Equifax Dispute
You can dispute a bad credit listing on your Equifax credit report by creating a dispute letter. In your letter you must identify the disputed listing and provide an explanation as to why it is incorrect.
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Common reasons to dispute a bad credit item include; information is wrong, item is out of date, account paid in full and more.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 this act says that any mark that can not be verified must be removed from your report. This is what the dispute process is based upon.
Upon receipt of your dispute letter the bureaus will investigate. During the investigation they will ask the creator of the listing to verify the account, the dates on the account, and the account balance.
In the item is not verified then the bureau must remove it from your credit report. Frequently investigations will result in the removal of bad credit from your report. This happens because many businesses are not willing to spend the resources to verify disputed debts.
However before the bureau will investigate your dispute they must say it is valid. There is no clear cut definition of what a valid dispute is.
Many claim that the bureaus are just avoiding having to hold an investigation so they will deem your dispute invalid and respond with a letter requesting more information about the dispute. It is widely speculated that this is nothing more than a stall tactic used by the bureaus.
This is because there is no money to be earned from the dispute process. It however will cost the bureaus time and money to investigate.
I suggest you hire a service if you have multiple items you wish to dispute on your credit. If you have only minor damage on your report then you can do it yourself, just remember to be persistent and have some patience.
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 this act says that any mark that can not be verified must be removed from your report. This is what the dispute process is based upon.
Upon receipt of your dispute letter the bureaus will investigate. During the investigation they will ask the creator of the listing to verify the account, the dates on the account, and the account balance.
In the item is not verified then the bureau must remove it from your credit report. Frequently investigations will result in the removal of bad credit from your report. This happens because many businesses are not willing to spend the resources to verify disputed debts.
However before the bureau will investigate your dispute they must say it is valid. There is no clear cut definition of what a valid dispute is.
Many claim that the bureaus are just avoiding having to hold an investigation so they will deem your dispute invalid and respond with a letter requesting more information about the dispute. It is widely speculated that this is nothing more than a stall tactic used by the bureaus.
This is because there is no money to be earned from the dispute process. It however will cost the bureaus time and money to investigate.
I suggest you hire a service if you have multiple items you wish to dispute on your credit. If you have only minor damage on your report then you can do it yourself, just remember to be persistent and have some patience.
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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posted by Credit Counseling at
10:02 AM
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