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FAQ: How Do I Repair My Credit
Bankruptcy Lawyers for Over 40 Years

​   We have attempted to answer the most frequently asked questions about bankruptcy in Oklahoma that our clients have asked us before.  We hope this will be helpful.
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This is not intended as legal advice because bankruptcy is complicated and depends on the specific circumstances unique to every Debtor. If you are considering a bankruptcy, call us toll free at (877) 886-5955 for a free consultation so we can provide legal advice tailored to your specific unique situation. There is no obligation and the call is confidential.​
Introduction

     A good credit rating is very important.  Businesses inspect your credit history when they evaluate your applications for credit, insurance, employment, and even leases. Based on your credit payment history, businesses can choose to grant or deny you credit provided you receive fair and equal treatment.

     Sometimes, things happen that can cause credit problems:  bankruptcy, temporary loss of income, illness, even a computer error.  Solving credit problems will take time and patience.

Credit Reports

     Your credit payment history is recorded in a file or report.  These files or reports are maintained and sold by Consumer Reporting Agencies (CRAs).  One type of CRA is commonly known as a credit bureau.  You have a credit record on file at a credit bureau if you have ever applied for credit, a charge account, a personal loan, insurance or a job.

      Your credit record contains information about your income, debts, and credit payment history.  It also tells whether you have been sued, arrested or have filed for bankruptcy.  It shows where you work and live and how you pay your bills.

     The Fair Credit Reporting Act (FCRA) is a Federal law designed to ensure that CRAs furnish correct and complete information to businesses to use when evaluating your application.

Disputing Errors

   Because businesses use this information to evaluate your applications for credit, insurance, employment and other purposes allowed by the FCRA, it is important that the information in your report be complete and accurate.

    Some financial advisers suggest that you periodically review your credit report for inaccuracies or omissions.  This could be especially important if you are considering making a major purchase like buying a home.  Checking in advance on the accuracy of information in your credit file could speed the credit-granting process.

Getting Credit Reports

    If you have been denied credit, insurance or employment because of information supplied by a CRA, the FCRA says the company you applied to must give you the CRAs name, address and telephone number.

    In addition, you are entitled to one free copy of your report a year if you can prove that (1) you are unemployed and plan to look for a job within 60 days, (2) you are on welfare, or (3) your report is inaccurate because of fraud.  Otherwise, a CRA may charge you up to $8 for a copy of your report.

    If you simply want a copy of your report, call the CRAs listed in the Yellow Pages under "credit" or "credit rating and reporting."

   Call each credit bureau listed since more than one agency may have a file on you, some with different information.  The three major national credit bureaus are:

       Equifax
       P.O. Box 740241
       Atlanta, GA 30374
       (800) 685-1111
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Experian (formerly TRW)
P.O. Box 949
Allen, TX 75013
(800) 682-7654
Trans Union
P.O. Box 390
Springfield, PA 19064
(800) 916-8800
Correcting Errors

    Under the FCRA, both the CRA and the organization that provided the information to the CRA, such as a bank or credit card company, have responsibilities for correcting inaccurate or incomplete information in your report.  To protect all your rights under the law, contact both the CRA and the information provider.

    First, tell the CRA in writing what information you believe is inaccurate.  Include copies (not originals) of documents that support your position.  In addition to providing your complete name and address, your letter should clearly identify each item in your report you dispute, state the facts and explain why you dispute the information, and request deletion or correction.  You may want to enclose a copy of your report with the items in question circled.

    You may write a letter using the example below changed to fit your situation.  Mail your letter by certified mail, return receipt requested, so you can document what the CRA received.  Keep copies of your dispute letter and enclosures.

    CRAs must reinvestigate the items in question—usually within 30 days—unless they consider your dispute frivolous.  They also must forward all relevant data you provide about the dispute to the information provider.  After the information provider receives notice of a dispute from the CRA, it must investigate, review all relevant information provided by the CRA, and report the results to the CRA.

   If the information provider finds the disputed information to be inaccurate, it must notify all nationwide CRAs so they can correct this information in your file.

Errors Must be Corrected

    Disputed information that cannot be verified must be deleted from your file.  If your report contains erroneous information, the CRA must correct it.  If an item is incomplete, the CRA must complete it.  For example, if your file showed that you were late making payments, but failed to show that you were no longer delinquent, the CRA must show that you are current.

