Dispute Resolution

Errors and inaccuracies on your credit report can negatively impact your credit score and your ability to obtain credit. It’s important to regularly review your credit reports and dispute any errors you find.

Identifying Errors

Common errors on credit reports include:

1. Incorrect Personal Information: This could include your name, address, Social Security number, or employment information.
2. Accounts That Don’t Belong to You: This could be due to identity theft or a simple error.
3. Inaccurate Payment History: This could include late payments that you actually made on time or accounts that were closed but are still reported as open.

Filing Disputes

If you find errors on your credit report, you can dispute them with the credit bureaus in writing. You can do this online, by mail, or by phone. When you file a dispute, be sure to provide supporting documentation, such as account statements or proof of payment.

The Investigation Process

Once you file a dispute, the credit bureau is required to investigate it. The bureau will contact the creditor or company that furnished the information to verify its accuracy. If the information is found to be inaccurate, it will be corrected or removed from your credit report.

Escalating Disputes

If you’re not satisfied with the outcome of your dispute, you can escalate it to the Consumer Financial Protection Bureau (CFPB). The CFPB is a federal agency that protects consumers in the financial marketplace.