Inform Credit Providers Of Your Corrected Credit Report 

Step 5 - Awaiting And Evaluating Results

Once the credit report dispute has been filed, the bureau in question is required to investigate it within 30 days. Ensure that all inaccuracies are corrected. For instance, if your account shows transaction by someone else, they should all be deleted and all incomplete items must be completed. An example of an incomplete items is if late payments are logged earlier but the report does not show that you are no longer delinquent. You new report must show your current payment status.

When the re-investigation is completed, the credit bureau should send you a new and amended credit report within 5 working days of completion according to the Fair Credit Reporting Act. You can also request for the new corrected report to be sent to anyone who has requested it within six months prior to changes.

If the dispute was not resolved, you can ask for your claim to be included in your file for any future requests from credit providers.

For the particular lender or organisation that lodged a disputed item, you can contact and inform them of your dispute and the subsequent correction so as to prevent them from continuously reporting the same item.

So in effect, you want to compare you new credit report with the old which you received prior to your dispute and evaluate how you've faired. If you have cryptic answers such as "item verified" against negative items which you wanted removed you can still challenge this as it's likely the credit bureau you chose has just regurgitated information from your creditors without thoroughly investigating them. In fact, it is likely they used a method called the eOscar ( I'll go expand this further later on.) Meanwhile you can visit their website for more information.

Case law has borne out that this method of investigation is not sufficient. In Cushman vs. Trans Union, Stevenson v. TRW (Experian), and Richardson vs. Fleet, Equifax, et al, the courts ruled each and every time that the CRA couldn't merely "parrot" information from the creditors and collection agencies. They must conduct an independent REASONABLE investigation to ensure the validity of the debt and the honesty/integrity of the creditor/CA in question. This is not regarded by the courts as a reasonable investigation.

Also remember that, if your creditor fails to respond, a once negative item should show as positive in your new credit report.

Step 6 - Repeating Your Dispute

Your aim is to remove negative items from your credit report and at times it takes more than 1 dispute to achieve this end. So brace yourself, be persistent without being nasty. REMEMBER to change your reason everytime as you're more likely to hit on the right note and get it deleted. Summary of points to remember:

• Wait at least 60 days to dispute the same item with a different reason else your efforts could be counter-productive.
• They've got 30 days to get back to you but if you contact them halfway through, the clock is reset and this causes delays.
• Make all your correspondence very clear so it's easy for the clerk to verify details.

Step 7 - What If The Negative Information Was True?

If after examining your free credit report, you do not find any inaccuracies although there are negatives, then it will take some time for those to be removed, usually seven years with the following exceptions:

• If you have upaid lawsuit or judgments against you, that can be reported for seven years or till the statute of limitation runs out.
• If you apply for insurance or credit of more than $150,000, there are no time limitations on it.
• Credit information reported as a result of a job application with a salary of $75,000 or more has no time limitation.
• Government insured or guaranteed student loans can be reported for more than seven years in certain circumstances.
• Criminal convictions have no time limitation.

Generally the seven year period is measured from the time the delinquency occured.

Certain credit providers do not report to credit bureaus. For instance, credit unions, entertainment and travel companies. If you wish to improve your credit score, or you are denied credit because of "no credit file" or "insufficient credit file", you can ask the credit bureau to add files from these creditors if you have files with them bearing in mind that they may not often report to them. Credit bureaus will usually charge a fee for this service.

Seeking Professional Help.

If you do not wish to undertake reparing your credit on your own, then we recommend Ovation Law or Acadamy Law as the best companies that can help.

Why do we recommend them?

Because:

• Your privacy is protected
• They are real lawyers and therefore able to understand and enforce the law better.

Click here to visit Ovation Law  and Acadamy Law.

End of Tutorial