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Archive for the ‘Credit Report’ Category

What does the credit bureau do after investigation of a Credit Report dispute?

The agency is required to consider information and documentation from you as well as contact the creditor whose item you are disputing. Once all of the facts have been reviewed, the agency must:

• give you the results of the reinvestigation within five days of the completion;
• remove the item you are disputing if you are correct or if it is unverifiable (most creditors destroy records after twenty-five months, so it is very possible that the item you are disputing can no longer be verified);
• ensure that an item that was corrected does not incorrectly reappear on your report; and,
• provide you with a copy of your corrected report.

What happens if the credit bureau determines that the item being disputed is correct?

If the credit agency determines that the item you are disputing on your credit report is correct and that you are wrong, then the item will remain on the report.

If your report is corrected, the agency must send a copy of the corrected report to any creditors who have requested your report in the last year and to any employer who has requested it in the last two years.

Wait a few months after your credit report has been corrected and then request a copy of it. Verify that the error was corrected and has not reappeared. If it has reappeared (and this does happen), send a letter indicating this to the credit reporting agency and detail the history of the matter.

Don’t dispute more than three items on your Credit Report

It is best to not dispute more than three items in one letter. If you wish to dispute more then three items, use separate letters for each group of three. A long list of disputes can indicate to the agency that you are not serious and are disputing everything just to make trouble. Include copies of any documents that support your position, such as letters confirming an account has been paid off or closed.

Does it cost anything to dispute credit report?

There is no cost to you to dispute your credit report. This is your legal right, so do not be afraid to exercise it!

When will I hear back from the credit bureau after filing a credit report dispute?

Generally, the agency has thirty days to contact you after receiving your letter. If you do not hear back from the agency within thirty days, send a second letter for reinvestigation. Once the credit reporting agency receives your request for reinvestigation, it has thirty days to reinvestigate the items on your credit report that you are disputing. If you provide the agency with information about the item, then the agency has fifteen extra days to investigate, a total of forty-five days. If the agency does not respond to your requests, contact the FTC (Federal Trade Commission) to file a complaint.