Credit bureaus are legally required under the FCRA to investigate disputes but only when they are formatted correctly. Here is what most people get wrong.
The Metro 2 Standard
Metro 2 is the Credit Data Industry Association (CDIA) standard for how credit information is reported. When you dispute an error, a Metro 2-formatted dispute compels a specific investigation process. A generic letter triggers a form response.
The 5 Most Common Credit Report Errors
- Mixed files -- report contains another persons accounts
- Re-aged debt -- old debt brought back by a new collection agency
- Duplicate tradelines -- same debt reported by both creditor and collections
- Incorrect payment status -- paid accounts still showing late
- Balance discrepancies -- paid-off accounts still showing a balance
FCRA Rights Under 15 U.S.C. 1681i
When you dispute: bureau notifies furnisher within 5 days, furnisher must investigate within 30 days, unverified items must be removed. Failure = private right of action under 1681n.
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