In order for your Credit Profile/Report to be accurate the law states that there must be 3 standards which must be met and present for every item on a credit report to continue to appear on a person’s credit report. These standards are:
- First, items must be reported within the allowable time periods. It must be reporting timely information.
- Second, item must be 100 % accurately reporting all the information on the account. So all of the information on the account – name of the creditor, account number, status, date of last activity, date the account was opened, date of last delinquency, balance, payment amount and history, all that information must be reported 100% accurately.
- Third, The item must be verifiable. The item in question must be able to be verified by the credit bureau because they are the ones disseminating the information and by the creditor because they are the ones making the claim that money is owed. Well, disputes can be simply that this item is not verifiable, because there was no contractual obligation, or there was no written agreement amongst any of the parties, therefore this item is completely one hundred percent unverifiable. “If you can’t prove it, please remove it.”
These are the three thresholds that every item that they’re putting on a credit report must meet. If it doesn’t meet it, they must delete it.