If a credit reporting error is corrected, how long will it take before I find out the results? | Consumer Financial Protection Bureau (2024)

FAQs

If a credit reporting error is corrected, how long will it take before I find out the results? | Consumer Financial Protection Bureau? ›

The credit reporting company generally has 30 calendar days (45 days in some cases) to investigate your dispute. They have five business days to notify you of the results once the investigation is complete.

How Long Will the Dispute Process Take? The FCRA requires the national credit bureaus to complete dispute investigations within 30 to 45 days, as follows: 30 days: Credit bureaus (referred to in the FCRA as credit reporting companies) must investigate and resolve disputes within 30 days of receiving them.

If you lose your dispute, file a complaint with the CFPB: Fill out the CFPB form and explain your situation, and attach all correspondence and financial documentation you have to support your dispute. The CFPB says they get most companies to respond within 15 days, although they have 30 days to do so.

If the credit provider or credit reporting body you asked to correct information is satisfied that the information is incorrect, then they must take reasonable steps to correct it within 30 days or such longer period agreed to by you.

If you file a dispute regarding information on your Equifax credit report, you can generally expect to receive the results of the investigation within 30 days. If the information on your credit report is found to be inaccurate or incomplete, your credit report will be updated, generally within about 30 days.

2) What is the 609 loophole? The “609 loophole” is a misconception. Section 609 of the Fair Credit Reporting Act (FCRA) allows consumers to request their credit file information. It does not guarantee the removal of negative items but requires credit bureaus to verify the accuracy of disputed information.

If you discover errors on your credit report, gather any supporting documents and include them with a letter disputing the error. Then send it to: The credit reporting agency whose report you are disputing. The company that provided the incorrect information.

After completing its investigation, the lender or creditor may provide its response, along with any information updates, to the credit bureau with which you initiated your dispute. That bureau will then notify you of the investigation response within 30 days of your dispute request.

If you're having issues with a financial service provider – be it with overdraft fees, a HELOC or student loans – filing a complaint with the CFPB can help you get to a resolution. It may be worth attempting to work the problem out with the company first, but that isn't a requirement to submit a CFPB complaint.

However, it has 45 days to investigate if you dispute after receiving your free annual credit report. Also, if you submit additional information relevant to your dispute during the 30-day investigation period, it can extend the investigation period for 15 additional days.

How long does it take to correct an error on a credit report? ›

If the provider of the disputed information does update the inaccurate information however, they must also contact all of the CRAs who received the error. Give the Credit Reference Agency about 45 days for the dispute to be processed and for it to start showing on your credit report.

Equifax investigates

Once we receive your correction request, we will provide you with written confirmation that it has been received. Our Customer Resolutions team will investigate your request within 30 days and provide a response to you in writing.

Creditors have no obligation to remove accurate information from your credit report or to negotiate at all. Policies and procedures vary by creditor but will usually include back-and-forth letters to get everything in writing. On average, credit repair takes about three to six months.

Consumer-reporting agencies must correct or delete information that is inaccurate, incomplete or unverifiable within 30 days.

Dispute outcomes that could improve your credit: Your scores could increase if negative information is removed, such as late payments, past-due accounts or collection accounts. Dispute outcomes that could hurt your credit: Your scores could decrease when accounts are removed or updated.

The credit reporting company generally has 30 calendar days (45 days in some cases) to investigate your dispute. They have five business days to notify you of the results once the investigation is complete.

If you want help disputing mistakes on your credit report, myFICO can help you write a free letter in minutes. Next, write to the appropriate creditor or other information provider, explaining that you are disputing the information provided to the bureau. Again, include copies of documents that support your position.

Contact the credit bureau and initiate a dispute process to rectify mistakes. Provide necessary documents to support your claim of inaccuracies. Credit bureaus and lenders are responsible for fixing errors in credit reports.

While many cases can be resolved quickly, some are more complex and can take up to 90 days.