Are Credit Reporting Agencies Always Accurate?
Categorized: Credit Card Debt Management | No comments
Credit reporting agencies monitor your credit to ensure that information concerning your credit history and rating are reported in the right manner. The activities of the credit reporting agencies are regulated by the fair credit reporting act. This law guarantees that information pertaining your credit report meet the required expectations. There are three major credit report agencies , these agencies are required to verify the accuracy of the information that they report.
Even though the activities of the credit report agencies are regulated by the fair credit reporting act, they are not always accurate in their reporting because the information they are provided by the creditor could be wrong. It is the responsibility of the person that owns the credit report to bring any wrong information to the attention of the reporting agencies, when this is done the reporting agency will open up a dispute. When a dispute is initiated the creditor has not more than 45 days to verify that their report is accurate and respond back to the agency.
If a creditor does not respond within the required time, the credit reporting agency has to agree with the owner of the report and remove or update the information to what he claims.The credit agencies have a duty to report the information they have been given but also have to protect the owner of the report by opening up a dispute if he questions the accuracy of the information.
Obtain a copy of your credit report today and verify the information reported to make sure they are accurate and if you believe they are reported in error, you could notify the credit agency reporting it and open up a dispute. You can dispute an item by mail, over the phone or on the internet. Disputing inaccurate information on your credit report is the first step to taking control of your finances.
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