Plain-English definitions for every credit report, FCRA and FDCPA term you need to know when disputing your credit report.
Federal law that governs how credit bureaus collect, store, and report your credit information. It gives you the right to dispute inaccurate information and requires bureaus to investigate within 30 days.
Federal law that limits what debt collectors can do and say when collecting a debt. Violations can result in damages of up to $1,000 per violation.
When a creditor writes off a debt as a loss after 180 days of non-payment. A charge-off must still be accurate to remain on your report and must be removed after 7 years.
A credit check made when you apply for credit. Hard inquiries can lower your score by a few points and remain on your report for 2 years.
An agreement where you pay a debt in exchange for the collector removing the negative item from your credit report.
A formal written request to a credit bureau or creditor challenging an inaccurate or unverifiable item on your credit report, citing the relevant FCRA section.
The standard data format credit bureaus require creditors to use when reporting account information. Violations of Metro 2 standards are disputable under the FCRA.