Disputing errors on your credit report is important to avoid negative effects on your ability to apply for loans or credit. The process involves writing a letter to the credit bureau and information provider, providing evidence, and waiting for a decision. If the dispute is found to be valid, corrections will be made and employers and others who have accessed your credit report will be notified. If the dispute is not resolved, you can add a 100-word statement to your credit report for a fee.
It’s not uncommon to find that inaccurate information has been recorded on your credit report, and the nature of the error can be significant enough to adversely affect your ability to apply for loans or be approved for credit-based applications. Potential complications from a bad credit report can be avoided by engaging in a written dispute with a credit bureau in order to correct the error. The standard credit dispute process generally requires a fully written letter stating your case to the various parties involved in reporting the misinformation and including any pertinent information.
Resolving a dispute with a credit bureau is a fairly straightforward process. The correct and efficient way to resolve a dispute with a credit agency, whether the information is related to a credit card dispute or other error, is to notify the credit agency in writing. You can dispute a debt with the credit bureau by writing a credit dispute letter informing them of the mistake and clearly explaining why you think this is the case. The letter should not only be sent to the credit bureau, but also to the information provider, which could be a credit card company if the dispute is about a credit card, so that incorrect information is not reported again.
A letter outlining your dispute with a credit bureau should provide your name and address as well as your statement and explanation of the error. Along with the completed dispute letter, you should include all pertinent documents such as statements and checks that further support your position. You can also attach a copy of your credit report with the inaccurate information highlighted. The completed letter can then be sent to the credit bureau by certified mail with a return receipt requested.
Your dispute with a credit bureau is under the agency’s control from the time it receives your dispute letter until the investigation is complete, usually within 30 days. The information the credit bureau receives from you will also be forwarded to the company that provided the incorrect information, who must then review the error, investigate the matter, and inform the credit bureau of their findings. If the information provider discovers that they have released inaccurate information, they must report the error to all credit bureaus.
Once all inquiries have been processed, the credit bureau will send you a letter with its decision, along with an updated copy of your credit report, if the information in question was found to be in error, and the contact for the information provider. If the credit dispute is found to stand, the credit bureau will notify everyone who has requested and had access to your credit report within the last 6 months of the corrections at your request. They can also send free copies of your updated credit report to employers who have applied for one in the past two years.
Not always a dispute with a credit agency can end with satisfactory results. If the credit bureau disagrees with your findings, you have the option of sending the agency a 100-word statement regarding your dispute. The statement will be added to your file and credit report. For a fee, the credit bureau can also send your statement to anyone who has recently viewed your credit report.
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