- Get a copy of your credit report from all three of the top credit reporting bureaus (TransUnion, Experian, and Equifax).
- Review credit report for any inaccuracies and fall information
- Contact the credit bureaus about the error and ask that it be reviewed
- Receive notification and “new” credit report back from bureausOur own US Government has made it much easier to gain access to our credit reports. You may have noticed the recent surge in “Instant Online Credit Report” type websites. For a fee, generally $5 - $25, for this fee these websites will give you your credit report along with a credit rating. These websites are scams IF you do not need to see your credit report more than once a year.
On Dec. 4, 2003, President George W. Bush signed into law the Fair and Accurate Credit Transactions Act (FACT Act), which amended the Fair Credit Reporting Act (FCRA). The FACT Act made the key preemptive provisions in the 1996 FCRA amendments, such as affiliate sharing and Prescreen, permanent, and prevents enactment of new state laws in these areas. However, it also increased the requirements on credit reporting agencies, data providers and data users.
In English: The law helps to protect consumers and entitles individuals free access to their credit history. (Technically to look for fraud but hey!)
You can contact the Central Source to request this free annual disclosure by calling toll free (877) FACT ACT or by using the mail request form available at the Central Source Web site.
2 - 3 Now you have a copy of your credit report and you have found things that you would like removed from it. If not, you are from outer space please read no further. Anyway, it is time for the hard part, writing out your dispute to send to the credit bureaus.
***Timing the sending of your dispute. The credit bureaus are companies just like us. They employ hundreds of people whose sole job is to settle and follow up on disputes. Hmmm when would be a good time to slip in your dispute? Let me start by describing what happens to your dispute when the credit bureaus get a hold of it. The first thing they do is contact the retailer that filed the dispute and ask them to validate the claim. IMPORTANT: The retailer has 30 days to respond. If they do not respond, the disputed is removed from your report. I'll say it again, If the retailer does not return the dispute to the credit bureau within 30 days, the dispute is removed from your report.
That's a lot to take in so I decided to start a new paragraph to give you time to digest. So this retailer, Sears, Visa, SBC, health club A, whomever it is, do you think they have hundreds of people on the payroll that handle dispute claims from credit bureaus? I think not, but for safety sake, lets say they have a small department in corporate to handle these disputes. Again, when would be a good time to sneak your dispute past OR hit them when they are so back logged there is a good chance they will not have the time to get to your dispute?
Cinco de Mayo? Groundhog Day? Bubble Wrap Appreciation Day? Take Your Houseplant For a Walk Day?
CHRISTMAS!!! The ultimate vacation time when companies are doing good to be at a quarter of staff. Lets face it, no one wants to work around the holidays much less be swamped. It is during this glorious time of year that hundreds of people in the “know” send in their disputes with mirth and much grinning. Because they know that for Christmas the one sure present they are going to receive is a fresh clean credit report.
So go ahead and get those free credit reports now! Then send those disputes in around December 2nd - 5th. One last thing I would recommend, sending in one letter per dispute. Extra paperwork for them can't hurt. I'd be interested in hearing any success stories.
