Filing a Dispute on Your Credit Report

Credit reports significantly influence how likely you are to gain a good credit score and be accepted for loans, mortgages, credit cards, etc. Therefore, credit reports must be precise. Errors in credit reports can negatively influence the credit score. With National Financial Credit Group, our expert attorneys will provide you with the necessary credit repair services to get an accurate credit report.

Credit Dispute

A credit dispute allows you to report and correct erroneous information recorded on your credit report. However, undesirable but correct information cannot be reported. Confirming that the information you are reporting to the credit bureau is a legitimate error is vital.

Process of Filing for a Credit Dispute

To dispute your credit report, you will have to do the following: Dispute the erroneous information with a credit reporting company (Equifax, Experian,
TransUnion) by explaining in writing and with copies of the documents that back the dispute. You can reach out to the credit reporting companies by mail, online, or phone. The letter should include:

  • Your contact information

  • Identified errors

  • An explanation as to why you are disputing your credit report

  • An appeal that the information be erased and rectified

  • Copies of documents that back your dispute

What to Expect After Filing a Dispute

After filing your dispute, the credit bureau involved will take up to thirty days to thoroughly investigate the error. If the bureau considers your request immaterial, they immediately stop the investigations and inform you of it with their reasons. This may allow you to provide them with added evidence to back your request.

The bureau forwards every piece of evidence to the corporation that listed the information. The corporation will then investigate and send the results back to the bureau. If the corporation finds that the information they initially provided wasn't correct, it will alert all credit bureaus to rectify the data on your credit report.

The credit bureau will give you results in writing and a free copy of your credit report. If you request them, the credit bureau will send notices of the rectification(s) to anyone who got your report in the previous six months and anyone who got a copy for job purposes in the past two years.

Pros and Cons of Disputing a Credit Report

The pros and cons of disputing a credit report are pretty few but vital. They include:

Pros

  • Disputing a credit report can significantly benefit your financial situation by increasing your credit score.

  • Reporting an error as soon as you detect it will help address the error before too much damage is done.

  • Disputing a credit report is straightforward and takes a short time of thirty days max to work through.

Cons

  • If you mistakenly file a dispute for correct information, the bureau is mandated to take action against you.

  • Creditors view disputes as a liability; therefore, you won't be able to apply for loans until the dispute is resolved.

  • Your credit score returns to its original state after temporarily increasing during the dispute.

We recognize the importance of accurate credit reports. At National Financial Credit Group, we provide credit repair services to assist our clients in achieving accurate credit reports. Contact us today to learn more about filing a dispute for your credit report.

BJC