- 1). A consumer who suspects or knows of credit card fraud or identity theft needs to begin the investigative process by obtaining a credit report from all three credit reporting agencies (Equifax, Transunion, Experian). By law, credit report copies are to be provided free of charge once per calendar year. It is important to obtain all three reports as not all creditors report to all three credit agencies.
Once the credit reports are received, review each for fraud, inaccuracies or errors. Detail each instance and keep copies of all notes. - 2). In a dispute letter, write each of the credit bureaus to report the fraudulent items, or any inaccurate or errant entries. Include all pertinent information, including the company from which the items or services were purchased and an explanation of unauthorized charges. Likewise include any documentation such as police reports or court documents for verification.
- 3). Allow 20 to 30 days for the credit bureaus to receive and review the provided information. Because credit bureaus are tracking millions of consumers, follow-up will likely be required. Credit repair will not happen overnight and the entire process may take several months. By law, the credit bureaus have 45 days to acknowledge receipt of a credit dispute or they must remove the item(s).
Source...