Any error in your credit reports should be disputed immediately. You should also report errors like a misspelled name, wrong address, incorrect identity-related information, etc, it can affect your ability to get loans, credit cards, and insurance. The best way to correct errors is remove charge off from credit report on your credit card report will positively affect your credit score.
Inform the Credit Reporting Company
You report in writing a letter called a dispute letter. Get copies of back documents to support your claim. The documents include; receipts and bank statements. Provide your complete name, address and identify the item you are disputing. Contact the provider and ask for the correct address to send your letter.
If the error appears in all three credit reports, you will send a dispute to all three bureaus. State and explain why you dispute the information than a request for deletion or correction. Send the letter using certified mail with a return receipt. It is not advised to submit the dispute online or by calling, it might be hard to share your back up documents. Credit bureaus are supposed to investigate your information within 30 days or less.
Wait For the Results
The credit bureau should get back to you within 30 days or less. They investigate and verify the information with the furnisher. If the furnisher stands by the accuracy of their information they provided to the credit bureau, they won’t remove the error.
If the bureau decides that your dispute is frivolous, they will not investigate it further. You will be informed within five days with an explanation as to why they regarded the dispute as frivolous. You can resubmit the dispute with new or updated documents. If the bureau finds the information accurate, they will remove the error immediately.
Review the Results
The credit bureau provides the results of the investigation and a copy of the new credit report if it changes. They also provide the name, address, and phone number of the information that reported the incorrect information.
The furnisher will inform the credit bureau if the disputed information is inaccurate. The bureau will update or delete the error. All the credit bureaus will be notified so that they can correct their records. If the error was termed as invalid, you can file a complaint with the Consumer Financial Protection Bureau. They will respond within 15 days.
Check Updates on Your Credit Report
After the credit bureau has corrected the error, it might not be updated on your credit reports immediately. This will depend on the bureau’s update cycle and when the furnisher updates the credit bureau with new information. Contact the bureau and the furnisher if there is no update on your credit reports.