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Your credit report file contains your financial history, including bill payment summaries, loan information, bankruptcy filings, and the statuses of all of your past and present financial accounts. If your credit score is low, you could be ineligible to receive loans or credit cards; you could even find yourself being turned down from a job or an apartment.
What You’ll Need to File a Dispute
If you run a credit report and find something that looks unfamiliar, incorrect, or out-dated, the Fair Credit Reporting Act (FCRA) gives you the right to dispute the error(s). You will need the following documents to file a dispute:
- a copy of your credit report file with the disputed charge(s) highlighted
- bank statements, cancelled checks, or communication of account records supporting your claim
- a letter of dispute
Once you have pinpointed the issue(s) you would like to dispute, you should write a letter of dispute to the credit bureau so it can be corrected. Your letter should include personal information, such as your name, current address, date of birth, telephone number, and Social Security number. The body of the letter should identify the charge(s) you wish to dispute and the reason the information is inaccurate. Include copies of your credit report file and any supporting documents with your letter of dispute.
Step 2 – Gather and Send Documents
Once you’ve written your letter and gathered all of the documents you need, including your credit report file, send it to the appropriate credit bureau via certified mail. Be sure to request a return receipt, so you know that they received your dispute. Make copies of all of these documents, so that you have proof of your filing. Some creditors now offer online disputing, making the process even easier.
Step 3 – Follow-Up
The credit bureau(s) will have 30 days to review your dispute. If they approve the filing, they will make the necessary changes to your credit report file. They will also send you a personal letter telling you what changes were or were not made to your report. If you fail to hear back from them within 30 days, call their customer service department and inquire about the status of your dispute.
Step 4 – Run Another Report
Even if you receive a letter from the bureau(s) saying that your dispute was approved and the error(s) has been removed, it is a good idea to double-check your credit report file and run another report. If all of the personal and account information in your credit report is now correct, then you’ve successfully settled your dispute!
Step 5 – What if My Dispute Wasn’t Approved?
If you were unable to reach a settlement, you can request a reinvestigation by contacting the credit bureau’s Consumer Assistance Center. Resubmit your original dispute, and include any additional documentation that supports your position. If you still have trouble removing the information from your credit report file, you may wish to contact the Federal Trade Commission (FTC) to file a complaint against a non-cooperative credit bureau, or seek legal assistance in the matter.
