Your credit score can affect whether you’re able to get approved for credit on the best terms and could also affect employment prospects or your ability to rent an apartment. With so much riding on your credit score, any inaccurate information on a credit report should be disputed with the credit bureau. If you have filed a dispute on information that you believe is inaccurate and wasn’t corrected, you’re probably wondering, “Why didn’t my dispute work?”
What Happens When You File a Credit Dispute?
When you file a dispute with a credit bureau, your creditor is obligated to research their records and respond to the bureau within 5 days. After they’ve reviewed your records, they may correct an error or respond to the credit bureau that the information is accurate as reported. Once the creditor has responded, the bureau has 30-45 days to reply to your dispute.
If their response is that what they’ve reported is accurate, the item will remain on your credit report exactly the way it is. If your dispute didn’t work, consider whether there’s any additional supporting information you can provide, such as receipts, bank statements, or canceled checks. If you have such information, you can file another dispute. Filing another dispute without additional information is usually considered frivolous, and your dispute is likely to be rejected.
Contact Your Creditor
If your credit dispute was unsuccessful, get in touch with your creditor directly and explain why you believe what they have reported was inaccurate. Provide any supporting documentation that backs up what you’re saying. After reviewing the information that you have provided, they may agree to correct the inaccurate reporting.
Sometimes the problem may not be that what they’ve reported is inaccurate. For example, you may have simply forgotten to make a payment. If you’ve had a history of making on-time payments and your late payment was an isolated incident, they may agree to remove it from your file.
Adding a Statement to Your Credit Report
You have the right to add a 100-word statement to your credit report. You can use this statement to explain any extenuating circumstances that may have caused a problem, such as job loss, illness, or divorce. You can also use it to state that you believe that what’s being reported is inaccurate and why. Adding a statement to your credit report may be overlooked by some potential creditors, but others will take the time to review your credit reports including any statements you make.
Improving Your Credit
If you’ve had credit problems in the past, commit to paying all your bills when they are due going forward. The damage done to your credit from negative items lessens over time as long as there are no more late payments. Also, make sure to avoid maxing out your credit cards if possible. Ideally, you should try to avoid using more than 30 percent of the available amount on revolving accounts.
Check your credit report regularly to make sure everything is accurate. It’s especially important to watch for accounts you don’t recognize which could be a sign of identity theft. Partner with Dovly, an automated credit repair engine, for help getting ahead. Try it risk-free with our free membership tier. Contact Dovly today.