How to Dispute Equifax
A dispute can be filed with Equifax by creating a dispute letter and mailing it to them. In your letter you will need to include a reason as to why the listing is inaccurate.
There are two options to do this; you can do it yourself or hire a credit repair service to do it on your behalf. However be aware if you do it yourself that you must send a letter 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.
Common reasons to dispute a bad credit item include; information is wrong, item is out of date, account paid in full and more. The Fair Credit Reporting Act passed by congress gives you the right to dispute any item 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 your dispute is filled the bureau will conduct an investigation. They will contact the creator of the negative mark and ask them to verify the debt, the amounts and the dates.
If this item is not verified by the creator then the bureaus must remove it from your credit report. Often investigations will result in the removal of an item from your report. This is because many businesses are not willing to spend the resources to verify disputed debts.
Before the bureaus will investigate your dispute they must deem it valid. There is no clear definition of what a valid dispute is.
It is common for bureaus to respond to a dispute letter with another letter that requests more information about the dispute. This is said to be a stall tactic the bureaus use to avoid conducing and investigation.
This is because it will only cost the bureaus money to investigate disputes. The bureaus customers are businesses and only because of government law is there a dispute process.
I suggest hiring a service if you have considerable damage to your credit. However if you only have minor damage such as one or two negative listings then you can dispute your report yourself. If you do it yourself just be patient and persistent.
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.
There are two options to do this; you can do it yourself or hire a credit repair service to do it on your behalf. However be aware if you do it yourself that you must send a letter 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.
Common reasons to dispute a bad credit item include; information is wrong, item is out of date, account paid in full and more. The Fair Credit Reporting Act passed by congress gives you the right to dispute any item 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 your dispute is filled the bureau will conduct an investigation. They will contact the creator of the negative mark and ask them to verify the debt, the amounts and the dates.
If this item is not verified by the creator then the bureaus must remove it from your credit report. Often investigations will result in the removal of an item from your report. This is because many businesses are not willing to spend the resources to verify disputed debts.
Before the bureaus will investigate your dispute they must deem it valid. There is no clear definition of what a valid dispute is.
It is common for bureaus to respond to a dispute letter with another letter that requests more information about the dispute. This is said to be a stall tactic the bureaus use to avoid conducing and investigation.
This is because it will only cost the bureaus money to investigate disputes. The bureaus customers are businesses and only because of government law is there a dispute process.
I suggest hiring a service if you have considerable damage to your credit. However if you only have minor damage such as one or two negative listings then you can dispute your report yourself. If you do it yourself just be patient and persistent.
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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For a free credit repair letter to dispute bad credit items on your credit report or to learn about how you can dispute nco financial a common collection agency visit us.
posted by Credit Counseling at
9:30 AM
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