A Comprehensive Guide to Disputing Errors on Your Credit Report

Posted On March 8, 2023

Your credit report is a record of your credit history and is used by lenders, creditors, and other organizations to determine your creditworthiness. It’s important to keep an eye on your credit report regularly to ensure that the information it contains is accurate. However, errors can occur on your credit report, which can negatively impact your credit score and your ability to get approved for credit. In this article, we’ll provide you with a comprehensive guide to disputing errors on your credit report.

Step 1: Review Your Credit Report

The first step in disputing errors on your credit report is to review your report carefully. You can obtain a free copy of your credit report from each of the three major credit bureaus – Experian, Equifax, and TransUnion – once a year by visiting AnnualCreditReport.com. Once you have obtained your credit report, review it thoroughly and look for any errors or inaccuracies, such as:

• Incorrect personal information, such as your name, address, or social security number
• Accounts that don’t belong to you
• Late payments that were reported inaccurately
• Accounts that are incorrectly marked as delinquent or in default
• Accounts that are listed as open when they have been closed
• Duplicate accounts

Make sure to take note of any errors you find and which credit bureau is reporting the incorrect information.

Step 2: Dispute the Error with the Credit Bureau

The next step in disputing errors on your credit report is to contact the credit bureau that is reporting the error. You can do this by sending a letter or by submitting a dispute online. If you decide to send a letter, make sure to include the following information:

• Your full name and address
• The account number of the disputed item
• A detailed explanation of the error
• Supporting documentation, such as a copy of a canceled check or a letter from the creditor

When submitting a dispute online, most credit bureaus provide a form for you to fill out. Make sure to provide all of the necessary information and any supporting documentation as requested.

Under the Fair Credit Reporting Act (FCRA), credit bureaus must investigate your dispute within 30 days of receiving it. They must also forward all relevant information to the creditor that provided the information in question. The creditor must then investigate the dispute and report back to the credit bureau.

Step 3: Follow Up on Your Dispute

Once you have submitted your dispute, it’s important to follow up with the credit bureau to ensure that it’s being investigated. You should receive a response from the credit bureau within 30 days of submitting your dispute. If the dispute is resolved in your favor, the credit bureau must provide you with a free copy of your updated credit report.

If the dispute is not resolved in your favor, you have the right to include a statement of dispute on your credit report. This statement will be included in your credit report and will be visible to anyone who accesses it.

Step 4: Dispute the Error with the Creditor

If the credit bureau investigation does not resolve the error on your credit report, you can also dispute the error with the creditor directly. This is especially important if the error is related to a debt that you owe. You can dispute the error by sending a letter to the creditor that includes the following information:

• Your full name and address
• The account number of the disputed item
• A detailed explanation of the error
• Supporting documentation, such as a copy of a canceled check or a letter from the creditor

Make sure to send the letter via certified mail and request a return receipt to ensure that it is received by the creditor.

Under the FCRA, the creditor is required to investigate your dispute and report back to the credit bureau. If the creditor agrees that the information is inaccurate, they must notify all three major credit bureaus to update your credit report.

Step 5: Consider Hiring a Credit Repair Company

If you’re having difficulty disputing errors on your credit report, you may want to consider hiring a credit repair company. These companies can help you identify errors on your credit report, prepare and submit dispute letters on your behalf, and follow up with the credit bureaus and creditors to ensure that the errors are corrected.

Before hiring a credit repair company, make sure to do your research and choose a reputable company. Look for companies that are accredited by the Better Business Bureau (BBB) and have positive customer reviews.

Step 6: Monitor Your Credit Report

Once you have disputed errors on your credit report and they have been corrected, it’s important to continue monitoring your credit report regularly to ensure that it remains accurate. You can request a free copy of your credit report from each of the three major credit bureaus once a year, but it’s also a good idea to sign up for a credit monitoring service that will alert you to any changes in your credit report.

Disputing errors on your credit report can be a time-consuming process, but it’s important to ensure that your credit report accurately reflects your credit history. By following the steps outlined in this article, you can successfully dispute errors on your credit report and improve your credit score. Remember to review your credit report regularly and take action if you notice any errors or inaccuracies.