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Chapter 11. CREDIT REPORTS > Reviewing Your Credit Report

Reviewing Your Credit Report

According to a study by the U.S. Public Interest Research Group, 29 percent of credit reports had serious errors that would affect the credit scores of the individuals with the mistaken reports. Due to the fact that each of the three major credit reporting agencies, Equifax, Experian, and TransUnion, independently collects and maintains the information contained in their credit reports, your credit score may differ significantly from credit reporting agency to credit reporting agency.

If you find an error in your credit report, you should notify the credit-reporting agency that you dispute the particular item or items and indicate your reason for doing so. It may be that the information in your report reflects identity theft or someone else's debt may have mistakenly been placed on your report. In any event, after you have informed the credit-reporting agency of the problem, they have no more than 45 days during which to investigate the problem, unless they consider your request to be a frivolous one. If the credit-reporting agency finds in its investigation that the information is indeed inaccurate, the information must be deleted from your file and, at your request, a corrected copy of your report will be sent to anyone who was sent a copy of your mistaken report. If the information in your report is incomplete, the credit reporting agency must make sure the information is accurate and complete. So, for example, if your report shows that you made late payments but neglects to show that you are now up to date in your payments, your report must be corrected to reflect this fact. If, as a result of the investigation, the credit reporting agency is not able to verify one way or the other whether the contested information contained in your report is accurate or not, it must be deleted.


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