There are many things you can do to improve your credit score. From making payments on time to maintaining a low credit utilization ratio, your actions affect the reliability of your credit report. That’s why, if you’ve been responsible, it can be very frustrating when an error shows up on one (or all) of your credit reports and damages your credit score.
Don’t worry – if you find an error on your credit report, there is a way to report it and have it removed. Keep reading to find out how to do this and your credit score won’t drop.
Ways to dispute a mistake on a credit report
If you think your credit report has been in error, you should start by contacting the credit bureau (or bureau) that issued it.
You can usually contact credit bureaus (Equifax, Experian, TranUnion) by phone, mail or online portal.
If you would like to contact the credit bureaus by mail, you can send a detailed letter outlining the error and its causes by certified mail and request acknowledgment of receipt.
You must attach a copy of your credit report to the letter, highlight the error, and provide copies of any documentation you have in support of your claim.
Documentation may include a voided check, account statement, police reports, FTC identity theft reports (in the case of identity theft), or any correspondence related to your application. Also, make sure you clearly include your contact information, including your name, mailing address, and phone number, in your letter.
If you prefer to start the claim process over the phone, you can call the credit bureau’s dispute resolution line and they will walk you through the steps to file a claim.
Generally, the easiest and fastest way to dispute a bug is online, where you can download any documentation that supports your claim. Regardless of how you contact them, it takes approximately 30 to 45 days for credit bureaus to complete their investigation.
How to dispute a mistake on a credit report
If you find an error on one or all of your credit reports, follow the steps below. They are quite simple, but they take time and effort to complete.
View all your credit reports
Review all your credit reports carefully. Just because you found a bug in one doesn’t mean you’ll find the same bug in the other two, but it’s worth double-checking to make sure there aren’t any other bugs.
If the error you found on one report does not appear on the others, you only need to dispute it with the credit bureau that issued the report. If you find the same error in one or more of your other reports, you are still technically required to dispute it only with the bureau that made it. After that, this bureau should contact others and tell them to remove it from your records. However, it is best to contact all three credit bureaus yourself to ensure that the error is corrected in a timely manner.
Submit your dispute
Once you know which credit bureau you need to submit your dispute to, you can contact them by mail, phone, or online to begin the process.
Contact the lender
It is also recommended that you contact the lender who reported the error to the credit bureau. Once you contact them, the lenders will have to investigate the disputed information and notify you within 30 days.
While they are investigating the bug, your account will be marked as “in dispute”. As soon as you receive a notice that your file has been updated, check your credit report 30 or 45 days later to make sure.
If the error is related to a lender you don’t know, you could be a victim of identity theft. This is a serious issue that will require more than just arguing with the credit bureaus and you should immediately report any suspected identity theft to the police.
What happens after you dispute the information on your credit report?
Once you submit your dispute, the credit bureau will begin an investigation. At the end of the investigation, one of the following events will occur:
- The Bureau will correct the error and remove it from your credit report.
- It will update or remove information that cannot be verified.
- This will confirm that the disputed error is accurate and the error will remain on your credit report.
After submitting a dispute, you will be able to track it. Typically, the credit bureau sends email updates on the status of your application, but you can also log in to your online account with the bureau to stay up to date with your application.
How does contesting a mistake affect your credit score?
The information on your credit report informs your credit score. Disputing an error will not affect your credit score unless the dispute results in the error being removed, which will improve your credit score. In other words, the challenge itself will not hurt or improve your credit score: what matters is the results of the investigation.
bottom line
It’s worth reviewing your credit report once a year (visit AnnualCreditReport.com to receive a free copy annually) to check for errors. Challenging errors can lead to an improvement in your credit report and score. Perhaps more importantly, these errors may indicate more serious problems, such as identity theft, that need to be addressed much sooner rather than later.
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