Disputing Your Equifax Credit Report
Posted February 22, 2010 – 8:59 am in: CreditEquifax, Experian and Transunion are the three most important credit reporting agencies. It is important that one becomes familiar with reading credit reports issued by any of these 3 agencies. Most creditors might ask any of the three credit reports at any point of time in order to sanction loans or any other form of credits.
Amongst the three agencies Equifax is fairly popular . One can obtain credit report from the Equifax agency in order to apply for a loan or other forms of credits. Equifax’s credit report is divided into 5 sections. Each section deals with various things and is very important for everyone to know how to read this report.
Once Equifax’s report is obtained one should look for any inaccurate or false entries in the credit report. The inaccurate negative report can be easily challenged thanks to the FRCA or the Fair Credit Reporting Act. If the entries are proved to be baseless and inaccurate, then they will be permanently deleted from the credit history. The negative remarks that can be challenged include but not limited to: 1. Reports of bankruptcy 2. Collection agency reports 3. Property and automobile foreclosure details. 4. late payment or delayed payment details.
In order to rectify the inaccurate finding in your Equifax credit report it is important to write a dispute letter. While writing a dispute letter to the agency a certain format needs to be followed. The most important part is to provide complete personal details. It is important that the correct personal details are mentioned according to the first section of your Equifax credit report. After that a complete explanation as to why the details are being challenged needs to be written. This can be written in your own words and you can ask the help of an attorney.
Equifax will usually address the dispute letter in 30 -45 days. The agency conducts a complete investigation as to decide if the entries were truly inaccurate and unsubstantiated. If the dispute is won by the individual, then the negative report which had been disputed is removed from the credit report permanently. However if the dispute is lost then the entries will not be modified and will remain for 7 -10 years.
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Tags: Credit, credit reporting agency, credit reports, dispute letter, Equifax, finance