It's usual to make free online credit checks to see if there's a problem with your credit.
But it's also important to see if there's a problem with the accuracy of your credit report.
Surveys by independent sources have shown that 50% to 70% of credit reports have some kind
of error. So unless you do free online credit checks, you won't be sure if your report is accurate.
Because your credit is so important, the Fair Credit Reporting Act(FCRA) was created to make
sure you had access to your credit report and that you could get any errors on it corrected. The
information in free online credit checks comes from your creditors and public records. If there's
an error or omission in your report, both the credit bureau and the supplier of the information are
responsible for its accuracy.
When you find a mistake or incomplete item in your free online credit checks, you need to
write the credit bureau that produced the report. It's also a good idea to contact the creditor
involved, but it isn't required. In your letter, explain the source of the problem and include
copies of any documents that provide support. Use certified mail and request the return receipt.
The credit bureau who provided the information for the free online credit checks must
investigate and resolve the disputed item, usually within 30 days. The bureau will contact
the source of the questioned item and it must be verified or corrected. After the credit bureau
finishes its investigation, it must send you its conclusions.
If the investigation results in a change to your report, the credit bureau must send you a
free copy of the corrected report. Also if the supplier of the information confirms that it was
in error, he must notify the other major credit bureaus of the change. And if you ask the credit
bureau, they can pass along the correction to those who looked at your credit report within the
last six months or last two years for employers.
As a final safeguard for accuracy with free online credit checks, you're allowed to write an
explanatory statement if you feel the dispute resolution is inadequate. Your statement of up
to 100 words will be included in your credit report.
To make free online credit checks and get free 30 days of credit monitoring, please go to
free instant credit reports.
