Your credit report is a record of your credit activities. It lists all of your credit card accounts and loans, the balances as well as your payment history. It also shows if any action has been taken against you because of unpaid bills such as a lawsuit or bankruptcy filing. Because businesses use this information to evaluate your applications for credit, insurance and employment, its important that the information in your report is complete and accurate, especially if you plan to make a big purchase like a home.

The Fair Credit Reporting Act (FCRA), enforced by the Federal Trade Commission (FTC), is designed to promote accuracy and ensure the privacy of the information used in consumer reports. Under the FCRA, both the credit reporting agency (CRA) and the organization that provided the information to the CRA (usually the credit card company) must correct any errors or incomplete information in your report.

If you do encounter a mistake on your credit report, several steps need to be taken to correct the matter:

1. The first thing to do is get a copy of your credit report from each of the three major CRAs: Equifax, http://www.equifax.com; Experian, http://www.experian.com; and TransUnion, http://www.tuc.com.

2 In a written letter, tell the credit reporting agency what information you believe to be inaccurate. Include copies (not originals) of documents that support your position. Provide your complete name and address, identify each item in your report you dispute, and request deletion or correction. Be sure to make copies of your dispute letter and enclosures.

3. Send your letter by certified mail, return receipt requested, so you can document what the credit agency received.

4. The FCRA mandates that all credit agencies 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 credit card company. After the credit card company receives notice of a dispute from the credit agency, it must investigate, review all relevant information and report the results to the credit agency.

5. If the disputed information is found to be inaccurate, the credit card company must notify all nationwide credit agencies so they can correct this information in your file. Disputed information that cannot be verified must be deleted from your file.

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

7. In addition to the credit agency, you should also write to the credit card company about the error. Again, include copies of documents that support your dispute. If you are correct meaning the information you disputed is found inaccurate the credit card company cannot use it again. Further, at your request, the credit agency must send notices of corrections to anyone who received your report in the past six months.

About DNJ Mortgage

DNJ Mortgage is a locally owned and operated mortgage broker that has been in business for 21 years. We specialize in low and no closing cost loans. We are able to provide this service to our customers due to the volume of business that we originate on a monthly basis. We have strategic relationships with several national banks that offer us steep volume discounts which we then pass on to our customers. With the no closing cost loan, we are actually paying your closing costs and not rolling them into the loan.

DNJ Mortgage's corporate office is located in Raleigh, NC with an additional office in Charlotte, NC.  DNJ Mortgage services all of North Carolina as well as Colorado.