How To Correct Incorrect Data On My Credit Report

What Happens When You Dispute Your Credit Report?

1. Get your complete credit report annual credit report dot com
2. Credit Monitoring Services http://www.myfico.com/
3. Validation of debt rule and verification of debt letter - If you find incorrect information on your credit report, prepare a letter of notification - advising the credit agency that the following line items are incorrect and must be removed unless they provide signed written proof within 30 days from receiving a certified letter of demand for the removal of negative and inaccurate credit information - according to the Fair Credit Reporting Act [provide the list with name phone number and any relevant data] http://www.consumer.ftc.gov/sites/default/files/articles/pdf/pdf-0111-fair-credit-reporting-act.pdf
4. Once 30 days has elapsed, obtain another credit report and if the negative inaccurate information has not been removed and the credit agency has not provided you with a valid signed agreement between you and the accusing vendor send another certified letter of demand. This will start the tolling process for each and violation.

Video Explanation

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The Law

§ 609. Disclosures to consumers [15 U.S.C. § 1681g] (a) Information on file; sources; report recipients. Every consumer reporting agency shall, upon request, and subject to 610(a)(1) [§ 1681h], clearly and accurately disclose to the consumer: (1) All information in the consumer’s file at the time of the request (2) Summary of rights required to be included with agency disclosures. A consumer reporting agency shall provide to a consumer, with each written disclosure by the agency to the consumer under this section – (A) the summary of rights prepared by the Bureau under paragraph (1); (C) a list of all Federal agencies responsible for enforcing any provision of this title, and the address and any appropriate phone number of each such agency, in a form that will assist the consumer in selecting the appropriate agency;

§ 611. Procedure in case of disputed accuracy [15 U.S.C. § 1681i] (a) Reinvestigations of Disputed Information (1) Reinvestigation Required (A) In general. Subject to subsection (f), if the completeness or accuracy of any item of information contained in a consumer’s file at a consumer reporting agency is disputed by the consumer and the consumer notifies the agency directly, or indirectly through a reseller, of such dispute, the agency shall, free of charge, conduct a reasonable reinvestigation to determine whether the disputed information is inaccurate and record the current status of the disputed information, or delete the item from the file in accordance with paragraph (5), before the end of the 30-day period beginning on the date on which the agency receives the notice of the dispute from the consumer (C) Limitations on extension of period to reinvestigate. Subparagraph (B) shall not apply to any reinvestigation in which, during the 30-day period described in subparagraph (A), the information that is the subject of the reinvestigation is found to be inaccurate or incomplete or the consumer reporting agency determines that the information cannot be verified. (2) Prompt Notice of Dispute to Furnisher of Information (A) In general. Before the expiration of the 5-business-day period beginning on the date on which a consumer reporting agency receives notice of a dispute from any consumer or a reseller in accordance with paragraph (1), the agency shall provide notification of the dispute to any person who provided any item of information in dispute, at the address and in the manner established with the person. The notice shall include all relevant information regarding the dispute that the agency has received from the consumer or reseller.

§ 617. Civil liability for negligent noncompliance [15 U.S.C. § 1681o] (a) In general. Any person who is negligent in failing to comply with any requirement imposed under this title with respect to any consumer is liable to that consumer

§ 618. Jurisdiction of courts; limitation of actions [15 U.S.C. § 1681p] An action to enforce any liability created under this title may be brought in any appropriate United States district court, without regard to the amount in controversy, or in any other court of competent jurisdiction, not later than the earlier of (1) 2 years after the date of discovery by the plaintiff of the violation that is the basis for such liability; or (2) 5 years after the date on which the violation that is the basis for such liability occurs.

§ 621. Administrative enforcement [15 U.S.C. § 1681s] (a) Enforcement by Federal Trade Commission. (1) In General. The Federal Trade Commission shall be authorized to enforce compliance with the requirements imposed by this title under the Federal Trade Commission Act (15 U.S.C. 41 et seq.), with respect to consumer reporting agencies...powers under the Federal Trade Commission Act, a violation of any requirement or prohibition imposed under this title shall constitute an unfair or deceptive act or practice in commerce, in violation of section 5(a) of the Federal Trade Commission Act (15 U.S.C. 45(a)), and shall be subject to enforcement by the Federal Trade Commission under section 5(b) of that Act with respect to any consumer reporting agency

(2) Penalties (A) Knowing Violations. Except as otherwise provided by subtitle B of the Consumer Financial Protection Act of 2010, in the event of a knowing violation, which constitutes a pattern or practice of violations of this title, the Federal Trade Commission may commence a civil action to recover a civil penalty in a district court of the United States against any person that § 621 - 15 U.S.C. § 1681s 73 violates this title. In such action, such person shall be liable for a civil penalty of not more than $2,500 per violation.

(ii) in the case of a violation described in any of paragraphs (1) through (3) of section 623(c) [§ 1681s-2], damages for which the person would, but for section 623(c), be liable to such residents as a result of the violation; or (iii) damages of not more than $1,000 for each willful or negligent violation; and

...a new violation occurs each and every day, once the 30 day notice has been signed and received by the credit agency...

...after the date on which the violation that is the basis for such liability occurs...

...each incorrect negative information which remains on the report is considered a separate violation...

...for every day the credit reporting agency allows each incorrectly listed negative item to remain on the report they are in violation...

...proof is defined by signature of consumer for service between the original service vender and the consumer...

§ 623. Responsibilities of furnishers of information to consumer reporting agencies [15 U.S.C. § 1681s-2] (a) Duty of Furnishers of Information to Provide Accurate Information (2) Duty to correct and update information (7) Negative Information (B) Time of Notice (i) In general. The notice required under subparagraph (A) shall be provided to the customer prior to, or no later than 30 days after, furnishing the negative information to a consumer reporting agency described in section 603(p)