These rules do not apply if the credit transaction is for $50,000 or more, or if the report is being provided in connection with employment in a job that involves an annual salary of $20,000 or more. There are several exceptions to this rule the primary one is bankruptcy, which may be reported for up to 10 years. Most negative information that is more than 7 years old may not be included in your credit report. The credit reporting agency must investigate your claim within 30 business days by asking the creditor in question to review its records, unless the agency believes that the dispute is "frivolous or irrelevant." Within 5 business days of its receipt of your request, a credit reporting agency must notify the creditor that you are disputing the information.The credit reporting agency is required to correct, complete, or delete any information that is erroneous, incomplete, or unverified. If an item is available to be disputed online, all dispute options available will appear next to that item. Certain items may be disputed directly online when viewing your credit report. For most items, you must do so in writing and can use a trackable method like certified mail to ensure that it is received. If there is incorrect information in your credit report, you may ask the credit reporting agency to investigate. Visit the annual credit report website or call (877) 322-8228 to request your free annual credit report. Under state law, you have the right to a free copy of your credit report within 60 days of being denied credit. You have the right to know which credit reporting agency prepared the report that was used in the denial of your credit application. If you ever apply for and are denied credit, you should immediately get a copy of your report to verify that all the information is correct. Requesting a copy every year to ensure your report is without errors is worthwhile and recommended. Note: Your Credit Report is Free! Under state and federal law, you are entitled to one free copy of your credit report per calendar year from each of the three main credit reporting agencies noted above. Knowing your legal rights and remedies is a first step to resolving any problems related to your credit report. Your credit report is an important document, and the law gives you certain protections against the reporting of incorrect information. They make that information available to others under certain circumstances in the form of a "credit report." Lending institutions, employers, insurance agencies, and future creditors make decisions about you from the information in your credit report. Private companies called "credit reporting agencies" collect information related to your access to and use of credit.
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