    If your file shows an account that belongs only to another person, the CRA must delete it.  When the reinvestigation is complete, the CRA must give you the written results and a free copy of your report if the dispute results in a change.  If an item is changed or removed, the CRA cannot put the disputed information back in your file unless the information provider verifies its accuracy and completeness, and the CRA gives you a written notice that includes the name, address, and phone number of the provider.

    Also, if you request, the CRA must send notices of corrections to anyone who received your report in the past six months.  Job applicants can have a corrected copy of their report sent to anyone who received a copy during the past two years for employment purposes.

   If a reinvestigation does not resolve your dispute, ask the CRA to include your statement of the dispute in your file and in future reports.

    Second, in addition to writing to the CRA, tell the creditor or other information provider in writing that you dispute an item.

   Again, include copies (not originals) of documents that support your position.  Many providers specify an address for disputes.  If the provider then reports the item to any CRA, it must include a notice of your dispute.  In addition, if you are correct – that is, if the disputed information is not accurate – the information provider may not use it again.

Accurate Negative Information

    When negative information in your report is accurate, only the passage of time can assure its removal.  Accurate negative information can generally stay on your report for seven years.  There are certain exceptions:
  • Bankruptcy information may be reported for 10 years.

  • Credit information reported in response to an application for a job with a salary of more than $75,000 has no time limit.

  • Credit information reported because of an application for more than $150,000 worth of credit or life insurance has no time limit.

  • Information about a lawsuit or an unpaid judgment against you can be reported for seven years or until the statute of limitations runs out, whichever is longer.

Adding Accounts

    Your credit file may not reflect all your credit accounts.  Although most national department store and all-purpose bank credit card accounts will be included in your file, not all creditors supply information to CRAs:  Some travel, entertainment, gasoline card companies, local retailers and credit unions are among those creditors that do not.

     If you have been told you were denied credit because of an "insufficient credit file" or "no credit file" and you have accounts with creditors that do not appear in your credit file, ask the CRA to add this information to future reports.  Although they are not required to do so, many CRAs will add verifiable accounts for a fee.

     You should, however, understand that if these creditors do not report to the CRA on a regular basis, these added items will not be updated in your file.

More Tips

    If you want to contest a credit report, bill or credit denial, contact the appropriate company in writing and send it "return receipt requested." When you contest a billing error, include your name, account number, the dollar amount in question, and the reason you believe the bill is wrong.

    If in doubt, request written verification of a debt.

   Keep all your original documents, especially receipts, sales slips, and billing statements.  You will need them if you dispute a credit bill or report.  Send copies only.

    It may take more than one letter to correct problems.

  Be skeptical of businesses or “Credit Repair Companies” that offer instant solutions to credit problems.

   Be persistent.  Resolving credit problems can take time and effort.  There is nothing that a credit repair company can do for you – for a fee – that you cannot do for yourself for little or no cost.
After Bankruptcy

    If you have taken bankruptcy, you may want to begin to attempt to clear your report.  Many agencies will show your debt with them “cancelled” after discharge.  You may want to “challenge” the accuracy of each debt a few months after you are discharged.  And if that doesn’t work, try again in six months or so.

    You may want to selectively reaffirm one or more small debts so at least one creditor will be able to vouch for you.  And you may want to borrow small amounts even though you don’t need the money to reestablish your credit.

Sample Dispute Letter

This Sample Dispute Letter should be sent to CRAs as discussed above to attempt to correct inaccurate or incomplete information in your credit file:
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Date

Your Name
Your Address
Your City, State, Zip Code

Complaint Department
Name of Credit Reporting Agency
Address
City, State, Zip Code
 
Dear Sir or Madam:

I am writing to dispute the following information in my file.  The items I dispute are also encircled on the attached copy of the report I received.  (Identify items disputed by name of source, and identify type of item, such as credit account, judgment, etc.)

This item is (inaccurate or incomplete) because (describe what is inaccurate or incomplete and why).  I am requesting that the item be deleted (or changed) to correct the information.

Enclosed are copies of (use this sentence if applicable and describe any enclosed documentation, such as payment records, court documents) supporting my position.  Please reinvestigate this (these) matters and (delete or correct) the disputed items as soon as possible.

                      Sincerely,

                      Your name

Enclosures: (List what you are enclosing)