How to Dispute a Credit Report Error

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Your credit score has a significant impact on multiple different areas of your life. In fact, there are many opportunities that are only available to those who have strong credit.

Occasionally, however, there are problems with your credit report that you need to handle on your own. Let’s take a look at everything you need to know about the dispute credit report error process.

Send the Credit Bureau a Letter

If you notice an error on your credit report, you’ll need to send the credit bureau a letter as soon as possible with the details about your situation. You’ll also need to contact the three primary credit bureaus: TransUnion, Equifax, and Experian.

Fortunately, you don’t actually have to mail a hard copy of the letter to these organizations. You have the opportunity to submit your complaint online instead. It’s in your best interest to view sample letters so that you can ensure your dispute is formatted correctly.

This will also typically reduce the amount of time that it takes for them to get back to you. If you do choose to mail a letter to the bureaus, keep a copy of these letters for yourself for your own personal records.

You May Need to Contact the Furnisher

If you notice an error on the report, you may also need to contact the organization that provides information to credit bureaus.

In this context, these are known as furnishers. Fortunately, you can often find their address by checking your credit report. In the event that you do not have this information, you can reach out to the company itself in order to acquire it.

It’s also worth noting that you may be able to get the furnisher to resolve the issue before you reach out to the credit bureaus. This works primarily because a credit bureau investigation will inevitably tell the furnisher that they need to correct the mistake.

This is, of course, they are found to be in the wrong. However, you should always go directly to credit bureaus if the issue with your credit report is based on your identity.

Be Patient While Waiting for the Investigation

It can take up to 35 days to receive your results after the credit bureaus begin their investigation.

By law, a credit bureau investigation must be conducted within 30 days. The same can be said about furnishers. After this investigation has concluded, they then have five days to get in touch with you.

Unfortunately, not every dispute leads to an investigation. Sometimes, these organizations label disputes about credit reports as “frivolous.” This means that the organization did not feel as though you provided enough information during your dispute.

When it comes to fixing credit report errors, it’s essential that you offer as much information as you can. So, keep this in mind before initiating a dispute with either type of organization.

View the Results

After the process has concluded, the credit bureau must illegally provide you with comprehensive results about the investigation.

They are also obligated to provide you a free copy of your credit report. Additionally, they will provide you with the contact information of the furnisher that allocated the incorrect credit information. If the furnisher was found to be at fault, they must immediately notify all the credit bureaus they sent this incorrect information.

In the event that the furnisher maintains the information they sent was accurate, you can request that the credit bureau adds a statement to your credit file that explains all of this information.

Check Your Credit Report for Updates

After the credit bureau concludes its investigation, you’ll need to check your credit report for updates.

It can often take several months before your current report reflects these changes. It will simply depend on when that specific bureau updates their reports and when the furnisher decides to send corrected information. In the event that your report does not reflect the changes, get in touch with the bureau to verify that the issue has been resolved appropriately.

What if the Results Are Not in My Favor?

Occasionally, you may find that the results are not in your favor.

This could easily create a situation where you are stuck managing incorrect credit information. In this scenario, it’s imperative that you get in touch with the legal professional in order to help navigate the nuances associated with it.

When searching for someone to work with, consider their past reputation. This will provide a look into the type of results you can expect from them. Of course, you should also determine who will be working on your case.

It’s not uncommon for firms to delegate cases to less experienced attorneys. Be sure to take this into consideration so that you can avoid the consequences of working with a subpar legal professional. It’s imperative to work with a reputable professional in order to correct these mistakes.

You can check out this resource by Financial Justice Now litigation lawyer to learn more.

Knowing the Dispute Credit Report Error Process Is Essential

Otherwise, there’s a good chance that you will find yourself dealing with a situation you could have avoided. The above guide about the dispute credit report error process has all the information you need to know in order to handle it correctly.

Looking for more tips that can help you out later on? Check out the rest of our blog for plenty of more useful information.