Owner Operators - Tax Tips
Disputing Errors On Your Credit Report
Because we get numerous calls from our clients about their credit reports we recommend that everyone periodically review their credit report. Statistics indicate that 70 percent of credit reports reflect damaging errors. This is especially important if you are planning on making any major purchases, such as new equipment or buying a home.
Disputing Errors on Your Credit Report
Consumer Reporting Agencies (CRA's) aka credit bureaus must investigate items in question usually within 30 days. The CRA will notify the information provider (creditor that reported the information) of the dispute. If the information provider (creditor) finds the disputed information to be inaccurate, they must notify all nationwide CRAs so they can correct your files. Also any disputed information that cannot be verified must be deleted from your file.
Correcting Errors
- Contact the creditor first to request they send corrected information to the credit bureau.
- If you are unable to get the creditor to correct the error write a letter to the credit bureau.
- Make a copy of your credit report and identify each item you feel is incorrect.
- Write a "Dispute" letter listing each disputed item, state if the item is inaccurate,
incomplete or false and why. Request that the item be corrected, updated or deleted
(whatever the case may be). Enclose copies of any supporting documentation you have
to support your claim. Request an investigation into the matter as soon as possible. Also
request that the letter be made a permanent part of your credit record.
- Send a copy to each credit bureau and the creditor both.
- Send everything certified, return receipt to document that the materials are received.
- Keep copies of all correspondence and documentation for yourself. Do Not Send
Originals.
When the investigation is complete, the CRA must give you written results and a free copy of your credit report if the dispute results in a change. You may also request that the CRA send notices of corrections to anyone who received your credit report in the past six months.
Negative Information
When you have negative information on your credit report that is accurate the only way to get it removed is with time. Bankruptcy information may be reported for 10 years, other information usually remains for 7 years. Lawsuits or unpaid judgments against you can be reported for seven years or until the statue of limitations runs out, whichever is longer. Criminal convictions may be reported without any time limitation.
Consumer Reporting Agencies
To get copies of your credit report, either call or go online and request a copy. It's important to get a copy from all 3 each credit bureau's since each one may have different information.
Equifax
Credit Information Services
P.O. Box 740241
Atlanta, GA 30374
(800) 685-1111
Experian
National Consumer Assistance Center
P.O. Box 2002
Allen, TX 75013
(888) 397-3742
TransUnion
Consumer Disclosure Center
P.O. Box 1000
Chester, PA 19022
(800) 916-8800
This article has been presented by PBS Tax & Bookkeeping Service, a company that has been providing income tax and bookkeeping services to the trucking industry for over a quarter century. If you would like further information, please contact us at 800-697-5153. See our Web Site at www.pbstax.com.
Please remember everyone's financial situation is different. This article does not give and is not intended to give specific accounting and/or tax advice. Please consult with your own tax or accounting professional."
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