As we are continuing our Take Back Your Finances Challenge, we have made it to week #25, almost half way! The past few weeks, we’ve been focusing on cleaning up your credit report to set the stage for better credit report and scores – which is important, even for the debt-free. We hope that one of your goals is to be debt-free and that this challenge will help get you on the debt-free path, propel you down the debt-free path and improve overall financial situation.
Well, we have now come to the part of the challenge where we are going to share with you what you need to do to resolve a credit report dispute.
First, before we go to this step, you need to complete the prerequisites to this step:
Identify the errors on the credit report (free printable checklist included)
If you have completed those easy prerequisites, then you are ready for this step…that is actually making a dispute or attempt to fix reporting errors (that could be damaging your credit like it is for 40 million Americans).
Honestly, the best resource is going to be the Federal Government themselves. They lay it all out and make it easy, including a sample dispute letter.It is an easy 2-step process and you can find the information on the FTC website here.
However, even easier may be just going right to the website of the credit reporting agency that shows the discrepancy. These agencies are Transunion, Equifax and Experian. The errorscouldbe found on all of them or just one of them. There are many reasons for this, but essentially allthree agencies are separate and eachcollect and report their own information. Here’s an article on why the credit scores and reports can be so different between them all.
Going back to makingdisputes, we mentioned that even easier might be just going to the website for the credit reporting agency and following their steps for their credit report. In this day and age, it is very easy, as you can submit disputes and requests online instead of the old snail mail way. BUT… even with the online shortcut making it easier, more accessible and perhaps slightly faster….it is still going to take a LONG time– several months in fact. But don’t let this discourage you astaking back your finances is a process!And that’s ok! The goal is to make some great progress and so taking the steps to dispute your credit report discrepancies is a good step, even if you don’t see fruits from it for a while. One of our goals is to encourage debt-free living, but remember that there are 7 Reasons Why Having Good Credit Is Important….Even For The Debt-Free.
Grab your free printable checklist from last week’s step and then log on to these credit reporting agencies and follow the online steps to dispute the issue, following your checklist to keep track of the disputesand the progress made.
Once you have submitted, you will want to track your progress and follow-up if needed. You can use the checklist, or other method, but just try to keep it organized so that you can truly know the progress, not forget and to follow-through to the end.
Need to catch up? Come join us on this challenge from the very beginning by clicking on the 52-Week Take Back Your Finances Challengeand sign up to start receiving your automated challenge from the very beginning!
One final thing…we also have a Facebook Group where you can engage in discussions, receive encouragement and talk to others that are participating in the challenges too for more ideas! Head to the Be Intentional with The Thrifty Couple Facebook Page HERE and ask to join us there! You can also invite friends and spouses too!
Disclaimer: We are not licensed financial planners. We are only a couple that have been just a hair-breadth away from bankruptcy and found our way out of debt with a goal to now help others. Please make sure to consider any advice given on our site and in this challenge as tips we have used ourselves; they may not work for everyone. If you have questions please make sure tocontact a licensed professional.
If you identify an error on your credit report, you should start by disputing that information with the credit reporting company (Experian, Equifax, and/or Transunion). You should explain in writing what you think is wrong, why, and include copies of documents that support your dispute.
If you dispute a credit card charge by mistake, contact your card issuer and explain the situation. You could also follow up with the merchant if required. Before you initiate a dispute, be sure that it is indeed an unauthorized charge.
I am writing to dispute a charge of [$______] to my [credit or debit card] account on [date of the charge]. The charge is in error because [explain the problem briefly. For example, the items weren't delivered, I was overcharged, I returned the items, I did not buy the items, etc.].
Both the credit bureau and the business that supplied the information to a credit bureau have to correct information that's wrong or incomplete in your report. And they have to do it for free. To correct mistakes in your report, contact the credit bureau and the business that reported the inaccurate information.
1. Wrong payment history. This is when a creditor or collector is saying that you've missed some payments when you didn't miss the payments. It happens a lot, and it can crush your score.
You should dispute a debt if you believe you don't owe it or the information and amount is incorrect. While you can submit your dispute at any time, sending it in writing within 30 days of receiving a validation notice, which can be your initial communication with the debt collector.
Your letter should identify each item you dispute, state the facts, explain why you dispute the information, and ask that the business that supplied the information take action to have it removed or corrected. You may want to enclose a copy of your report with the item(s) in question circled.
You can only dispute charges that have already been posted. If you prefer not to submit a dispute online, you may do so in writing, or by calling customer service and disputing the charge over the phone.
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.
For additional help getting a response from the credit reporting company: Speak with a lawyer. You may also qualify for free legal services in your community, if you need additional help and legal advice. If you are a servicemember, you can contact your legal assistance office .
In order to verify your claims, CIBIL may contact your lenders and you. After thorough verification and assessment, CIBIL authorities will initiate the necessary corrections and will rectify your report as per authentic data. This way, your report is generated once more, and your credit score may improve.
To dispute a charge, send a letter to your credit card company's address for billing inquiries or errors. Your credit card company will investigate the dispute. If it resolves it in your favor, it will remove or fix the charge.
You must notify the bank in writing, enable the bank to identify your name and account number, state why you believe there is a billing error, include the type, date, and amount of the error(s), and send the notice […]
Phone: Call your credit card company's customer service using the number on your card or statement. Explain the situation and request a dispute. Online: Dispute charges through your credit card company's website or app in the "dispute resolution" or "billing inquiries" section.
If you identify an error on your credit reports, it's crucial to dispute it immediately. Down the line, negative or incorrect identity-related information — like a misspelled name, wrong address or transposed Social Security number digits — can affect your ability to get credit cards, loans, insurance and even a job.
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