Equifax Dispute
To dispute a bad credit item on your Equifax credit report you must send a dispute letter. In your letter you must include the disputed item and why it is incorrect.
You can write a dispute letter yourself or you can hire a service to write it on your behalf. You should be aware that a dispute letter must be sent to each credit bureau.
This means that if you send a letter to Equifax and they remove the mark you will also need to send a letter to Transunion or Experian. There is no communication between the three bureaus regarding disputes.
Reasons to dispute a listing are; item is out of date, information is wrong, not my account, account paid in full, and more. The Fair Credit Reporting Act says that you have the right to dispute any mark on your credit report.
In addition the act says the bureaus must remove an item if it is not verified by the creator. This act is what the dispute process is based upon.
When the bureaus receive your dispute they will investigate. During this investigation they will contact the creator of the item and request verification of the account, the dates, and the balance.
If the mark can not be verified then it is removed from your credit report. Often an investigation results in the removal of bad credit. This is a result of many businesses being unwilling to spend the time and money verifying disputed debts.
However before the bureau will investigate your dispute they must say it is valid. There is no clear cut definition of what a valid dispute is.
Often a dispute letter will be answered with a letter from the bureau asking for more information about the dispute. Many credit repair experts claim that this is nothing more than a stall tactic used to avoid the investigation.
It only costs the bureaus money to conduct an investigation. There is no revenue in it for the bureaus, their customers are businesses.
I suggest you hire a service if you have multiple items you wish to dispute on your credit. If you have only minor damage on your report then you can do it yourself, just remember to be persistent and have some patience.
In sum you do not have to wait seven years for a bad credit item to be removed from your credit. You can dispute the listing and have it removed immediately.
You can write a dispute letter yourself or you can hire a service to write it on your behalf. You should be aware that a dispute letter must be sent to each credit bureau.
This means that if you send a letter to Equifax and they remove the mark you will also need to send a letter to Transunion or Experian. There is no communication between the three bureaus regarding disputes.
Reasons to dispute a listing are; item is out of date, information is wrong, not my account, account paid in full, and more. The Fair Credit Reporting Act says that you have the right to dispute any mark on your credit report.
In addition the act says the bureaus must remove an item if it is not verified by the creator. This act is what the dispute process is based upon.
When the bureaus receive your dispute they will investigate. During this investigation they will contact the creator of the item and request verification of the account, the dates, and the balance.
If the mark can not be verified then it is removed from your credit report. Often an investigation results in the removal of bad credit. This is a result of many businesses being unwilling to spend the time and money verifying disputed debts.
However before the bureau will investigate your dispute they must say it is valid. There is no clear cut definition of what a valid dispute is.
Often a dispute letter will be answered with a letter from the bureau asking for more information about the dispute. Many credit repair experts claim that this is nothing more than a stall tactic used to avoid the investigation.
It only costs the bureaus money to conduct an investigation. There is no revenue in it for the bureaus, their customers are businesses.
I suggest you hire a service if you have multiple items you wish to dispute on your credit. If you have only minor damage on your report then you can do it yourself, just remember to be persistent and have some patience.
In sum you do not have to wait seven years for a bad credit item to be removed from your credit. You can dispute the listing and have it removed immediately.
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posted by Credit Counseling at
1:38 PM
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