How to Dispute Credit Report Entries
Having good credit determines if you will have the ability to buy a home or purchase a car at an affordable price. The interest rate on items you buy on credit is affected by your credit score. The lower your score, the more you pay in the long run. Negative entries on your credit report decrease your score and make you look like a bad credit risk. Check your credit report regularly to ensure all the accounts are accurate. If you find inaccuracies, you have a right to dispute them with the three credit reporting bureaus.
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Instructions
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Dispute inaccuracies online by accessing the website of each credit bureau-- Equifax, Experian and TransUnion--and entering facts on why you are disputing a particular account. On the Experian homepage, click "How to Dispute Your Credit Report." On the Equifax homepage, click "Correct Errors," and on the homepage for Transunion, look under Consumer Assistance and click "Dispute an Item."
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Write a statement of dispute, and ask that this dispute statement be attached to your credit report whenever it is ordered by someone, for example, a potential employer or creditor. The dispute statement explains why a negative item is on your report. For Equifax and Experian, submit a consumer dispute statement of 100 words or less to each bureau in writing. For Transunion, you may call 1-800-916-8800, to receive assistance in writing a dispute statement.
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Write a letter to the creditor of the disputed amount. Tell the creditor that you are disputing the account in question, and ask that they verify the accuracy of the account. Submit all copies of documents that support your position, such as "paid in full" receipts or canceled checks.
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Tips & Warnings
You need to input your credit report number or access your credit report from each respective website. You can order your credit report, for a fee, directly from the homepage of each credit bureau. In addition, under The Fair and Accurate Credit Transactions Act of 2003, you are entitled to one free credit report from each bureau per year.
Be sure to check all three credit bureaus. What appears on one bureau's report, may or may not appear on the other two. If a negative and inaccurate entry is listed with all three bureaus, then you must dispute with all three because they do not share information.
A creditor is obligated to report to the credit bureau that you are disputing the entry. If the creditor determines that you are correct, they must inform the credit bureau and have it removed from your report.
If the entry on your report is negative, but accurate, it will remain on your report for seven years. Bankruptcies stay on reports for 10 years.
Beware of companies that claim to repair your credit or have negative information removed for a fee. The Federal Trade Commission states they have never seen a legitimate credit repair company.
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