Answer THE ONLY POSSIBILTY THAT YOU HAVE ON RESOLVING A BANKRUPTCY IS TO MAKE SURE THAT THIS IS A DEBT THAT WAS DISMISSED. BANKRUPTCIES TAKE SEVEN YEARS FROM THE DATE THAT IS WAS FILED IN ORDER FOR THIS TO NO LONGER AFFECT YOUR CREDIT RATING Answer Bankruptcies remain on a credit report ten years from the time of discharge. A dismissed chapter 7 will remain ten years a dismissed chapter 13 will remain seven years.
If the time has expired for the bankruptcy to be removed from the CR the person should write a letter containing all pertinent details including a copy of the date of the BK discharge or dismissal. Valid negative information of a credit report cannot be removed until the prescribed time limit has expired. Positive entries will remain an indefinite period of time, in some cases permanently.
The Fair Credit Reporting Act (FCRA) requires each of the nationwide consumer reporting companies — Equifax, Experian, and TransUnion — to provide you with a free copy of your credit report, at your request, once every 12 months. The FCRA promotes the accuracy and privacy of information in the files of the nation’s consumer reporting companies. The Federal Trade Commission (FTC), the nation’s consumer protection agency, enforces the FCRA with respect to consumer reporting companies.
A credit report includes information on where you live, how you pay your bills, and whether you’ve been sued or arrested, or have filed for bankruptcy. Nationwide consumer reporting companies sell the information in your report to creditors, insurers, employers, and other businesses that use it to evaluate your applications for credit, insurance, employment, or renting a home. Here are the details about your rights under the FCRA, which established the free annual credit report program.
Q: How do I order my free report? The three nationwide consumer reporting companies have set up a central website, a toll-free telephone number, and a mailing address through which you can order your free annual report. To order, visit annualcreditreport.com, call 1-877-322-8228.
Or complete the Annual Credit Report Request Form and mail it to: Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281. Do not contact the three nationwide consumer reporting companies individually. They are providing free annual credit reports only through annualcreditreport.com, 1-877-322-8228 or mailing to Annual Credit Report Request Service.
You may order your reports from each of the three nationwide consumer reporting companies at the same time, or you can order your report from each of the companies one at a time. The law allows you to order one free copy of your report from each of the nationwide consumer reporting companies every 12 months. Only one website is authorized to fill orders for the free annual credit report you are entitled to under law — annualcreditreport.com.
Other websites that claim to offer “free credit reports,” “free credit scores,” or “free credit monitoring” are not part of the legally mandated free annual credit report program. In some cases, the “free” product comes with strings attached. For example, some sites sign you up for a supposedly “free” service that converts to one you have to pay for after a trial period.
If you don’t cancel during the trial period, you may be unwittingly agreeing to let the company start charging fees to your credit card. Some “imposter” sites use terms like “free report” in their names; others have URLs that purposely misspell annualcreditreport.com in the hope that you will mistype the name of the official site. Some of these “imposter” sites direct you to other sites that try to sell you something or collect your personal information.
Annualcreditreport.com and the nationwide consumer reporting companies will not send you an email asking for your personal information. If you get an email, see a pop-up ad, or get a phone call from someone claiming to be from annualcreditreport.com or any of the three nationwide consumer reporting companies, do not reply or click on any link in the message. It’s probably a scam.
Forward any such email to the FTC at [email protected]. Q: What information do I need to provide to get my free report? A: You need to provide your name, address, Social Security number, and date of birth.
If you have moved in the last two years, you may have to provide your previous address. To maintain the security of your file, each nationwide consumer reporting company may ask you for some information that only you would know, like the amount of your monthly mortgage payment. Each company may ask you for different information because the information each has in your file may come from different sources.
Q: Why do I want a copy of my credit report? A: Your credit report has information that affects whether you can get a loan — and how much you will have to pay to borrow money. Make sure the information is accurate, complete, and up-to-date before you apply for a loan for a major purchase like a house or car, buy insurance, or apply for a job.
Help guard against identity theft. That’s when someone uses your personal information — like your name, your Social Security number, or your credit card number — to commit fraud. Identity thieves may use your information to open a new credit card account in your name.
Then, when they don’t pay the bills, the delinquent account is reported on your credit report. Inaccurate information like that could affect your ability to get credit, insurance, or even a job. Q: How long does it take to get my report after I order it?
A: If you request your report online at annualcreditreport.com, you should be able to access it immediately. If you order your report by calling toll-free 1-877-322-8228, your report will be processed and mailed to you within 15 days. If you order your report by mail using the Annual Credit Report Request Form, your request will be processed and mailed to you within 15 days of receipt.
Whether you order your report online, by phone, or by mail, it may take longer to receive your report if the nationwide consumer reporting company needs more information to verify your identity. Q: Are there any other situations where I might be eligible for a free report? A: Under federal law, you’re entitled to a free report if a company takes adverse action against you, such as denying your application for credit, insurance, or employment, and you ask for your report within 60 days of receiving notice of the action.
The notice will give you the name, address, and phone number of the consumer reporting company. You’re also entitled to one free report a year if you’re unemployed and plan to look for a job within 60 days; if you’re on welfare; or if your report is inaccurate because of fraud, including identity theft. Otherwise, a consumer reporting company may charge you up to $2-8228 for another copy of your report within a 12-month period.
Q: Should I order a report from each of the three nationwide consumer reporting companies? A: It’s up to you. Because nationwide consumer reporting companies get their information from different sources, the information in your report from one company may not reflect all, or the same, information in your reports from the other two companies.
That’s not to say that the information in any of your reports is necessarily inaccurate; it just may be different. Q: Should I order my reports from all three of the nationwide consumer reporting companies at the same time? A: You may order one, two, or all three reports at the same time, or you may stagger your requests.
It’s your choice. Some financial advisors say staggering your requests during a 12-month period may be a good way to keep an eye on the accuracy and completeness of the information in your reports. Q: What if I find errors — either inaccuracies or incomplete information — in my credit report?
A: Under the FCRA, both the consumer reporting company and the information provider (that is, the person, company, or organization that provides information about you to a consumer reporting company) are responsible for correcting inaccurate or incomplete information in your report. To take full advantage of your rights under this law, contact the consumer reporting company and the information provider. Consumer reporting companies must investigate the items in question — usually within 30 days — unless they consider your dispute frivolous.
They also must forward all the relevant data you provide about the inaccuracy to the organization that provided the information. After the information provider receives notice of a dispute from the consumer reporting company, it must investigate, review the relevant information, and report the results back to the consumer reporting company. If the information provider finds the disputed information is inaccurate, it must notify all three nationwide consumer reporting companies so they can correct the information in your file.
When the investigation is complete, the consumer reporting company must give you the written results and a free copy of your report if the dispute results in a change. (This free report does not count as your annual free report under the FACT Act.) If an item is changed or deleted, the consumer reporting company cannot put the disputed information back in your file unless the information provider verifies that it is accurate and complete. The consumer reporting company also must send you written notice that includes the name, address, and phone number of the information provider.
Tell the consumer reporting company, in writing, what information you think is inaccurate. Tell the creditor or other information provider in writing that you dispute an item. Many providers specify an address for disputes.
If the provider reports the item to a consumer reporting company, it must include a notice of your dispute. And if you are correct — that is, if the information is found to be inaccurate — the information provider may not report it again. Q: What can I do if the consumer reporting company or information provider won’t correct the information I dispute?
A: If an investigation doesn’t resolve your dispute with the consumer reporting company, you can ask that a statement of the dispute be included in your file and in future reports. You also can ask the consumer reporting company to provide your statement to anyone who received a copy of your report in the recent past. You can expect to pay a fee for this service.
If you tell the information provider that you dispute an item, a notice of your dispute must be included any time the information provider reports the item to a consumer reporting company. Q: How long can a consumer reporting company report negative information? A: A consumer reporting company can report most accurate negative information for seven years and bankruptcy information for 10 years.
There is no time limit on reporting information about criminal convictions; information reported in response to your application for a job that pays more than $75,000 a year; and information reported because you’ve applied for more than $150,000 worth of credit or life insurance. Information about a lawsuit or an unpaid judgment against you can be reported for seven years or until the statute of limitations runs out, whichever is longer. Q: Can anyone else get a copy of my credit report?
A: The FCRA specifies who can access your credit report. Creditors, insurers, employers, and other businesses that use the information in your report to evaluate your applications for credit, insurance, employment, or renting a home are among those that have a legal right to access your report. Q: Can my employer get my credit report?
A: Your employer can get a copy of your credit report only if you agree. A consumer reporting company may not provide information about you to your employer, or to a prospective employer, without your written consent. The FTC works for the consumer to prevent fraudulent, deceptive, and unfair business practices in the marketplace and to provide information to help consumers spot, stop, and avoid them.
To file a complaint, visit ftc.gov/complaint or call 1-877-FTC-HELP (1-877-382-8228).
It is not uncommon to come across errors in your credit report ranging from the spelling of your name, to social security number, to incorrect recording of payments. These errors can occur for several different reasons---but regardless of the cause, the burden is upon you to fix it If you come across errors, you absolutely should fix them. It is only to your benefit to have the appropriate information reflected.
Even a misspelling on your name could cause later confusion. For example, taking out a loan, the creditor may wonder whether you have credit under those other names or not, creating another step in the loan process where you'll have to explain yourself While no one will catch errors other than you, the credit bureaus are required by law to investigate your claim of mistake and correct errors. So here is how you can go about clearing those errors up: Here are the steps you should take Write a letter to the credit bureau where you found the mistake.
Explain the problem and provide the correct information If applicable, contact the creditor or store that reported the incorrect information. Try to clear it up on that end, as they have a responsibility to report accurate information Keep copies of all of your correspondence---chances are you'll be asked to produce it more than once Get written confirmation that the changes have been made to your credit report. This way, if the problem does not get fixed or reverts for some reason, you don't need to go through all of this again Check your report in another month or two and verify the changes have been made.It can take time for the changes to appear, so be sure to keep on top of it Submit a statement to the credit bureau explaining the mistake, just for their files.
Note that if you are actually late with payments or the information is true, a personal statement explaining your circumstances will not help matters. But in the instance that a mistake is being cleared up, it can help to have a personal statement on file.
Your credit report contains information about where you live, how you pay your bills, and whether you’ve been sued or arrested, or have filed for bankruptcy. Credit reporting companies sell the information in your report to creditors, insurers, employers, and other businesses that use it to evaluate your applications for credit, insurance, employment, or renting a home. The federal Fair Credit Reporting Act (FCRA) promotes the accuracy and privacy of information in the files of the nation’s credit reporting companies.
Some financial advisors and consumer advocates suggest that you review your credit report periodically. Because the information it contains affects whether you can get a loan — and how much you will have to pay to borrow URL1 make sure the information is accurate, complete, and up-to-date before you apply for a loan for a major purchase like a house or car, buy insurance, or apply for a job.To help guard against identity theft. That’s when someone uses your personal information — like your name, your Social Security number, or your credit card number — to commit fraud.
Identity thieves may use your information to open a new credit card account in your name. Then, when they don’t pay the bills, the delinquent account is reported on your credit report. Inaccurate information like that could affect your ability to get credit, insurance, or even a job.
An amendment to the FCRA requires each of the nationwide credit reporting companies — Equifax, Experian, and TransUnion — to provide you with a free copy of your credit report, at your request, once every 12 months. The three nationwide credit reporting companies have set up one website, toll-free telephone number, and mailing address through which you can order your free annual report. Do not contact the three nationwide credit reporting companies individually.
You may order your reports from each of the three nationwide credit reporting companies at the same time, or you can order from only one or two. The FCRA allows you to order one free copy from each of the nationwide credit reporting companies every 12 months. You need to provide your name, address, Social Security number, and date of birth.
If you have moved in the last two years, you may have to provide your previous address. To maintain the security of your file, each nationwide credit reporting company may ask you for some information that only you would know, like the amount of your monthly mortgage payment. Each company may ask you for different information because the information each has in your file may come from different sources.
You’re also entitled to a free report if a company takes adverse action against you, such as denying your application for credit, insurance, or employment, based on information in your report. You must ask for your report within 60 days of receiving notice of the action. The notice will give you the name, address, and phone number of the credit reporting company.
