Procedure in case of disputed accuracy 15 USC s 1681i

A Simplified Guide to Challenging Errors on Your Credit Report

When reviewing your credit report, if you find something that doesn't seem right, such as an account you never opened or a payment mistakenly labeled as late, there's a specific process you can follow to set the record straight. This is covered under the "Procedure in case of disputed accuracy" in section 1681i of the Fair Credit Reporting Act (FCRA). Here's a breakdown of what this means for you.

Step 1: Flagging the Mistake

First thing's first, you'll need to send a notification to the credit reporting agency (CRA)—like Equifax, Experian, or TransUnion—that you believe there's a mistake. This is called filing a dispute. You should provide any evidence you have that supports your claim, like payment records or letters from a lender.

Step 2: The Agency Must Investigate

After you've filed your dispute, the credit reporting agency is required by law to investigate your claim. This usually has to happen within 30 days. During the investigation, they'll check the information you've disputed with the entity that provided that information (like your bank or a credit card company).

Step 3: The Results

Once the investigation is complete, the credit reporting agency will let you know the outcome. If they find that you're right and there was an error, the incorrect information will be changed or removed from your report. On the other hand, if they believe the information is accurate, it will stay as is.

Step 4: Your Rights if You Disagree with the Investigation

If you're not satisfied with the results of the investigation, you're entitled to add a statement to your report explaining your side of the story. This statement must be included any time your credit report is accessed in the future.

Some Additional Points:

• There is no fee for disputing errors on your credit report—it's a free service.
• If the disputed information is indeed found to be inaccurate, the CRA must also inform anyone who has received your credit report in the last six months (for employment purposes, the timeframe is two years).

Remember, it's important to regularly check your credit report for accuracy. Mistakes can happen, and they can affect your credit score and your ability to get loans, credit cards, and even some jobs. If you find an error, act quickly to have it corrected using this process.