How can I fix a false credit report?

[E+ Researcher]

I applied for an auto loan last week and the report came back saying that I have a credit card out with a $2700 balance. I have only had one credit card in my life; the one I use now which I've never been behind in payments. It's obvious that I've been a victim of credit fraud... what can I do to fix this?? I need it off my report asap...

[WhatTheFrank]

First, you have to dispute with the credit bureaus. I have seen results in as little as 2 weeks. When the credit bureau resolves it you are done. If it comes back verified, roll up your sleeves. Then you contact the creditor and get them to resolve it. At least get a letter with their letterhead stating the fact that it is not yours. You should be done by then. If you don't get the desired outcome their are multiple solutions.

Sometimes they do report incorrect information on consumers credit reports. If the account is with a collection agency, threaten a claim against their bond for 3 times the amount of the price of the vehicle you were turned down for. You know the Lamborghini Diablo.. Ha..Ha.. Just try disputing with the credit bureaus first.

Thank you E+ Researcher,