A credit report is a summary of an individual’s historical financial behavior. If the report contains inaccuracies, the true financial standing of a consumer could be misleading. When disputing an item, you will need to submit a dispute letter to the credit bureau reporting the incorrect information to.
What Is A Credit Report Dispute Letter?
Credit dispute letters are documents that allow you to identify inaccuracies on your credit report and request the correction, or removal of the errors identified. This letter affords consumers a platform to explain their reasons for disputing the information, and to submit any supporting documents to validate their dispute.
How Do Dispute Letters Work?
Once the credit bureau has received the dispute letter they should conduct an investigation. The findings of the investigation must be communicated no more than 30-45 days after receiving the dispute letter.
If your dispute is confirmed by the credit bureau, they will either update your information to reflect true and accurate information, or remove the item entirely. However, if the investigation results deem the information as accurate, it will continue to be reported as such. You would then have to approach the original creditor to try to resolve your dispute.
Dispute letters serve as a foundation to legal action against creditors or credit bureaus that fail to adhere to the procedures prescribed by the Fair Credit Reporting Act (FCRA).
What You Need To Include In A Dispute Letter?
When compiling your dispute letter, particular information will be required to assist the credit bureaus when investigating and making their decision. The list of vital information includes:
- The date,
- Your personal information – (name, contact info, date of birth and account number)
- Credit Bureaus contact information,
- Description of error being disputed,
- Any supporting documents to justify and prove your claim,
- Detail request on desired action by credit bureau,
- Copy of credit report with disputed errors highlighted,
- Copy of your government-issued ID (Driver’s license), and
- Proof of address.
Where Do I Send My Credit Report Dispute Letters?
Once you have compiled your dispute letter the last step is to mail it. It is highly advised to make use of registered posts with a return receipt. This will serve as proof the dispute process was initiated.
The three biggest credit bureaus are Experian, TransUnion and Equifax. You can send your dispute letter to one of the following addresses depending on which bureau you are to lodge your dispute at.
Equifax:
P.O Box 740256
Atlanta, GA 30374-0256
Experian:
P.O Box 9701
Allen, TX 75013
TransUnion:
P.O Box 2000
Chester, PA 19016
Bottom Line
A Credit report dispute letter affords consumers a medium where they can raise concerns regarding the accuracy of the information associated with their profile. This allows consumers and credit bureaus to work together to ensure a true and accurate credit report is being reported.
