It is important to frequently check for accuracy in your credit reports from the three major credit bureaus, Experian, TransUnion and Equifax. Outdated or incorrect data, such as a timely payment misreported as late or a charge off account listed as open even though you’ve paid it off, can lower your credit scores. Correcting these issues can, in turn, improve your credit scores.
How to submit a dispute?
If you believe certain information on your credit report may be inaccurate and shouldn’t be there, you can submit a dispute with each of the credit bureaus to have it removed or updated accordingly.
Each bureau has their own process for disputing errors on your credit report-
By Phone – (888) 397-3742
By Mail – PO BOX 4500 Allen, TX 75013
By Phone – (800) 916-8800
By Mail – PO BOX 2000 Chester, PA 19016
By Phone – (800) 685-1111
By Mail – PO BOX 740256 Atlanta, GA 303374
Filing a dispute with one or all of the credit bureaus has no direct impact on your credit scores, however, once the dispute process is completed, any changes to your credit reports could lead to changes in your credit scores.
Whether your score goes up, down or remains the same depends on what you’re disputing and the outcome of the dispute on whether your credit score is affected. Removal of mistakenly reported negative information, such as late payments or unpaid collections accounts, could lead to credit score improvements. On the other hand, corrections to your personal information, while important to maintaining accurate credit tracking, have no impact on credit scores.
Regularly checking your credit reports for accuracy and disputing any errors you discover can help ensure your activity is tracked correctly, and that you get the credit score you deserve based on your credit habits. Please do not hesitate to contact us if you, your realtor or your lender have any questions or need further details regarding the dispute procedures implemented by the credit bureaus. We are here to help!