Finding an error on your credit report can be a rude awakening. Whether you have found incorrect information on the payment history of one of your accounts, a duplicate entry, or an item that doesn’t belong to you, errors on a credit report can bring down your credit score and have a negative effect on your financial health. So, once you file a dispute, how long does a credit report dispute take?
Filing a Dispute
If you find an error on one of your credit reports, dispute it with the bureau that’s reporting wrong information. A dispute can be done either by mail or online. You’ll need to provide proof of your identity and documentation that backs up your claim that an error has been made. Copies of documents can be sent through the mail or uploaded electronically. If you do send paperwork through the mail, send it via certified mail with a return receipt requested.
Investigation of Your Claim
The credit bureau investigates your claim by reviewing the information you sent and contacting the company that furnished the information. The data furnisher must research your claim and send a response back to the credit bureau promptly. This investigation is completed within 30 to 45 days.
It’s a good idea also to notify the creditor that they have reported inaccurate information. It’s possible the information was reported incorrectly due to human error and that they’ll correct your credit report once they realize the error.
Notification of the Results
When the investigation is complete, the credit bureau contacts you to let you know the results of the dispute. If the data furnisher stands behind what they reported, your dispute will be denied. At that point, you have the right to provide additional information to the credit bureau to demonstrate what you believe is wrong. The documentation you can provide includes canceled checks, receipts, and letters from the creditor.
If you don’t have any additional documentation to provide but still believe the information is wrong, you have the right to submit a 100-word statement to the credit bureau that you disagree with the reported item. This statement will be added to your credit report so that prospective lenders are aware of the potential inaccuracy.
Staying on Top of Your Credit Report
Your credit report is used as a way of evaluating your creditworthiness, so it’s imperative that only accurate information is included in it. Keep track of what you borrow so that you’ll know right away if incorrect balances are being reported. Make your payments on or before the due date since a single late payment can affect your credit score for up to seven years.
If you need help disputing inaccuracies with the credit bureau, Dovly can help. Dovly is an AI credit engine that can help you track and fix your credit. Try it risk-free with our free membership tier. Contact Dovly today.
