What Happens When you File a Credit Report Dispute?
When you are diligent about checking your credit report, there is a small chance you may come across an error. Thankfully, it is easy to file a dispute with the credit reporting agency to get your score fixed. But what is the process for that and what can you expect when you file your dispute? The credit report experts at Equifax share what happens in the new article on the Equifax Finance Blog, “The Facts About Credit Report Accuracy.”
When a consumer disputes a report, the first thing a credit reporting agency does is to ask the source of the charge to verify it. On average, these requests are returning in eight-and-a-half days. Equifax is working on speeding up our process, where we can provide more information to the source so that it is easier to track down, rather than a give-and-take and search for documents to verify.
In 2012, about 60 percent of these investigated disputes were closed when the data supplier verified the information was accurate. In 40 percent of the cases, we made adjustments based on the findings, including modifying or deleting data that did not belong in the consumer’s credit file. Of that 40 percent, in 36 percent, data was modified or deleted as a result of the reinvestigation. The remaining four percent of modifications or deletions were a result of the data furnishers failing to respond in the legally mandated response window of 30 days.
Equifax is happy to share more information about protection from identity theft and keep your credit report squeaky clean. Just check out Equifax.com for a wealth of information.
About The Author