You’re also entitled to one free report a year if you’re unemployed and plan to look for a job within 60 days; if you’re on welfare; or if your report is inaccurate because of fraud, including identity theft. Otherwise, a credit reporting company may charge you up to $11.00 for another copy of your report within a 12-month period. Under the FCRA, both the credit reporting company and the information provider (that is, the person, company, or organization that provides information about you to a credit reporting company) are responsible for correcting inaccurate or incomplete information in your report.
To take advantage of all your rights under this law, contact the credit reporting company and the information provider. Tell the credit reporting company, in writing, what information you think is inaccurate. Include copies (NOT originals) of documents that support your position.
In addition to providing your complete name and address, your letter should clearly identify each item in your report you dispute, state the facts and explain why you dispute the information, and request that it be removed or corrected. You may want to enclose a copy of your report with the items in question circled. Your letter may look something like the one below.
Send your letter by certified mail, “return receipt requested,” so you can document what the credit reporting company received. Keep copies of your dispute letter and enclosures. Credit reporting companies must investigate the items in question — usually within 30 days — unless they consider your dispute frivolous.
They also must forward all the relevant data you provide about the inaccuracy to the organization that provided the information. After the information provider receives notice of a dispute from the credit reporting company, it must investigate, review the relevant information, and report the results back to the credit reporting company. If the information provider finds the disputed information is inaccurate, it must notify all three nationwide credit reporting companies so they can correct the information in your file.
When the investigation is complete, the credit reporting company must give you the results in writing and a free copy of your report if the dispute results in a change. This free report does not count as your annual free report. If an item is changed or deleted, the credit reporting company cannot put the disputed information back in your file unless the information provider verifies that it is accurate and complete.
The credit reporting company also must send you written notice that includes the name, address, and phone number of the information provider. If you ask, the credit reporting company must send notices of any corrections to anyone who received your report in the past six months. You can have a corrected copy of your report sent to anyone who received a copy during the past two years for employment purposes.
If an investigation doesn’t resolve your dispute with the credit reporting company, you can ask that a statement of the dispute be included in your file and in future reports. You also can ask the credit reporting company to provide your statement to anyone who received a copy of your report in the recent past. You can expect to pay a fee for this service.
Tell the creditor or other information provider, in writing, that you dispute an item. Be sure to include copies (NOT originals) of documents that support your position. Many providers specify an address for disputes.
If the provider reports the item to a credit reporting company, it must include a notice of your dispute. And if you are correct — that is, if the information is found to be inaccurate — the information provider may not report it again. Your credit file may not reflect all your credit accounts.
Although most national department store and all-purpose bank credit card accounts will be included in your file, not all creditors supply information to credit reporting companies: some local retailers, credit unions, travel, entertainment, and gasoline card companies are among the creditors that don’t. When negative information in your report is accurate, only the passage of time can assure its removal. A credit reporting company can report most accurate negative information for seven years and bankruptcy information for 10 years.
Information about an unpaid judgment against you can be reported for seven years or until the statute of limitations runs out, whichever is longer. There is no time limit on reporting: information about criminal convictions; information reported in response to your application for a job that pays more than $75,000 a year; and information reported because you’ve applied for more than $150,000 worth of credit or life insurance. There is a standard method for calculating the seven-year reporting period.
Generally, the period runs from the date that the event took place. DateYour Name Your Address, City, State, Zip CodeComplaint DepartmentName of CompanyAddressCity, State, Zip CodeDear Sir or Madam:I am writing to dispute the following information in my file. I have circled the items I dispute on the attached copy of the report I received.
This item (identify item(s) disputed by name of source, such as creditors or tax court, and identify type of item, such as credit account, judgment, etc.) is (inaccurate or incomplete) because (describe what is inaccurate or incomplete and why). I am requesting that the item be removed (or request another specific change) to correct the information. Enclosed are copies of (use this sentence if applicable and describe any enclosed documentation, such as payment records and court documents) supporting my position.
Please reinvestigate this (these) matter(s) and (delete or correct) the disputed item(s) as soon as possible. This article was previously available as How to Dispute Credit Report Errors.
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