Page 71 - Credit Builidng Toolkit By Adrean Yancy jr 3

Credit Building Toolkit

Disputing Credit Reports and Things you Need to Know

There are a lot of misconceptions about credit reports. Still, the truth is that they can have a
considerable impact on your finances. In this section, we'll discuss how to dispute errors on
your report, what information goes into a credit report, and why it's important to check your
report regularly.

How to Write Dispute Letters that Get Results (with Free Dispute Letter Template)

If you have just received a letter that you
believe is incorrect, what do you do? The 3. Give it some time: The general rule is
first thing to do is read the letter and make that the credit bureaus will take 30 days
sure it's not a mistake from your end. If to conduct their investigation. After
you're sure the information in the credit completion, they will contact you within
report is wrong, then follow this step by step a few days of completion of their
process for disputing letters: investigation. If you have a genuine case,
it will be treated adequately. Otherwise,
no action will be taken. However,
1. Contact the company who sent the letter suppose you feel your issue is genuine
and ask them to change their records based and not frivolous as termed by either the
on your input: The Consumer Financial credit bureaus or the furnisher. In that
Protection Bureau allows you to dispute an case, you can make a resubmission, this
error found in your report. Be polite and time with newly updated convincing
professional when communicating with evidence.
them; they may be able to help you out
without much trouble.
4. Review the report from the bureaus:
The credit bureaus will and must provide
2. Contact the source of the data, also known you with the report of its investigation
as furnishers of this error: Again, according on the dispute and the source
to the Consumer Financial Protection information. Also, you'll be provided
Bureau, you can contact the source of the with a free credit report just so you
error(s). These sources could be bankers, know whether or not things have
credit lenders, or card issuers. However, if changed—of course, that is if you have a
you can identify the furnisher, it is best to genuine case. Otherwise, there will be no
contact them directly and be rectified and changes at all.
updated with the bureaus.
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