{"id":2964,"date":"2022-09-23T10:50:41","date_gmt":"2022-09-23T14:50:41","guid":{"rendered":"https:\/\/www.consumerslaw.com\/blog\/?p=2964"},"modified":"2022-09-23T10:50:41","modified_gmt":"2022-09-23T14:50:41","slug":"dispute-credit-report-errors-effectively","status":"publish","type":"post","link":"https:\/\/www.consumerslaw.com\/blog\/dispute-credit-report-errors-effectively\/","title":{"rendered":"Dispute Credit Report Errors Effectively"},"content":{"rendered":"

\"\"Credit reports must be kept accurate.<\/h3>\n

Let\u2019s face it, consumers need good credit for a variety of reasons — from housing, education and employment, to personal loans or emergency expenses, such as medical bills or funerals. Good credit and high credit scores facilitate the process of obtaining approval for new credit. Errors on credit files not only affect the consumer\u2019s ability to borrow money and how much it will cost to borrow money, but present a wider-range of unfavorable consequences, such as lowered credit scores, increased interest rates and lower credit limits.<\/p>\n

Steps to Effectively Dispute Credit Report Errors<\/h3>\n

The Federal Trade Commission conducted a study that showed one in five people have an error on at least one credit report.\u00a0 By reviewing credit files regularly, consumers can minimize errors by disputing them timely.<\/p>\n

STEP ONE:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Obtain current credit reports<\/strong><\/h4>\n

\"\" The website, annualcreditreport.com, <\/em>is the quickest way to access reports.\u00a0 By writing to the three main credit bureaus \u2013 Transunion, Experian and Equifax<\/em> —\u00a0 to obtain a current copy of your report,<\/a> you will need to provide two forms of identification.\u00a0 A government-issued ID, such as a driver’s license and a copy of a current utility bill or bank statement showing your current address would be acceptable.<\/span><\/span><\/p>\n

STEP TWO:\u00a0\u00a0\u00a0\u00a0\u00a0 Write to the Credit Furnisher<\/strong><\/h4>\n

\"\"After reviewing your credit report for accuracy, if there are errors listed you may need to write to the lender, creditor, collection agency or other type of data furnisher to request updated information on your account.\u00a0 Obtaining verification of your account status from these companies can provide useful evidence when your dispute is investigated by the credit bureau and evaluated for accuracy.<\/p>\n

STEP THREE:\u00a0\u00a0 Prepare a Written Dispute to the Credit Bureau<\/strong><\/h4>\n

The most effective method of disputing errors<\/span><\/a> on a credit report is to write to the credit bureaus — Transunion, Experian and Equifax.<\/p>\n

Five simple guidelines for your dispute letter:<\/strong><\/p>\n

1. Keep your dispute to one page.\u00a0 Address only one issue at a time.
\n2. Clearly identify the error by highlighting it on a current credit report.
\n3. State the action you want the bureau to take.
\n4. Enclose documents supporting why the tradeline must be corrected.
\n5. Make your dispute & supporting documents easy to understand.<\/p>\n

Why must I dispute directly with Transunion, Experian and Equifax?<\/strong><\/p>\n

Transunion, Experian and Equifax are considered “the source” of credit reporting information. They are most likely to have been furnished with the most up-to-date information. Although there are a variety of other sources that provide credit reporting information<\/span><\/a> such as, Credit Karma, Credit Sesame, MyFICO.com, or various industry-specific reports, these reporting services may not update information with the frequency of the three main bureaus.<\/p>\n

Can\u2019t I dispute online or over the phone?<\/strong><\/p>\n

\"\"Although the credit bureaus accept disputes online and by phone, consumers must be cautious.\u00a0 These methods of disputing could present problems.<\/p>\n