Credit reporting agencies are typically referred to as credit bureaus. The three largest credit bureaus in the US are Equifax, Experian and TransUnion. It’s important to note that credit bureaus are for-profit companies and not government agencies.

CRAs are governed under the Fair Credit Reporting Act which, among other things was put into place by the FTC to make sure the credit bureaus were reporting accurate information. The FCRA also allows consumers to request a free credit report from each of the credit bureaus once a year for free. It also allows consumers to dispute any information on their credit report that is questionable, unclear, or inaccurate.

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In my experience of helping people repair their credit, it’s always easier to have settled debts removed from your credit reports. Why? Because creditors and collection agencies are much less likely to verify a dispute of a debt that you have paid. They usually won’t even bother responding to the credit reporting agencies about your account if it’s paid. If they don’t respond, the account must be removed. But, sometimes they do respond. They also don’t want to risk verifying something that shouldn’t be verified and getting sued over something that’s not going to make them money.

When the investigation is complete, the reporting agency 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 credit bureau cannot put the disputed information back in your file unless the information provider verifies its accuracy and completeness, and the credit bureau gives you a written notice that includes the name, address, and phone number of the provider.

There are other ways to have items removed from your credit reports, but disputing them with the credit bureaus is the most popular way.

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