than for me?

Hi Elizabeth

Welcome to the forums. As per the Fair Credit Reporting Act (FCRA), you need to dispute with your original creditors to ensure fair handling of your credit accounts.

Please send a written letter to your creditor disputing the entry and the creditor should acknowledge it to you within 30 days after receiving your letter. The creditor will investigate the disputed entry and either correct the error or explain why he thinks the entry to be correct.

During this period, as per the FCRA law, the creditor cannot take legal or any other action against you to collect the amount which is in dispute. He cannot close your account or restrict it in anyway in your credit limit.

The creditor will correct all the mistakes disputed and report to the credit bureaus. Please request them to provide copies of the documents after rectification.

If you find that the creditor has not taken the necessary action, you can sue them as per the FCRA provisions up to a fine of $1000.

Regards
Roxette

Hi Elizabeth

Welcome to debt consolidation care forums

The credit report of yours contains dispute as it contains delinquent accounts shown twice. The law that governs credit bureaus is known as Fair Credit reporting Act which was updated by the Fair and Accurate Credit Transaction Act (revised, 2003). It gives you the right to dispute with the lender or the credit bureaus if there is any inaccurate or incomplete information on your credit report and you want to investigate the dispute. You can ask the credit bureaus to investigate the dispute in writing or by calling the credit bureaus. In case you ask the credit bureaus in writing then please keep a copy of it with you. This will help you in future for any further reference if any needed. In addition you should also be acquainted with your rights which FCRA has given to you.

The six basic rights of yours as per FCRA are:

i. As a consumer you have the right to challenge the accuracy of your credit report any time.

ii. The credit bureaus are bound to investigate your complain.

iii. The credit bureaus must complete the total investigation process within 30 days.

iv. In case the credit bureaus find any error or mistake in your credit report they must rectify the mistake immediately.

v. If the credit bureau fails to find the disputed information then they must delete that information immediately.

vi. You also have the right to submit a consumer statement containing your view about the problem. In case the information was found to be a right one by the credit bureaus then they must include the statement in your credit report.

Hope you will find this information useful. Please do not stress yourself out.

Regards
Peter