If you’ve found errors on your credit report, you’re not the only one. About 34% of Americans notice one or more mistakes on their credit report.
Credit report errors are more than a frustrating inconvenience; they can have real-world consequences, such as lowering your credit score or increasing your interest rates. So how do you go about disputing such errors?
Don’t worry! We’ve investigated everything you need to know about how to fix credit report errors. That way, all of your credit report information is up-to-date and accurate.
Now, are you ready to get started? Here’s a quick look at how to dispute a credit report mistake:
Send a Letter to the Credit Bureau
Once you’ve identified an error, whether it be related to your identity or finances, contact the bureau that produced the report. The three major credit bureaus, Equifax, TransUnion, and Experian, allow you to dispute credit report errors either online or through the mail.
In your message, you’ll want to include your name, contact information, along with a summary of the errors you want fixed and why. Also, ensure you include documents that prove the error is, in fact, an error. After you send a message to the credit bureau, you will have to wait 30 days as they conduct an investigation.
If they find your request irrelevant, they will stop the credit report investigation and write you a letter explaining why. However, if they find that there was an error made, they’ll give you a free copy of your credit report.
In addition, to your free copy, they will send a notice of correction to anyone who has received your report in the past six months. If you ask, they will also send a notice of correction to anyone who received your credit report for employment purposes during the past two years.
Contact a Data Furnisher
Once you message the credit bureau, you’ll want to contact the company that provided the information to the credit bureau, otherwise known as a furnisher. Common examples of data furnishers are banks, credit card issuers, and loan institutions.
You’ll want to send the message you wrote to the credit bureau to the data furnisher. That way, they also have a dispute report which they can review on their end and decide whether the information is accurate.
What If My Dispute Is Ignored?
Now, you may be wondering, what should I do if my dispute is ignored? Well, you have two options. You can include a statement in your report summarizing the dispute for current and future reports.
Your second option is to file a lawsuit. If a credit reporting company violates the FCRA, it can be held liable. While filing a lawsuit is an option of yours, it should only be done once extensive inaction has occurred.
Ensure Your Credit Report Information Is Accurate Today
If you notice one or more errors in your credit report information, act now. You’ll first want to contact the credit bureau and then the data furnisher. Understand that it can take up to 30 days to get a thorough report summarizing the dispute and acknowledging the changes.
Thankfully, our team at Tonys Credit Repair has your back. We can help repair your credit fast and easily with our SMART technologies.
Contact us today to schedule a free consultation.