February 10, 2021

How to Effectively Dispute Inaccuracies on Your Credit Report

The Federal Trade Commission estimates that one in four American consumers have errors in their credit report. Unfortunately, most Americans remain unaware of credit report errors until they try to get a loan or rent an apartment. Just one error on your credit report can make it challenging to build trust with a lender, landlord, or other credit checkers. Therefore, it is important to regularly review your credit report and dispute any errors.

The best way to ensure your credit report errors are properly resolved is to consult a skilled debt settlement lawyer. Here are some tips for finding and disputing errors in your credit report.

Review Your Credit Reports on a Regular Basis

You can’t dispute errors without finding them first. To stay on top of your credit score and reports, you should review your credit reports on a regular basis. The first place to start is obtaining your three (3) free credit reports from https://www.annualcreditreport.com/. This will allow you to locate inaccuracies, gather questions, and fully understand the extent of the errors.

Investigate Any Errors and Contact Key Personnel for Insight

Diving into your credit report is easier said than done. Credit reports are filled with information that includes industry codes and confusing jargon. So, there’s a chance that what may seem like an error to you is actually accurate. Researching the information in your credit report with a  debt settlement lawyer who can answer your questions is the best way to understand the ins and outs of your report.

Decide How You Want to Dispute the Error

There are a few ways that you can dispute a credit report error. However, the three main ways are by phone, online, or mail. For legal reason, sending a letter and keeping a copy of that letter you send is probably best. If you choose to file a dispute by mail, you should also mail in copies of any supporting documents that prove the error is really an error. This will minimize the extra time of going back and forth with the credit bureaus to support your dispute.

Wait for the Credit Bureau to Respond to Your Claim

Once you file a dispute, the credit bureau will usually contact a third-party “data furnisher” to look into the legitimacy of your claim. On average, it takes data furnishers two weeks to complete their investigation. However, in some cases, the process can take a month or longer. Once the investigation is completed, the credit bureau will notify you of the results and the actions they plan to take.

If the dispute results in a positive change to your credit report, the credit bureaus are legally required to notify any person or party who has viewed your credit report in the past six months of the change. Conversely, if your dispute is denied, you can take additional legal action with the help of a debt settlement lawyer.

Consult a Skilled Debt Settlement Lawyer

Credit report errors are a prominent problem. Researching your credit report on your own can be a complex process to navigate, which is why it’s best to have a skilled debt settlement lawyer on your side.

If you are struggling to improve your credit report, the lawyers at McCarthy Law are here to help. Our team is dedicated to helping our clients navigate their financial circumstances and reach a favorable outcome. We understand the negative effect a credit report error can have on a person’s ability to buy a house, car, and other normal purchases and are committed to helping clients resolve their credit report disputes. To schedule a consultation with one of our skilled debt settlement paralegals, call our office at (855) 976-5777 or fill out our online contact form.

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