How to Dispute a Credit Report Error

April 10, 2015 by  
Filed under Credit Report

Good credit ratings can help with car loans, home loans, and in some cases, employment. Credit Reports are some of the hardest things to fix. It is even harder when something is on it that shouldn’t be. In these cases, there are way that you will be able to fix the problem so it can longer hinder your score.

Under penalty of law credit reporting companies, and information providers, are supposed to fix anything incorrect that might be on your report. It is important to take advantage of this law, as well as your rights, and contact the agency who put the error on your credit report.

Two Steps to ensure the mistake is fixed:

Step 1- Contact the credit reporting company, in writing, with a common dispute letter. Provide copies of the mistake with you letter. In it make sure you provide your contact information , clearly identify each infraction, tell them why you are disputing it, and request that it be removed from your credit score immediately. Send the letter as certified mail to ensure they received it, as well as keeping copies of what you sent them. This will ensure that you have proof you sent it, and they received them.

They must investigate the infraction within 30 days unless the dispute is found to be unsound. When the investigation is complete the credit reporting company will send you the results in writing, contact the information provider, and give you a free copy of your credit report.

Step 2- Contact the information provider, in writing, with a dispute letter as well. Provide the same information as you did above to the credit reporting company. If the provider added an address onto your credit report then you should send it to that address. If they did not simply send it to any of their current business addresses you can find.

The information provider must let the credit reporting company know of your dispute. If the information you provided turns out to be accurate then they will notify the credit reporting company to remove it from your credit report immediately.

If the information you dispute is found to be unjustified then only the passage of time will remove it. Credit reporting companies can only report negative information for seven years, and bankruptcy for 10 years. Normally the seven years begin on the date of the event, but sometimes the method used for calculating the seven year time frame can depend on other variables. Which ever the case, if you feel there is something provided on your credit report unjustly, the best thing to do is to send dispute letters to ensure no infractions on the report don’t belong.