The Fair Credit Reporting Act (FCRA) entitles you to repair your own credit report. You have a legal right to dispute any information you find on your credit report. Enacted in 1971, the FCRA stipulates that the credit bureaus investigate all consumer disputes if they challenge credit information on their credit reports. As per this Act, the credit bureaus must complete the investigations within a 30-day period. Any information that cannot be verified or is found to be inaccurate must be deleted immediately.

Your Rights Under FCRA

If any company rejects your application for credit, employment, or insurance, you have a right under the FCRA to ask, within 60 days of the refusal, for a free credit report. The company rejecting your application must disclose which credit reporting company they used for getting your credit scores. Normally, the three major nationwide credit companies used are - Experian, TransUnion, and Equifax.

It is said that almost 79% of all credit reports contain some error or the other. It is mandatory, under the FCRA, for the credit reporting companies to correct inaccurate and incorrect information. This is how you should go about it: