Finding some miscalculation in your credit report? Don’t worry, we’ve got you. Follow the guide to know how you can dispute a credit report. We shall see the possible ways and how an individual can do so. Firstly, we shall discuss what exactly a credit report dispute is and how it works. So, let’s get started!
What does it mean to dispute a credit report?
Your credit report is a detailed report card of your financial history. “Disputing” a credit report means you’re challenging something on that report that you found inaccurate, incomplete, or even a result of fraud. This can also be an error that you can get rectified by raising a claim. It may take a bit of time, but you shouldn’t hesitate to do that if you spot inaccurate information. For example, if you see a credit card account you never opened or a late payment that you know you made on time, you have the right to tell the credit bureau, and they will take care of it. The bureau has to investigate your claim for free and, if they find the information is actually wrong, they have to correct it. It may sound tedious, but it can be necessary at times.
Steps to dispute a credit report
If you found an inaccuracy in your credit report, then these are the steps that you can follow.
Get Your Reports and all the necessary proofs.
First things first, get a free copy of your credit reports from all three bureaus, the names being Equifax, Experian, and TransUnion, at AnnualCreditReport.com. Look through them carefully for any mistakes, or if you have already seen one, you can skip this part and find documents that back up your claim. This could be a bank statement showing a payment was made or even a letter from a creditor. Remember that you need to prove your claim, so proofs are necessary.
File a Dispute
If you have spotted an inaccuracy or a miscalculation, then this is the next step. You can do this online, by mail, or sometimes by phone. Going online is usually the fastest method, and it will also be simpler. Each credit bureau has its own online dispute form where you can explain the error and upload your documents for verification to begin.
Wait for the Investigation and Response
The credit bureau has a set time, which is usually 30 days of a cycle, to look into your claim. They’ll reach out to the company that reported the information, and finally, if they find the error is honest, they’ll correct your report and fix it for you for future use.
A credit report is an important document that you should always try to keep clean and up to date. If you ignore any discrepancy, then it may only affect you and not the Bureau. So, stay vigilant and look for errors to report.
