Although having your free credit report can make it easy to you rate your credit, to get a
completely accurate picture takes more work. The first thing to keep in mind is that there's
no report that covers all of your credit history. The credit bureaus that issue the
reports can only document the information they're given. And if some information is missing or
incomplete, your credit report will be in error. But if you know what to do after you get your
free credit report, you can keep your report accurate.
Since none of the largest credit bureaus, Equifax, Experian and TransUnion share your credit
information, what's reported to one might not be reported to another. Likewise, errors that show
up in your free credit report from one bureau, might not show up in a copy from one of the
others. Since creditors usually look at a copy of your credit report from only one credit
bureau, it's important to know what's in all three.
If you find an error in your free credit report, the law requires that the
responsible credit bureau and whoever supplied the information, verify its accuracy or remove it.
The bureau has 30 days to do this and contact you with its conclusion. If the disputed item is left
unchanged you have the right to put a 100-word statement in your credit report explaining why
you feel the information is in error.
While you can't undue previous problems in your free credit report, you can eliminate some
current potential problems. One common type of problem is disputed bills. If you properly handle
a bill-paying dispute it won't negatively affect your credit.
The Fair Credit Billing Act was designed to cover common bill-paying problems. The FCBA
applies to "open end" credit accounts, which are accounts without a set debt, such as credit
cards or retail accounts. The types of disputes covered are "billing errors", which can include
the following:
- unauthorized charges;
- listing of charges for the wrong date or amount;
- bills for items not accepted or not delivered as agreed;
- math errors;
- accounts that aren't properly credited;
- and not sending bills to your current address.
When one of these errors happens, you should write the creditor at the "billing inquiries"
address explaining why you think the bill is in error. Include a copy of any documentation
you have to support your claim. The creditor must then respond to your letter within 30 days and
resolve the dispute within 90 days.
While the dispute is being investigated, you may withhold payment on the disputed portion of
the bill, but you are obligated to pay the undisputed portion. Bear in mind that if you do
withhold payment on the disputed portion and the bill is later determined to be correct, you'll
be responsible for any extra charges that your nonpayment may incur. If the bill is incorrect,
the creditor must write you with an explanation of the corrections to your account. He must
also cancel or refund any finance or late charges related to the disputed amount.
To get your free credit report and free 30 days of credit monitoring, please go to
free instant credit reports.
