How To Dispute A Credit Report

Someone's credit score indicates how credit-worthy and financially in control they actually are. A credit report is normally acquired from the 3 major credit reporting agencies, namely Transunion, Experian and Equifax. Nevertheless, these three are not immune to errors and major flaws. On the advice of some credit professionals, the three big agencies incur error rates in the range of twenty to thirty percent, even though some of the mistakes may be nothing more than reporting the wrong month of an overdrawn accound. However, any simple credit report mistakes can still have a damaging effect on the person’s credit score, which can lead to the person getting rejected for an essential credit line. It's important to know how to dispute a credit report.

Get Yourself a Copy Of Your Credit Report From One of The Major Credit Agencies

The first thing to do is to get a copy of your credit report directly from each, or just of the three big credit agencies. Don’t acquire your credit report from 3rd party agencies, because chances are you may be disputing errors or flaws that don’t even exist. According to the US Fair Credit Reporting Act (FCRA), the big three credit agencies are accountable for putting straight or reducing any flaws and errors in their credit reports. The FCRA therefore, allows you to directly contact these credit bureaus, and record your disputes or complaints.

Ensure That Each Report Is Not Past The Seven Year Limit

Once you have a copy of your credit report in front of you, compare all of the reports, and ensure that these are not past the seven year limit for reporting of any errors or erroneous information. Additionally, check if the status and delinquency dates are correctly recorded.

How To Dispute A Credit Report

Once you personally find any discrepancies or flaws, you can challenge them by filing the dispute online, as well as by sending a letter to the specific credit agency. Although posting your complaint on the Internet may be much faster, it only allows you limited options for explaining your case. Nevertheless, if you write a letter, ensure you limit the length to around 100 to 150 characters, or 30 words, to succinctly state your case. To file your dispute online, visit the agency’s Web site, and search for the “Dispute” option. Enter your identifying details, and give the reasons for the dispute. In sending disputes by mail, find the agency’s correct mailing address, which is usually situated towards the end of your report, and include your name and address, report number, as well as the account numbers you’re complaining about.

When you receive a copy of your credit report from a credit bureau, the agency is usually given 45 days to send the results of your dispute. If you paid for the report, the bureau in question will usually get this to you in around 30 days. Once you see any errors or inconsistencies in your credit report, it’s important that you question and dispute all those inaccuracies, and never assume that everything is correct, just because it’s been stated by one of the major credit reporting agencies.

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