Free Credit Reports Credit Rating Agency

A credit rating agency or credit bureau are companies that compile and sell your credit report to businesses. These businesses use this information to evaluate you applications for credit, insurance, employment, and other purposes allowed by the Fair Credit Reporting Act. It is very important that the credit rating agency has all the complete and accurate information in your report.

Under the Fair Credit Reporting Act, both the credit rating agency and the organization that provided the information to the credit rating agency, such as a bank or credit card company, have responsibilities for correcting inaccurate or incomplete information in your report. You can dispute inaccurate information with writing the credit rating agency a letter clearly identifying to incorrect information, and stating facts of why it is incorrect. The credit rating agency must reinvestigate the items in question, usually within 30 days.

If your report contains erroneous information, the credit rating agency must correct it. If an item is incomplete, the Credit Rating Agency must complete it. And, if your file shows an account that belongs to another person they must delete it. After the changes the credit rating agency, must send you confirmation regarding the corrections, and a copy of your report. Plus, they have to send the corrected copy to everyone who has received a copy of your credit report in the last six months.

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