Is Your Credit Report Correct?

It’s estimated that over 90% of the reports maintained by the 4 major bureaus, Tran Union, Equifax, Experian and Innovis contain inaccurate information.

A study released by the U.S. Public Interest Research Group in June 2004 found that 79% of the consumer credit reports surveyed contained some kind of error or mistake. However, in 2007, the Consumer Data Industry Association, which represents the credit bureaus, testified that less than two percent of 52 million credit reports had data deleted because it was in error. (wikipedia) Somehow, it is not surprising that their report would dispute the Public Interest Research Group.

The federal Fair Credit Reporting Act (FCRA) helps consumers protect and restore their credit. The F.C.R.A. states that any information contained in your report must be 100% accurate and verifiable or it must be *deleted*. According to the F.C.R.A., if the bureaus cannot verify an item within 30 days, they must delete it from your file. It's worth every consumer's time to contact their local credit report agency and obtain a free copy of their credit report.

Here is a directory of state credit reporting agencies.

Here is a link to a sample credit card dispute letter.

Thanks to (blog.budgetpulse.com)