A credit report to dispute is the process by which the consumer can challenge and remove any information from his credit report that he or she feels is inaccurate or outdated. A credit report is a compilation of credit related information provided by various businesses that you have financial dealings with. Creditors can typically report to one or all three of the National credit bureaus which are Equifax, Experian and TransUnion who collect the information that is sent to them by your various creditors in a concise farm that is called a credit report. Whenever you make an application for credit your credit report is used by lenders to make the lending decision about you after assessing your credit worthiness.
Under the fair credit reporting act you have the rights to access your credit report for free once a year from each of the three credit bureaus. If you find any information that you believe should not be there such as outdated or inaccurate information and you can file a dispute with the credit bureau to have the information removed. The following is how the process of credit report dispute works.
Filing a Dispute
Filing a dispute is a simple procedure of either sending a letter to the credit bureau by mail or by doing the process online through their Web sites. When you send information and documents pertaining to any account that you believe is listed on your credit report in error the credit bureau is supposed to review and investigate a dispute within 30 days of receiving it. The credit bureaus may get additional 15 days if you send additional information concerning the dispute. On receiving the information the credit bureau notifies the source of information which is typically the creditor who furnished the information pertaining to credit account. A credit bureau is required to notify the credit within five days of receiving the information from you. All the information that you provide to the credit bureau will be provided to the credit of as well. This is the first step that happens when you file a dispute with the credit bureau.
The Creditor Investigates The Dispute
on receiving the dispute information from the credit bureau the creditor is required to investigate the information on his end and notify all the three credit bureaus it the investigation results in change in the information on your credit report.
Result Of The Credit Report Dispute
If the creditor acknowledges your dispute and changes the information that he has reported for your account or fails to provide adequate validation for the account or fails to respond to the credit bureaus request to investigate certain account then information on your credit report is either updated or deleted as the case may be. The credit bureau notifies you as well as the creditor that information has been changed or removed. You can also request the credit bureau to send your updated credit report to any employer who has requested your credit report within the last two years and to any other business who has requested your credit report within the last six months.
If the process of investigation cannot substantiate your dispute when the credit bureau can terminate the dispute without changing any information on your credit report. In such a case the credit bureau is supposed in from you within five days of making this decision and also what you must do to restart the dispute process.
If you feel that a result of the investigation are unsatisfactory you have the right to submit hundred word statement that is to be added to your credit report for the benefit of future lenders, creditors and anybody else who requests to review your credit report.
You may also file a complaint with the Federal Trade Commission if you feel that your rights have been violated by the credit bureau during the dispute process.