Credit Reporting Dispute Process

If you are in the market to purchase a home (or refinance your mortgage), it may be a good idea to check your credit well in advance of house shopping.  

According to a FTC consumer report, an estimated one in five consumers have an error on their credit report.  You may either request a correction via a mailed letter to the credit repository reflecting  the reporting error, or you may request correction via online disputes.  I strongly encourage the online dispute process.

MyFico.com has written up an excellent sample letter if you have a specific account you would like to dispute, or you can follow the link under "online dispute resolution" section of this email to expedite the process stamp free.  Remember, evaluate each of the three credit reporting agencies for inaccuracies.  

If you would like more simple credit tips, please click here.  Arizona and California residence in the mortgage market can contact me directly for further guidance and a no cost evaluation in 10 minutes or less.

Sample Credit Report Dispute Letter of Explanation

ONLINE DISPUTE RESOLUTION:
All 3 of the credit bureaus now accept filing of disputes online. To find out how to initiate a dispute online, click here.

Tell the credit bureau in writing what information you believe is inaccurate. Include copies (NOT originals) of documents that support your position.

You may want to enclose a copy of your credit report with the items in question circled. Send your letter by certified mail, return receipt requested, so you can document that the credit bureau received your correspondence. Keep copies of your dispute letter and enclosures.

Date Your Name Your Address Your City, State, Zip Code Complaint Department Name of Credit Bureau Address City, State, Zip Code   Dear Sir or Madam: I am writing to dispute the following information in my file. The items I dispute also are encircled on the attached copy of the report I received. This item (identify item(s) disputed by name of source, such as creditors or tax court, and identify type of item, such as credit account, judgment, etc.) is (inaccurate or incomplete) because (describe what is inaccurate or incomplete and why). I am requesting that the item be deleted (or request another specific change) to correct the information. Enclosed are copies of (use this sentence if applicable and describe any enclosed documentation, such as payment records, court documents) supporting my position. Please reinvestigate this (these) matter(s) and (delete or correct) the disputed item(s) as soon as possible. Sincerely, Your name Enclosures: (List what you are enclosing) Source: http://www.myfico.com/crediteducation/rights/sample-credit-report-dispute-letter-of-explanation.aspx