All consumers have the right to dispute inaccurate information reported to the credit reports. Inaccurate as in: the account is not yours, slow pays that your creditor decided to report 30 days late which you were not (even if you paid 29 days late the creditor cannot report a 30 day late payment), or accounts that are past the statute of limitations. Many times you can dispute an account that is yours if the creditor violated any of your rights under the Consumer Credit Code.
If you have an account or payment history that you want to dispute with any of the credit reporting agencies, use the below statute to add in your letter. Make sure that your letter is mailed certified, return receipt requested. Using this statute while putting the credit reporting agencies on notice supports any future action that you may need to take against the credit reporting agencies.
15 U.S.C.A. § 1681i
§ 1681i. Procedure in case of disputed accuracy
(a) Reinvestigations of disputed information
(1) Reinvestigation required.–
(A) In general.–Subject to subsection (f) of this section, if the completeness or accuracy of any item of information contained in a consumer’s file at a consumer reporting agency is disputed by the consumer and the consumer notifies the agency directly, or indirectly through a reseller, of such dispute, the agency shall, free of charge, conduct a reasonable reinvestigation to determine whether the disputed information is inaccurate and record the current status of the disputed information, or delete the item from the file in accordance with paragraph (5), before the end of the 30-day period beginning on the date on which the agency receives the notice of the dispute from the consumer or reseller.
(B) Extension of period to reinvestigate.–Except as provided in subparagraph (C), the 30-day period described in subparagraph (A) may be extended for not more than 15 additional days if the consumer reporting agency receives information from the consumer during that 30-day period that is relevant to the reinvestigation.
(C) Limitations on extension of period to reinvestigate.–Subparagraph (B) shall not apply to any reinvestigation in which, during the 30-day period described in subparagraph (A), the information that is the subject of the reinvestigation is found to be inaccurate or incomplete or the consumer reporting agency determines that the information cannot be verified.
This statute states simply that when a consumer disputes any discrepancies on their credit report; the credit reporting agencies must; free of charge investigate the disputed account within the thirty days allowed. If an extension of time is needed to complete the investigation they are allowed not more than fifteen (15) days from the date they received the dispute letter from you.