Approximately 7 out of 10 consmers have one or more errors on their credit reports! Here are simple instructions on how you can dispute them and have them removed.
Before I get started, just a word about "Credit Repair Companies". The Federal Trade Commission has some very good information for consumers and I highly encourage you to do some research on their site.
Short quote from that site:
"You see the ads in newspapers, on TV and online. You hear them on the radio. You get fliers in the mail, email, messages, and maybe even calls offering credit repair services. They all make the same claims:"
- Credit problems? No problem!
- We can remove bankruptcies, judgments, liens, and bad loans from you credit file forever!
- We can erase your bad credit - 100% guaranteed.
- Create a new credit identity - legally.
The FTC goes on to say,
"Do yourself a favor and save some money, too. Don't believe these claims."
Having said that, there are indeed good, quality companies that can assist you (although I'm going to show you how to DIY in this blog) in disputing and getting errors removed from your credit report. Before you sign up with any of them, I encourage you to check out their rating and complaints at the Better Business Bureau site.
OK, here we go...
If you have found legitimate errors on your credit report, here is what you will need to do to dispute them and have them corrected/and or removed. (BTW, click here for a FREE Credit Report)
What you want to keep in mind is to keep your dispute as simple and easy for the agent who receives it to check out the dispute and correct it. They look at hundreds of requests per day!
FIRST: Make a copy of the page containing the error on your credit report. You may, for example, find that Experian has an error and Equifax and TransUnion do not. This is not unusual. So, in this case, you would only be making a DISPUTE with Experian.
Once you have the copy of the page containing the error, CIRCLE THE ERROR, and make a .pdf scan.
NEXT: Write a brief, legible explanation of why you are making a DISPUTE.
Again, make a .pdf scan of your explanation.
NEXT: Make a copy of your proof that this account is being reported incorrectly.
This could be:
- Copy of the canceled check(s) you used to pay off this account.
- If you paid online, a copy of your bank statement. For security, make sure to block out your account number.
- A settlement agreement along with proof of payment(s).
- A 1099-C showing that this account was "written" or "charged" off by the creditor and now has a $0 balance.
- A letter of satisfaction after a judgment had been paid or settled. If you do not have a copy of the letter of satisfaction, you should be able to either contact the debt collector and/or the court house for a copy.
- A statement from the creditor or debt collector stating that the account has a $0 balance.
- The Statue of Limitation for your State has expired and the item should be removed
Again, make a .pdf scan.
NOW GO TO THE APPROPRIATE WEBSITE OF THE CREDIT BUREAU THAT IS REPORTING INCORRECTLY.
I will provde you links to each site below. Each bureau has a little different instructions on how they want you to open a dispute, but if you take your time and follow the instruction on the site, opening a dispute is not very difficult.
Once you open the dispute, you should be given a CASE or FILE NUMBER for future follow up and reference. Make sure to WRITE IT DOWN!
Follow the instructions and submit your dispute.
The credit bureaus are usually very good at either investigating or just correcting the disputed account. Most disputes are corrected or denied within 30-45 days.
You can follow up the progress by going online and referencing that CASE OR FILE NUMBER you saved.
Links and information for each of the top 3 Credit Bureaus:
Equifax Dispute
Online:
https://experian.referral.equifax.com/CreditInvestigation/home.action
Mail:
Equifax
PO Box 740256
Atlanta, GA 30348
Phone:
(866) 349-5191
TransUnion Dispute
Online:
https://dispute.transunion.com/dp/dispute/landingPage.jsp
Mail:
TransUnion LLC
Consumer Dispute Center
PO Box 2000
Chester, PA 19022
Phone:
(800) 916-8800
Experian Dispute
Online:
https://www.experian.com/disputes/main.html
Mail:
Experian
PO Box 2002
Allen, TX 75013
Phone:
(888) 397-3742
Good Luck! If you need help, let us know:
