How to Dispute a Credit Report and Win
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You have a credit score, even if you’ve never checked it. Someone is tracking your every (financial) move. This sounds scary and may make you want to run to the woods — or maybe just to your couch — but the reality is we all have some power in this financial game.
in your financial endeavors, but if it is incorrect it will be more like a broken tool. When your credit score is good, it will simplify your financial decisions and make your life easier. But if it is poor, it will make those decisions complicated and difficult — or sometimes impossible. This is why it’s important to watch for . And if your score is wrong, dispute it.
In this article
What is a credit score, and how do you know it’s wrong?
Three major credit bureaus determine your credit score, which is a number that can range from 300-850. The three credit reporting agencies are Equifax, Experian, and TransUnion. The first step in determining if there is any incorrect information on your credit report is requesting a copy of your credit report.
Thanks to the Fair Credit Reporting Act, you have access to one free credit report every 12 months from the three major credit bureaus. It’s wise to take advantage of this to ensure there’s no inaccurate information on your report. This request can be made through .
The next step is reviewing your report for negative information. According to Equifax, your credit report includes all information reported “by your lenders and creditors and includes the types of accounts (for example, a credit card, mortgage, student loan, or vehicle loan), the date those accounts were opened, your credit limit or loan amount, account balances, and your payment history.”
Look for information that doesn’t match your correct account information. For example, if an account is listed as delinquent when it shouldn’t be or if there’s an inaccurate credit limit.
In addition, pay attention to accounts that you didn’t open. Check your credit history and balances. If there’s a creditor or lender listed that you don’t recognize, take some time to research it. You may see a name you don’t recognize. It may be just the parent company for one of your existing banks or credit cards. But sometimes that signals fraud.
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What is a credit report dispute, and how do you do it?
If you see inaccurate information on your credit report, the next step is to start the dispute process. Disputing your credit report means making a formal submission to the three credit bureaus requesting that a piece of information be reported differently or removed.
It should also be noted that you have the right to dispute any information on your report — accurate or inaccurate. This means that if there is old, accurate information that you don’t want there, it could be worth disputing. For example, if you had late payments on an account from several years ago, this could bring your credit score down. Accounts are reported for approximately seven years — but that’s an approximation. If it’s close to seven years ago, you could dispute it and possibly have it removed from your credit report.
Step 1: Fill out credit dispute forms
Each of the three credit reporting agencies has its own location for filing a dispute form, and if the information is showing on all three credit bureaus, you will need to file a separate form with each bureau. File online disputes or print some forms and enter the details of the disputed item/s.
- To dispute Experian, complete the Experian dispute process.
- To dispute Equifax, complete the Equifax dispute process.
- To dispute TransUnion, complete the TransUnion dispute process.
Step 2: Print out your credit report and detail the dispute information
Print your credit reports in addition to the dispute forms and identify the information on the forms by circling them. Make sure this matches what you entered so the bureaus know exactly what you’re disputing.
Step 3: Contact the data furnishers and gather supporting documentation
If you really want to win, you’ll have to do a little bit more before you send the dispute letter.
You’re going to need some supporting documentation. The documentation you need will depend on what you are disputing. For example, if you’re trying to remove a loan that has been paid off but is still showing as open, you’ll need paperwork from the loan company showing the account has been closed.
If an account is being reported that you didn’t open, you’re going to need to contact the business reporting the account. Speak with the fraud department and determine why it’s being reported. Take detailed notes when you call (or record the call), including name, ID number, and direct phone number of the person you’re speaking with. If you send information, make sure you get a return receipt. Also, request that the account be frozen so no more transactions take place.
You’ll need to go through the process of closing the account and making sure the data furnisher (the business reporting the information) stops reporting it to the credit bureaus. Then you’ll be able to continue with your credit dispute.
Upload all the supporting documentation you gather to each credit bureau along with your credit dispute.
Step 4: Send your dispute forms to the credit bureaus
Finally, send your information to the credit bureaus.
- Send Equifax dispute letter to: P.O. Box 740256, Atlanta, GA 30374
- Send Experian dispute letter to: P.O. Box 4500, Allen, TX 75013
- Send TransUnion dispute letter to: P.O. Box 2000, Chester, PA 19022
Step 5: Wait for the dispute results — and re-dispute, if necessary
After everything has been submitted, the bureaus will contact the data furnishers and review the information being disputed. This generally takes about 30-45 days. If they determine your dispute is valid, they will correct the information. If they determine your dispute invalid, you will likely have to accept it until the information is removed by the bureau, which is about seven years.
But you have the option to re-dispute. When doing this, you’ll need to reach out to the data furnisher and convince them that what they are reporting is wrong. They are the ones giving the information to the credit bureaus.
If you can convince them they are wrong, you will have the ability to get it changed. But if you continue to send credit disputes without the data furnisher providing updated information, the credit bureaus are going to deem your disputes frivolous and discard them.
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What tools can help you with a credit report dispute?
Consumer Financial Protection Bureau
The Consumer Financial Protection Bureau is an excellent resource to learn more about credit reporting and how it works. But that is not all they do. They are also the people you can contact if you believe your dispute is being ignored or disregarded for an unfair reason. You’ll be able to speak to a lawyer and submit a complaint through their office. This process is detailed on their website.
Phone call recording app
A phone call recording app such as TapeACall can be a helpful tool when talking to customer service (try free for 7 days, or pay $9.99/month). It’s difficult to remember who we’re talking to and what they’re telling us, even if we’re taking notes. And we have all experienced the frustrating situations where one agent tells us a piece of information, then another agent tells us something completely different.
Recording our conversations and detailing the information can reduce this frustration and move our complaints forward at a faster pace.
Ways to save money during a credit report dispute
The biggest cost during a credit report dispute is our time. In addition, there are other small costs such as mailing, printing, or paying for a recording app.
Also, an open account that is inaccurately being reported as yours can be a significant financial cost. If it’s a fraudulent credit card or loan, you may be charged for it. Working efficiently and stopping fraudulent charges will be the best way to reduce costs. There are three essential ways to do this:
- Freeze all fraudulent accounts. If there’s a fraudulent account, freeze it immediately. Contact the business holding the account and speak to their fraud department. Ensure no more transactions occur on the account so you don’t pay any unnecessary fees.
- Make sure you have as much supporting documentation as possible before submitting your dispute. Submitting your dispute without the necessary supporting documentation will slow the whole process down and create unnecessary frustration. Talk to the businesses reporting the information, gather documentation from them, and submit this along with your dispute.
- Record calls and take notes every time you talk on the phone. You’ll often forget information given to you by customer service agents. Recording calls will ensure you can review the calls and remember the information. It will also ensure there are fewer discrepancies in the information being given to you by customer service agents.
Pros and cons
Pros
- Winning a credit dispute will be invaluable to your personal finance.
- It also benefits your personal goals and personal sanity.
- It could remove the possibility of delinquency and collection agency calls on accounts you don’t even own.
Cons
- Disputing credit is not an easy process. It can be laborious and frustrating.
- There is no guarantee you will win, even if you’re right.
- You may spend an enormous amount of time collecting paperwork, being on hold, and talking to customer service.
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The bottom line
Your credit score is essential to your everyday life, even if you’re not paying attention to it. The process of disputing an incorrect credit report can be intimidating and difficult, but it’s essential.
You’ll need to use your credit report to make major purchases such as a car or a home. And you’ll need it to open accounts such as credit cards or bank accounts. It will even be used when you try to rent an apartment or home or try to get a better cell phone or insurance plan. Pay attention by checking your credit report regularly and disputing any inaccurate information. This will give you power in the game and let you make the decisions—instead of letting your credit report decide what you can and can’t do.
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Writer
A veteran wordsmith and research nerd, Brittany Wren spent a decade working in higher education where she helped people overcome challenges to chart a path forward. These days, she writes about personal finance, careers, parenting and education. Her content has been published by a wide variety of brands including T-Mobile, Intuit, LifeLock, Reliant Fund Administration and CURO Financial Technologies Corp.
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