How to dispute credit report information that can’t be confirmed
Consumer Education Specialist, FTC
Would you know what to do if a debt collector reported a debt to a credit reporting agency and then went out of business, leaving no one to confirm or legally collect the debt?
That’s the problem facing consumers whose debts were owned by Crown Funding Company, a debt collection company the FTC sued for deceptive practices. The FTC’s law enforcement action permanently closed Crown and more than two dozen other companies linked with Crown, but the debts that Crown reported remain on many consumers’ credit reports.
The solution for Crown's consumers is the same as for any consumer who finds information on their credit reports that’s inaccurate or can’t be confirmed: Federal law says that, when consumers dispute information on a credit report, the credit reporting agencies must investigate it. If the credit reporting agency can’t confirm the information with the company that reported the debt — and in the case of Crown, it can’t — it must delete the information from the consumer’s credit report, usually within 30 days of receiving the
Disputing Errors on Credit Reports lists the steps you need to take, and includes a sample letter to help make your case.
To learn more about money management, credit reports, and debt collection, visit Money & Credit.
The other companies linked with Crown are: AFK Solutions, LLC; Alhambra Enterprises; American FP, LLC; American PG, LLC; Asset Portfolio Partners, LLC; Capital FC, LLC; Capital FP, LLC; Capital IG, LLC; First CG, LLC; First FF, LLC; First FG, LLC; First FS, LLC; First Franklin Holdings, Inc.; First Planners United, LLC; First Technology Services; Freeman United Holdings, LLC; Global AG, LLC; Global Holding Services, LLC; Global Pacific Financial Services; Grant Services Management, LLC; Han Dynasty, Inc.; Heinz Capital Financial, LLC; Heinz Capital Funding, LLC; International Capital Holdings; Ish Inc.; Las Vegas Funding & Financial; Leon Solutions Services, LLC; National FC, LLC; National IG, LLC; National Service Partners, LLC; New Capital Holdings, Inc.; Pacific Holding Partners, LLC; Portfolio MG, LLC; Premiere PG, LLC; Revere Recovery Group, LLC; United CC Holdings, LLC; United FP, LLC; United Holding Services, LLC; United Services Partnership, LLC.Source: www.consumer.ftc.gov