Finance

What’s the Best Way to Dispute a Credit Report?

August 13, 2022

You should dispute any error in the credit report that should not be there. But is it really necessary? Of course, it is. Because your credit report will determine whether you can borrow money or not. In addition to this, it will also determine how much interest you will need to pay. And if that’s not enough, if you are renting a place, this credit report might cause problems there.

Therefore, you should be aware that this single report will have a significant impact on your life decisions. You will need it while getting a job when applying for insurance and mainly while borrowing money. You won’t be able to get a loan easily if your report is not good.

What can you do?

Source:freepik.com

You should report every single error from the report through dispute.

However, it is not easy to find problems for everyone. And how could you possibly do so when you are not aware of the problem? All you know is that you have not got a good score and that’s all. So if you are in such a situation and not sure what you can do, visit coultercredit.com.

Their service is to provide you with Credit Repair in Philadelphia, PA. Therefore, they will review your credit report and will find out the things that are holding you back. In addition to this, they will also dispute the unverifiable information so that you can get higher scores. Moreover, they will also build a new and positive credit history for you.

What are the chances of errors?

According to the report from the Federal Trade Commission, 79 percent of reports contain errors. Therefore, if you pay close attention to your report, you are likely to find some errors. So there is always a higher chance for you to increase your score. If you are lucky, you can be one of those 79 percent.

How to report the mistakes in your credit report?

Source:freepik.com

The credit bureau is responsible for correcting any wrong information. Therefore, if you have found any error, you will need to report it through a dispute.

There are three different ways to dispute information on your report. These are;

  1. Online. After you found your report and detected a problem, you will need to initiate a dispute at the Experian dispute center. The good thing is that you won’t need to pay any fee for that. You are allowed to enjoy this service for free.
  2. Through the phone. If doing things online is not your cup of tea, you can choose to complain through a phone call. You will find a number on your Experian credit report, this is where you need to make the call. Dial the number and you will be able to initiate your dispute.
  3. Through mail. Another way of initiating a dispute is through the mail. If you are old school or you are not in a position to use other means, you can send a post to the postal address of the Experian office. All the contact information will be present in your report.

So whether you are complaining through post or email, you can do so. All you need to initiate the dispute and the bureau will be responsible for taking care of it.

What will happen after your complaint?

Once you initiate a dispute with the office, they will take care of it. You will mention the problem and the office will ask the relevant department for it. For example, if there is any problem with the bank details, they will ask the bank to check their records. Thus, there will be three possibilities later on,

  1. They will correct the incorrect information.
  2. If there is any problem with the verification of the information, they will delete it.
  3. If the information is verified and is found correct, it will remain intact.

So the dispute bureau will definitely deal with complaints. Therefore, you do not need to worry about that. It is not possible that you point out some error and they do nothing about it. It might take some time but the problem will be resolved.

Tracking the status of your dispute

Source:experian.com

If the bureau is busy with work, it might take some time to resolve your problem. Although this is not common, it can still happen. Therefore, if you are losing your patience, you can track the status of your dispute at any time.

If there is any update on the status of your dispute, the Experian will send you an alert through email. Moreover, if you have complained online, you will also have an account on their platform. This account will also provide you with all the information about the progress.

The status will be in one of the three forms.

  1. Open. This means that the process has been initiated.
  2. Update means the investigation has been completed and the report is being updated currently.
  3. Dispute results ready means that all the investigation has been completed and the results are also updated.

If the information is correct but is not to your benefit

There is also a possibility of bad scoring because of the right information. For example, you had made late payments in the past and that has caused you to get a bad score. What will you do then? Well, you cannot do much with this.

However, there is one good thing here. Negative news won’t stay with you forever. Negative information will only be applicable if it happened in the past 7 years. Therefore, if your late payments were 7 years ago, they won’t be a part of your current credit report.

Likewise, the bankruptcy information will be applicable for only 10 years. After 10 years, your bankruptcy news won’t be a part of the report. Thus, it won’t have any effect on your scores.

Final words

The best way to dispute your credit report is by going through all the details and finding any errors. Once you find the problem, you can contact the dispute cell and complain to them directly.

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