Consumer Affairs FAQ

9. The Federal Fair Credit Reporting Act regulates what appears on your credit report, for how long, and how you can obtain and correct any errors in the report. If you are turned down for credit based on the contents of your report, the creditor must tell you the name and address of the credit bureau which provided the report. If you contact that credit bureau within 30 days, they must give you a free copy of your credit report.

If you find a error on your credit report, write to the credit bureau, include copies of canceled checks, receipts or other documents that prove that it is an error. When the credit bureau receives your correction request, it must investigate and remove or correct any inaccurate information, usually within 30 days. If, after the investigation, you are not satisfied, you can file an explanation which will become a part of your report.

If you are tempted to use a credit repair company, make sure that the company is complying with the law. Colorado credit repair companies may not charge or collect advance or up front fees unless they have filed a $10,000 surety bond with the Colorado Secretary of State.

Beware of credit repair companies promising to remove bankruptcies from your credit report or requesting large sums of money or post- dated checks in advance. You can correct any error in your credit report yourself, without paying a fee, by contacting the bureau directly.