Chapter 13
bankruptcyA legal process in which a consumer enters into a payment plan to pay off
creditors using future income. These are arranged by the courts. Once the
payment plan is complete, remaining eligible debts are discharged. This will be
in the public records section of the credit report.DisputeA right consumers have to challenge and require investigation of information
they believe is incorrect on their credit reports. Consumers must initiate the
dispute process.
End user The business or individual that receives a credit report.
Information
provider or
furnisherA business or individual that reports information to a credit reporting agency.Disputing errors on credit reports
If you find something wrong on your credit report, you should dispute it. You may contact both
the credit reporting agency (most often TransUnion, Equifax, or Experian) and the
company that provided the incorrect information (the information furnisher). You
will need to explain what you think is wrong and why. If you have evidence (a receipt for
payment, copy of a cancelled check, etc.) you can include a copy of this and a copy of your credit
report with the incorrect information highlighted.
Never send original documents—only send copies. You may want to send this information with
your letter using certified mail return receipt requested. This will give you notification of when
the credit reporting agency and information furnisher receive your dispute letter.
The credit reporting agency generally has 30 - 45 days to respond to your request from the time
it receives it (and you will know this because of the return receipt you have).
You can use this example dispute letter from the Federal Trade Commission to a credit reporting
agency as a guide for writing your own letter.