Credit Report Disputes & Claims
Credit Report disputes can involve the inaccurate reporting of your credit by the credit reporting agencies for many reasons. Some reasons include a creditor incorrectly reporting the status of your account, someone else's information is on your credit report or someone has stolen your identity and is opening fraudulent accounts in your name. Sometimes, old information, even though it is accurate, is wrongfully reported. When debt is sold, some debt buyers or debt collectors will use an incorrect date of last activity so that the delinquency appears more recent than it really is. Also, your right to the privacy of your credit history may be violated by someone reviewing your file without your permission or a report may be used in an unauthorized manner.
Recoveries for violations of the fair credit reporting laws oftentimes include a statutory minimum award or actual damages caused by the violation and attorney's fees.
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Common Reasons for Inaccurate Credit Reports [Back to Top]
Mixing someone else's information into your reports Inaccurate reporting of payment history by the creditor
Misapplication of payments on multiple accounts, showing a larger amount due on undisputed debt, but a smaller amount on disputed debt
Indicating a bankruptcy on your report when you are a co-signer on a debt but not personally in bankruptcy
Accounts fraudulently opened by Identity Theft
Impermissible Access by Spouses, Insurance, Account Reviews, Employers, Opposing Party in Litigation, Car Dealer, Bank
Double Entries on the same account
Multiple reports of the same debt by former and a current debt collector
Reporting a more recent date of delinquency to make the delinquency appear more recent than it really is
Failure to note that an account/debt is disputed
Reporting of Obsolete information (account that was in default more than 7.5 years ago except for judgments and bankruptcy)
How Long Adverse Information Can Remain in Credit Reports [Back to Top]
The following is the text of the Fair Credit Reporting Act that identifies the period of time that the credit reporting agency is permitted to report adverse or negative information. There are some additional rules about bankruptcy reporting and a requirement that the credit reporting agency note any information that you dispute while it is conducting an investigation into your dispute.
§ 605. Requirements relating to information contained in consumer reports [15 U.S.C. §1681c]
(a) Information excluded from consumer reports. Except as authorized under subsection
(b) of this section, no consumer reporting agency may make any consumer report
containing any of the following items of information:
(1) Cases under title 11 [United States Code] or under the Bankruptcy Act that, from
the date of entry of the order for relief or the date of adjudication, as the case may
be, antedate the report by more than 10 years.
(2) Civil suits, civil judgments, and records of arrest that from date of entry, antedate
the report by more than seven years or until the governing statute of limitations
has expired, whichever is the longer period.
(3) Paid tax liens which, from date of payment, antedate the report by more than
seven years.
(4) Accounts placed for collection or charged to profit and loss which antedate the
report by more than seven years.1
(5) Any other adverse item of information, other than records of convictions of
crimes which antedates the report by more than seven years.1
(6) The name, address, and telephone number of any medical information furnisher
that has notified the agency of its status, unless--
(A) such name, address, and telephone number are restricted or reported using
codes that do not identify, or provide information sufficient to infer, the
specific provider or the nature of such services, products, or devices to a
person other than the consumer; or
(B) the report is being provided to an insurance company for a purpose
relating to engaging in the business of insurance other than property and
casualty insurance.
(b) Exempted cases. The provisions of paragraphs (1) through (5) of subsection (a) of
this section are not applicable in the case of any consumer credit report to be used in
connection with
(1) a credit transaction involving, or which may reasonably be expected to involve, a
principal amount of $150,000 or more;
(2) the underwriting of life insurance involving, or which may reasonably be
expected to involve, a face amount of $150,000 or more; or
(3) the employment of any individual at an annual salary which equals, or which may
reasonably be expected to equal $75,000, or more.
(c) Running of Reporting Period
(1) In general. The 7-year period referred to in paragraphs (4) and (6)2 of subsection
(a) shall begin, with respect to any delinquent account that is placed for collection
(internally or by referral to a third party, whichever is earlier), charged to profit and
loss, or subjected to any similar action, upon the expiration of the 180-day period
beginning on the date of the commencement of the delinquency which immediately
preceded the collection activity, charge to profit and loss, or similar action.
(2) Effective date. Paragraph (1) shall apply only to items of information added to the
file of a consumer on or after the date that is 455 days after the date of enactment of
the Consumer Credit Reporting Reform Act of 1996.
Attorney Gordon R. Leech
Samster, Konkel & Safran, SC
1110 N. Old World Third St., Suite 405
Milwaukee, WI 53203
Tel: 414-224-0400