How to Dispute and Repair Your Credit History Report

You can file a dispute whenever you have reviewed your credit report and do not agree with the status of an item on your report. If you requested an online credit report, there will be an option on the screen while you are logged in to your report that will allow you to dispute an item. Disputes can also be submitted in writing or by phone to the credit reporting agency.

When reviewing your credit report, remember that there can be up to a 30 day lag between when you pay your bill and when the amount owed is reduced on your credit report. So don’t expect it to reflect recent payments.

One thing to check your credit report for, are accounts that show open that you thought were closed. However, don’t be hasty in closing them if there is no reason to. They may actually be helping your credit score because they show that you have more credit than what you are using.

If you went through a divorce and you had a credit card that was in both spouses names and the divorce decree says that your ex is responsible for the debt, the only thing you can do is add a statement to your credit report. (I explain statements at the end of this article.) The only way to get the item removed from your credit report is for you and your ex to sign a form that you can get from the credit card company that requests that your name be removed. The caveat is that the responsible person must have enough credit on their own, or the credit card company may not grant the request.

The thing to remember here is that the court cannot release you from your financial obligations during a divorce.

Your Rights When You Receive an Adverse Action Letter
If you are denied credit, insurance, or employment based on your credit report, the company that denied you is required to tell you and give you the name of the credit reporting agency that was used to obtain your credit information.

If you receive a letter that states that you have been denied credit, or that your credit line has been reduced, you are entitled to a free credit report. To get your free credit report you have to go to the website for the credit reporting agency that supplied the information to the credit card company within 60 days of the receipt of the letter. This information will be contained in the letter.

Where to File Disputes For an Adverse Credit Action
The website address may be contained in the letter, but if it is not, use these:
Equifax http://www.equifax.com/answers/correct-credit-report-errors/en_cp
Experian http://www.experian.com/reportaccess
Trans Union https://annualcreditreport.transunion.com/entry/disputeonline

Dispute Resolution
Once you record the disputed item, the company that issued the credit has 45 days to respond as to the accuracy of the dispute. The credit reporting agency will send you an email with a link to check the results if you filed online. If you filed by mail or phone, the credit agency has 5 days to send you the results.

If the credit issuer does not respond within 45 days, the item will be removed from your credit report. This is a rare occurrence, but it is sometimes used in an underhanded way by some credit repair companies.

If you disagree with the results of an investigation on your credit report, you have the right to add a 100-word statement to your report that explains your side of the situation. A consumer statement is a personal statement that you may add to your credit report. It typically explains why a negative item is listed on your credit report. Creditors or lenders may review the consumer statement and take it into consideration when making their credit decisions. The statement remains on your credit report until you request that it be removed.

So whether you purchased a credit report, obtained a free annual credit report, or you received an adverse action letter and then discovered a problem with your credit report, you can dispute an item that you believe is incorrect.