A credit dispute is a process designed to get you to have your credit report taken care of in a positive way. What happens when you file a dispute on your credit report? What does the credit agency do next? Well, several things happen, and these things can all help you get the credit you deserve and get it fixed quickly.
Some Steps After You File a Credit Report Dispute?
You will receive a letter from a credit bureau.
The first thing that happens is that the credit bureau will send you a letter of dispute. This letter will tell you that you are asking for the information removed from your report. They will also inform you of any fraud or mistakes that may be present in your report. This letter is your first step to having your credit report fixed. Once you receive this letter, you should act swiftly and begin working to improve your credit report.
You want to give proof to the agency.
What happens next is that the agency will ask for proof that the information is indeed wrong. This proof can come in many forms. You could provide copies of cancelled checks or utility bills. It could be a recent statement that says something like, “I don’t owe any more credit card debt than you do.” Even something as simple as an Internet email saying “I no longer owe any on this account” can serve as proof.
Method of credit repair.
The next step involves the “BOLO” (boomerang) method of credit repair. It is what it sounds like – a letter to the credit bureau with a formal request to have the information deleted from your credit report. The timing is crucial here. You need to make sure you follow through with this request no less than sixty days before the end of the reporting period. Failure to do so will cause your dispute to be deleted from your credit report and no longer be in effect.
Provide evidence of why your information is incorrect.
If you haven’t done this already, you’re going to need a form of a valid reason for your dispute. It can be anything, but a letter to the credit bureau stating that you don’t think the item is accurate, incomplete or outdated is most common. You should also provide evidence of why this information is incorrect. For example, if the credit report shows that you currently owe more on your mortgage than you paid, you’d want to prove that this is the case. Be careful here; many people try to use this method of credit repair and end up getting the dispute rejected by the credit bureau.
It will take several weeks to complete this process.
Your final step in the credit repair process is to wait. Most people who attempt to work through the credit report process with little to no luck tend to give up when they don’t see any progress. The truth is that this entire process can take anywhere from several weeks to months to complete. So, if you’re not seeing any improvement after about four to five weeks, you’re probably going to want to move on to the next option.
But how does one know when the credit report dispute process has been effective? Many online services such as Masters Credit Consultants will give you a free credit report check. If you get one with all three of the big credit reporting agencies, you can quickly see how effective your efforts have been. You can also find out how successful you’ve been at correcting errors or inaccuracies. It gives you a sense of satisfaction, making the entire credit repair process easier to deal with.
Masters Credit Consultants has a successful track record disputing on clients’ behalf.
If you don’t want to go through the hassle, we’re here ready to effectively help you clean your credit report and remove inaccurate information in order to raise your credit score. Hire us today! We have 3 affordable credit repair packages. Are you sure you know everything on your credit report? To jump-start your credit repair, we offer you a free no-obligation credit check to uncover all your inaccuracies and we will recommend which to remove first. When you sign up with us, we will do all the heavy lifting for you and clean up your credit score!