Dispute Credit – How To Dispute A Credit Report Listing
In order to dispute credit report listings, you need to write a letter to the bureau or reporting agency in question. The three major reporting agencies are Equifax, Experian and Trans-Union.
Each of the agencies is required by law to provide you with a copy of your report on an annual basis. They will not send you a copy of the report unless you request one. The internet has made it easier for people to access their reports.
If you have questions about disputing an item, you may already have copies of your reports or you may have been denied on an application based on the information included in one of them. In either case, writing a letter to the bureau is the right way to go about getting the item removed from the report.
The letter does not need to be complicated. You simply include the information about the account: the creditor, the date, the address, etc. You will also need to make a statement about why you are disputing the data. You might say, “The data is incorrect, because…”
Once your letter is received, the bureau has 30 days to respond. If they cannot verify the data in 30 days, they are required to remove it from your report.
Some lawyers will assist you in disputing credit report information. Their fees and experience in the subject varies. If you decide to contact a lawyer, it is a good idea to find one that is experienced in dealing with the bureaus.
There are also software programs you can use to help you understand the information on your report. The programs usually include a form letter for disputes. All you have to do is fill in the blanks.
You cannot be penalized for disputing credit report data. It is your right to evaluate the information and determine if it is accurate. This is often the only way that a victim of identity theft can repair his or her good name.
While the bureaus were at one time slow to respond to consumer complaints, a recent survey showed that the reporting agencies were able to respond to disputes within 14 days on the average and that most consumers were happy with the results.
It can still be somewhat overwhelming for the average consumer. If you feel overwhelmed, contact a professional. It is the easiest way to dispute credit report errors and it is usually very affordable.