How To Dispute Something On Your Credit Report
Have you ever wondered how to dispute something on your credit report? If you have, you are not alone. This a very important question and it is a question that's frequently asked. Your credit report is the key to obtaining credit, whether it is to buy a home or purchase a car. Your credit report has valuable information that identifies the way you manage your financial affairs.
Things you'll need:
- Credit reports
- Completed dispute letter
- Evidence (i.e. cancelled checks, receipts, etc.)
- Review your credit report annually. This helps you identify credit problems early and helps you dispute something on your credit report early before they become a major issue. Under federal credit laws, you are able to obtain one free copy of your credit report annually from the three credit bureaus. Therefore, contact the three credit reporting agencies--Equifax, Experian and Transunion--and take advantage of the free report.
- Know your credit report legal rights. If your credit report is incorrect, there are steps to dispute something on your credit report. Per the Fair Credit Reporting Act (FCRA), you have the right to submit a request to the credit-reporting agency to remove any inaccurate information.
- What happens if you find erroneous information on your credit report? If you find erroneous information on one credit-reporting agency, chances are the other reporting agencies have erroneous information as well. Therefore, check the three credit reporting agencies to make all the information reflected is complete as well as accurate.
- Send a dispute letter via certified mail with a return receipt requested form. The best way to dispute something on your credit report is in writing. Send a dispute letter to the credit bureau and the creditor; the letter is your documentation that you did dispute something on your credit report. If you have documentation to substantiate your claim, include copies of the documentation and keep the originals. Documentation you may submit includes cancelled checks or a payment receipt. Make sure to include your name, complete address, dispute information and the reason you think the credit report is inaccurate. You might want to consider enclosing a copy of your credit report and highlight the information in question as well.
- What happens after you send the letter to dispute something on your credit report? After you send the letter, the credit bureau has 30 days to investigate the dispute and respond to the issue. The response is generally in writing and it indicates the results of the investigation. Any inaccuracies are sent to the original company who provided the information. The provider who submitted the information reviews the information and sends their response to the credit-reporting agency. The credit bureau then returns the results of the investigation to you and indicates the results along with an updated report if credit report dispute resulted in changes.
If you want to dispute something on your credit report, be proactive and follow the steps indicated. Remember, erroneous information on your credit report will cause you financial hardship.