How to Dispute Credit Report and Win?

Have you noticed an error on your credit report that may affect your creditworthiness in front of lenders? An error on the credit report can translate to lower credit scores. It can also prevent you from acquiring new loans or credit accounts.

So how to dispute credit report errors? In this guide, we will reveal how to dispute credit report errors and win. Read on so you can take immediate steps to correct any inaccuracies on your credit report.

How to Dispute Credit Report Errors?

If you have requested your credit report from one of the big three credit bureaus (i.e. Experian, Equifax, and TransUnion) and found an error, you will need to get in touch with the specific credit bureau you acquired your report from.

You should also request a free credit report from the remaining two credit bureaus to check whether the information expressed in them is accurate.

Common Credit Report Errors

Some of the most common credit report errors include:

• Timely payments represented as late
• Closed collection accounts reported as open
• Incorrect personal information
• Unauthorized credit inquiries
• Inaccurate balance

It is important to dispute and correct these errors to make sure your credit score is represented accurately.

How to Dispute a Credit Report Error?

If you have identified an error in your credit report, follow these steps to dispute the error:

Step 1: Contact the Credit Bureau

Contact the credit bureau that provided you with the inaccurate credit report. You will either need to mail them a letter or file a dispute online by writing your concern, filling out your contact information, and giving an explanation as to why the information presented in your report is wrong.

Here’s how to reach out to the three major credit bureaus to file a dispute:

1. 1. Experian: File a dispute online or mail them a letter at Experian, PO Box 4500, Allen, TX 75013.
   2. Equifax: File a dispute online or mail them a letter at Equifax, PO Box 740256, Atlanta, GA 30348.
   3. TransUnion: File a dispute online or mail them a letter at TransUnion LLC Consumer Dispute Center, PO Box 2000, Chester, PA 19016.

Step 2: Contact Your Furnisher

Contact your furnisher, the company that delivers your information to the credit bureau. These can either be credit card issuers or banks. You can find their contact information and mailing address on your credit information. Mail your complaint to their mailing address or contact them over the phone to correct their mistake.

You can even reach out to your furnisher directly, instead of filing your dispute with the credit bureau as it may save you one step. However, identity-related issues can only be fixed by credit bureaus. 

Step 3: Wait Until the Investigation Is Finished

Credit bureaus and furnishers are allowed 30 days to check your information with the furnisher and investigate the issue. After completing the investigation, they are required to report their findings to you within 5 days.

If the information in your credit report is found to be accurate, the furnisher or the bureau won’t make any changes to your credit report. 

Moreover, they won’t be investigating the issue if they find your dispute frivolous. This happens when you have provided incomplete or inaccurate information, disputed the same concern multiple times without an update from the bureau, or haven’t provided any proof of your information.

However, they will need to communicate this to you within 5 days with proper reasoning as to why your dispute is frivolous. You then have the option to refile the dispute with updated proofs and reasoning. 

Step 4: Review the Results

Once the credit bureau gets back to you with the results and a free copy of your credit report (if updated), review the results. They will also share the furnisher’s name, address, and contact details with you.

If the furnisher does not correct the errors, you should notify the credit bureau right away as the furnisher is obliged to ask the credit bureau to correct the errors. 

Step 5: Check the Updated Credit Report

If any changes have been made to your credit report, they will take a while to appear, depending on when the furnisher sends the correct information to the bureau. 

However, if several months have passed and your credit report has still not been updated, reach out to both the credit bureau and the furnisher.

Conclusion

So that’s all, folks! Now that you know how to dispute a credit report and win, reach out to the credit bureau you requested the report from and file a dispute today. It is important to have correct information expressed on your credit report as it can affect your lender’s final decision. 

Good luck!