fis200_week5_reading2ch8

Information that is older than

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• Accountsthatyouclosedarestillbeingreportedasopen. • Information that is older than seven years is still being reported. (However, bankruptcies can be re- ported for up to 10 years, unpaid tax liens can be re- ported for up to 15 years, and court judgments can remain in your credit history for as long as 20 years.) • Inquiriesthatareolderthantwoyearsarebeingreported. Information that you thought had been removed from your credit record as a result of an investigation has reappeared. to get inaccurate and out-of-date credit record information corrected or deleted, depending on the nature of the prob- lem. However, doing so can be easier said than done. That’s because among other reasons, credit reporting agencies don’t necessarily conduct thorough investigations and if one of them investigates a problem in your credit history and concludes that the information is accurate, get- ting the credit reporting agency to change its mind can be an uphill battle. Even so, here is an overview of the inves- tigation process: 1. If there is a problem in your credit record and you re- ceived a copy of it in the mail, complete the investiga- tion request form that should have come with it. After you fill out the form, make a copy for your files and 170 As you learned in Exhibit 8.1, the FCRA entitles you
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send it to the appropriate address via certified mail with a return receipt requested. If a form did not come with your credit report, your report should pro- vide a phone number to call to initiate an investiga- tion. If you ordered your credit report online, go to the credit reporting agency’s web site and follow the directions for requesting an investigation. If you have any information that you think will help prove the problem in your credit record—a cancelled check, a letter, a legal document, or a billing statement for example—make copies and attach them to your completed investigation re- quest form. 2. Once the credit bureau receives your request for an in- vestigation, it must complete its investigation within 30 days. As part of its investigation, the credit report- ing agency is required to contact the provider of the information you think is incorrect within five days. The provider must certify whether or not the informa- tion is accurate. 3. If the credit bureau determines that you are correct— the information you asked to have investigated is in error or is out-of-date—it must correct the problem im- mediately. If the credit bureau can’t confirm within the 30-day investigation period whether or not the infor- mation is accurate, the information must be removed from your credit record. Within five days of making a correction, the credit-reporting agency must send you: Tip Credit Reporting Agencies, Reports, and Scores 171
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Credit Hell A corrected copy of your credit report. A written explanation of the process it used to con- duct its investigation, including the name and address of the creditor it contacted during its investigation.
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  • Spring '12
  • zinctolg
  • credit score, Credit history, Fair Credit Reporting Act, CREDIT REPORTING AGENCY, credit reporting agencies

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