During these tough economic times, many people are looking closely at their personal consumer credit reports looking for inaccurate or inconsistent entries. This process is an excellent way to keep track of your own personal credit file as well as offering up the option to open up credit bureau disputes with one or all three credit bureaus.
Requesting a dispute does not have to be difficult and all three of the credit bureaus offer the dispute process on their individual websites. In order to dispute an inaccurate entry on your credit report there are particular steps that need to be taken.
First, you need to view your updated report and verify that the debts on the report are accurate, if they are accurate and you owe those debts than there is nothing to dispute. However, if when you are reviewing your credit report and find inaccurate credit entries than you can open a dispute in order to have these legally removed.
A credit bureau dispute can legal remove information that is located in your credit report which negatively affects your FICO score. A credit score is an integral part of your financial future. A credit score is used by all three credit agencies and are most often different for each one. When you apply for a loan, mortgage and in some cases a job, the organization will pull your credit report from all three credit agencies and view your combined credit score. If you have inaccurate information in your file it can cost you approval, lower interest rates and even employment.
Opening a credit agency dispute does not negatively affect your FICO score, in fact it may help. You will need to open the agency dispute and request an investigation. The agency will confirm with the original creditor that the debt collection organization who placed the information in your file is legally able to collect on that debt. Additionally during the credit bureau dispute the credit bureau will confirm with the debt collection agency that this is a valid and legal debt, owed by you.
At the conclusion of the credit bureau dispute you will either have to pay the debt to have it removed, if it is found to be valid, or the debt will be removed and you will be sent an updated credit report.