It's important that you dispute credit reporting errors if they are found. You can do this by writing to credit reporting agencies and attaching copies of supporting documents. In your dispute letter, you should identify the incorrect information, explain why it's wrong, and ask for a deletion or correction. Generally speaking, you should receive a response from credit-reporting organizations within 30 days. You can send another letter to reference your original dispute if you do not receive a reply within the time limit.
Common errors in credit reporting
American consumers often make mistakes with their credit reports. Incorrect credit report information can make it difficult to obtain a loan or lower your credit score. Fortunately, there are some easy ways to check your credit report for errors. There are four main types errors that could negatively impact your credit.
First, there is identity error. This could include misspellings of names, accounts with incorrect names, or wrong addresses. Other errors can include an incorrect account balance or an incorrect credit limit.
You can dispute them
It's easy to file a complaint. You can either fill it online or print one and mail it to credit reporting agencies. Financial counselors often recommend that you send a letter by certified mail with a receipt so you have a paper trail. The credit reporting agencies have 30 day to investigate your dispute and provide you with a report. Attach a copy of the credit report to expedite the process and highlight any mistakes.
Law requires credit bureaus to investigate all disputes. However, the process can take up to a month. In some cases, it can take the bureaus up to 30 days in order to investigate your dispute.
They are not to be disputed
Inaccurate credit information can affect your ability to apply for credit cards, insurance, or even a job. These errors can be corrected by disputing them. It is time-consuming but it will help you avoid potential negative consequences. Ofttimes, inaccurate information may go unnoticed until years later.
The first step in disputing a report error is to contact the data furnisher or credit bureau. These companies include Equifax, Experian, and TransUnion. You will need to provide identification documents, such your bank statements, which should show your name, address and current payment status. You will also need to provide court documents, bankruptcy schedules, and letters from lenders to prove that the account is yours. In certain cases, you might also be required to prove that you have been the victim of identity theft.
They are not worth disputing
There are some things you can do if you've been notified of a credit card error in your credit report. First, you need to understand how to dispute the error. Credit bureaus may report unapproved inquiries if they're not disputed. If you don't dispute these items, your credit report could be affected.
If you are disputing credit reporting errors, it is important to provide new information to the credit bureau. The agency could reject the dispute if it finds the dispute frivolous. Another option is to contact the Consumer Financial Protection Bureau and file a complaint. If necessary, the bureau can forward your complaint to the credit report agency or another government agency.