Step-by-Step Guide: How to Dispute Credit Report Information

Strong credit is essential to modern financial freedom. So, what do you do when you discover inaccuracies on your credit report that should not be on there? Here, we unpack how to dispute credit report information to help ensure your credit report remains fair and accurate. 

Why Should You Dispute Inaccurate Credit Report Information?

When inaccurate information appears on your credit report that you are unaware of, it is crucial to get it taken care of quickly. Inaccuracies on your credit report can often have a negative effect on your credit score, lowering your creditworthiness in the eyes of credit bureaus and lenders.

In the U.S., the Fair Credit Reporting Act protects the right to obtain a free copy of your credit report yearly from each of the major credit bureaus. You can also dispute any information in your report that you believe is inaccurate or incomplete.

 

How to Dispute Inaccurate Credit Report Information

Step 1 – Obtain Your Credit Report

With CreditBuilderIQ, you can regularly access your credit report. The AI-based technology scans your report and flags potentially inaccurate information so you can promptly review it. 

Step 2 – Review Your Credit Report for Inaccuracies

When looking at your credit report, ensure all your personal information is correct, like your name, address, Social Security Number, phone number, current address, previous address, and birth date.

Your credit report also shows your current and past credit accounts, your credit limit, account payment history, the names of the creditors you have worked with in the past, and the dates your accounts were opened and closed. This will also include bankruptcies, foreclosures, and liens. Make a note of any information on your credit report that is inaccurate or outdated. 

Step 3 – Complete and Mail the Dispute

If you find inaccurate information on your credit report, immediately notify the appropriate credit bureau to begin the dispute process. Waiting could increase the potential negative impact on your credit score.

Provide documents that support your claim. This could be information showing your correct date of birth, current and previous address, phone number, or name.

Once the dispute is complete, you will need to mail it to the appropriate credit bureau. CreditBuilderIQ helps you quickly gather your disputes into a letter that can be mailed to the bureau.

Step 4 – Wait for a Response From the Bureau

It may take up to 30 days to hear back from the credit bureau. If you do not hear back from the credit bureau within 30 days, send your dispute letter again to follow up with them. Once the bureau makes the corrections listed in your dispute, verify that the updated information is accurate. 

Bottom Line

Maintaining a credit report free of inaccuracies is vital for your financial well-being. By following these steps and leveraging tools such as CreditBuilderIQ, you can ensure your credit report reflects your true financial standing and safeguard a healthy credit score.