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Disputing credit report errors can seem daunting, but it’s crucial to protecting your financial well-being. Here’s a detailed guide to help you navigate the dispute process and get your credit report errors fixed.
1. Review Your Credit Report
Before you begin the dispute process, obtain a copy of your credit report from all three major credit reporting agencies: Experian, Equifax, and TransUnion. You are entitled to one free credit report per year from each agency through AnnualCreditReport.com. It’s essential to check all three reports, as the information on each one may vary.
2. Identify the Errors
Carefully review your credit report for inaccuracies. Common errors include:
- Incorrect account balances
- Duplicate accounts
- Accounts that don’t belong to you
- Inaccurate payment history
- Outdated negative information
- Incorrect personal information (e.g., wrong name, address, or Social Security number)
Make a note of all the errors you find, and gather any supporting documentation that proves the information is incorrect.
3. Gather Supporting Evidence
To strengthen your dispute, gather documents that support your claim. Examples of helpful evidence include:
- Account statements that show accurate balances or payment history
- Correspondence with creditors that verify account details
- Identity theft reports if fraudulent accounts appear on your credit report
- Proof of resolved disputes from previous investigations
4. Submit Your Dispute
You can dispute credit report errors in a few ways, either online, by mail, or by phone with the credit reporting agencies. Here’s how:
- Online: Each credit reporting agency has an online dispute portal where you can submit disputes electronically. This method is often the fastest, but be sure to keep copies of everything you submit.
- By Mail: If you prefer to submit your dispute by mail, send a written letter to the credit reporting agency detailing the errors, including all relevant information and supporting documentation. Be sure to send your letter via certified mail with a return receipt. This will give you proof that it was received.
- Experian: P.O. Box 4500, Allen, TX 75013
- Equifax: P.O. Box 740256, Atlanta, GA 30374-0256
- TransUnion: P.O. Box 2000, Chester, PA 19016
- By Phone: You can call credit reporting agencies to dispute errors. However, be cautious with this method as it’s harder to document and track your dispute.
- Experian: 1-855-414-6048
- Equifax: 1-888-378-4329
- TransUnion: 1-800-916-8800
5. Follow Up with Creditors
In addition to disputing the errors with the credit reporting agencies, it’s also a good idea to contact the creditor or company that provided the inaccurate information to the credit bureau. For example, if the error on your report is a bank loan shown as delinquent, you may want to contact that bank. They are also responsible for correcting any errors under the FCRA. Include copies of the same evidence and documents you submitted to the credit bureaus.
6. Monitor the Dispute Process
Once you submit your dispute, the credit reporting agency has 30 days to investigate and correct any errors on your report. During this time, it’s essential to monitor your mail and email for updates from the credit bureau or creditor.
Suppose the dispute is resolved in your favor. In that case, the agency must update your credit report and send you a free copy of the corrected report. If they deny your dispute, they are required to provide an explanation. You can request a second investigation if you believe the decision is incorrect.
7. Take Legal Action
If your dispute remains unresolved or the credit reporting agencies and furnishers fail to investigate your dispute properly, it’s time to seek legal help. An FCRA attorney can assist you in pursuing legal action against the credit bureaus or creditors responsible for the errors. If credit report errors have cost you a job, credit, loans, a home, an apartment, or insurance, or caused you to pay higher insurance premiums, you may be entitled to compensation for the damages.
Additional Tips for Disputing Credit Report Errors:
- Keep Detailed Records: Keep a copy of all dispute letters, emails, and communications with the credit reporting agencies and creditors. Detailed records will be helpful if you need to pursue legal action.
- Consider Professional Help: If you’re dealing with persistent errors, consider hiring a professional to assist with your dispute. A credit report attorney can help you and ensure your rights are protected.
- Identity Theft Protection: If you believe errors on your credit report are due to identity theft, take additional steps to protect yourself, such as placing a fraud alert or security freeze on your credit report and reporting the identity theft to the Federal Trade Commission (FTC).
By following these steps and understanding your rights under the FCRA, you can take control of your credit report and ensure that errors don’t negatively impact your financial future.
If you have gotten nowhere with the credit reporting agency and they are not removing mistakes, and continue to damage your credit you need to contact Francis Mailman Soumilas, P.C. and their team of experienced consumer attorneys. They are here to fight for you and get your credit report fixed as well as the compensation you deserve.
Don’t let credit report errors continue to ruin your credit score and your reputation. Fill out our online form, or call us now at 1-877-735-8600 for a free consultation.
