RSSCredit Dispute Process
May 26
Undertaking a credit dispute is a little bit complicated , but it is not so bad that you need to hire a credit repair company to do it for you, at least not at first. A credit dispute is sending a letter to the credit bureaus when you have found something inaccurately reporting or incorrect on your credit report. This is the correct procedure and the FTC outlines this procedure on the part of their site that addresses credit repair. If you search “FTC credit repair” on Google, you will easily find the web site we are talking about. That is worth a read when you get done with this article, but here is the basic outline of what they tell you to do.
When you find something incorrect on your credit report, you need to write a letter to the credit bureau who is reporting this inaccuracy. Many times it can be all three credit bureaus. You write a credit dispute letter to the credit bureau and mail it to them. The credit bureau has a certain number of days to respond to your letter and they, in turn, will request that the item be investigated by the creditor who reported the item to them. If indeed there is an error, the creditor is bound by law to correct the error within 30 days of the request from the credit bureau. Overall , the process between you and the credit bureau could take up to 60 days if you sent the credit dispute to them correctly the first time. If you do not send the letter to them in a way that they accept, the process could take longer as the credit bureau might send you a letter requesting further information. You really need to follow up with that letter if you expect to have your letters treated properly. The FTC suggests that you send any evidence you might have that the item on your report is incorrect . This could be proof of payment or proof the account does not belong to you or anything that will prove there is an error. After the credit bureau corresponds with the creditor and is updated on the status of the account, they will again send you a letter that tells you what the result was. Often the problem will be fixed. If you don’t have proof of this kind, but you feel absolutely sure the account is reporting incorrectly , you can send the credit bureau a credit dispute that accurately states that you do not feel the item is reporting accurately and you will also tell the credit bureaus that you are aware of your right to have everything report 100% accurately on your credit report.
The FTC also gives you an example of a letter that you can send to the credit bureau. You can write your own letter. Or you can search the web for free credit dispute letters. If you use a form letter, you should not make all your letters look the same . Or, wacky as this might be , you might add a typo error to it so that it will look more “human”. The credit bureaus keep tabs on the letters they get and if they see the same type of letter too often, they are less inclined to process the letter.
One thing the FTC does not cover is sending an ID page with your letter(s). You should send an ID page which consists of a photo copy of your Driver’s License, Social Security card, and a utility bill. Make sure your address is correct on everything. Make sure your DL is not expired and that everything is valid and corresponds. If your address on your driver’s license is from the apartment you lived in last year, you need to get that updated right away. When you copy all this on to one page, make sure that the copy is clear and legible. If you cannot read the copy, the person working for the credit bureau will not even try and this will delay the process quite a bit.
Related posts: