How do I dispute an error on my credit report? — consumerfinance.gov

cfpbvideo

29 Mar 201901:44

Summary

TLDRDiscovering an error on your credit report can be daunting, but consumerfinance.gov offers a guide to dispute inaccuracies. Reach out to the credit reporting agency or the furnisher of the information, such as banks or credit card companies. Be prepared with personal details, an explanation of the error, supporting evidence, and your report confirmation number. Follow the step-by-step instructions on consumerfinance.gov/credit for sample letters and a clear dispute process, ensuring you keep records of all communications.

Takeaways

🔍 If you find an error on your credit report, you can dispute it to have it corrected.
📢 Consumerfinance.gov offers tools and resources to assist with credit report disputes.
📞 Contact the credit reporting agency or the company that provided the information, which could be a bank, landlord, credit card company, or debt collector.
🔑 The 'big three' credit reporting agencies are Experian, Equifax, and TransUnion.
💼 The company that provides information to the credit bureaus is known as a 'furnisher'.
📧 You can contact the credit reporting agency online, by mail, or by phone.
📝 Be prepared with your personal contact information, an explanation of the mistake, evidence supporting your dispute, and your report confirmation number.
🚫 Request the credit reporting agency to either remove or correct the error.
💾 Keep copies of all documents and communication related to the dispute.
🔗 Dispute the information with the furnisher, the company that provided the information to the credit bureau.
📚 Visit consumerfinance.gov/credit for sample letters, instructions, and more information on disputing credit report information.

Q & A

What should you do if you find an error on your credit report?
-If you find an error on your credit report, you should dispute it using the tools and resources provided by consumerfinance.gov, which can guide you through the process of correcting the error.
Which are the three major nationwide credit reporting agencies mentioned in the script?
-The three major nationwide credit reporting agencies are Experian, Equifax, and TransUnion.
Who might be considered a 'furnisher' in the context of credit reporting?
-A 'furnisher' is the company that provided the information to the credit reporting agency, such as a bank, landlord, credit card company, or debt collector.
How can you contact the credit reporting agency to dispute an error?
-You can contact the credit reporting agency online, by mail, or by phone to dispute an error on your credit report.
What information should you prepare before contacting the credit reporting agency?
-You should prepare your personal contact information, an explanation of the mistake and why it's an error, any evidence supporting your dispute, and your report confirmation number if available.
What should you request the credit reporting agency to do regarding the error?
-You should request the credit reporting agency to either remove or correct the error on your credit report.
Why is it important to save copies of all documents and communication related to the dispute?
-Saving copies of all documents and communication is important for record-keeping and to provide evidence of your dispute efforts in case further action is needed.
Can you also dispute the information with the furnisher of the information?
-Yes, you can dispute the information with the furnisher, which is the company that provided the information to the credit reporting agency.
What additional resources can consumerfinance.gov provide to help with disputing credit report information?
-Consumerfinance.gov provides sample letters for communicating with specialty consumer reporting agencies and furnishers, as well as clear step-by-step instructions on how to dispute credit report information.
How can consumerfinance.gov assist with financial questions beyond credit report disputes?
-Consumerfinance.gov is a go-to resource for clear answers to hundreds of financial questions, offering guidance and tools for various financial topics.
What is the website URL provided in the script for more information on disputing credit report errors?
-The website URL provided for more information is consumerfinance.gov/credit.

Outlines

00:00

🔍 Disputing Errors on Credit Reports

This paragraph provides guidance on how to address errors found on credit reports. It emphasizes the importance of reaching out to the credit reporting agency or the furnisher of the information to dispute inaccuracies. The 'big three' credit reporting agencies mentioned are Experian, Equifax, and TransUnion. The paragraph advises consumers to be prepared with personal contact information, an explanation of the error, supporting evidence, and a report confirmation number if available. It also suggests requesting the removal or correction of the error and keeping records of all communications related to the dispute. For further assistance, consumers are directed to consumerfinance.gov/credit, where they can find sample letters and step-by-step instructions for disputing credit report information.

Mindmap

Keywords

💡Credit Reports

Credit reports are detailed records of an individual's credit history, maintained by credit reporting agencies. They include information about loans, credit cards, and other debts, as well as payment history. In the video, the focus is on disputing errors in these reports, which can affect a person's credit score and financial opportunities.

💡Consumerfinance.gov

Consumerfinance.gov is a website operated by the Consumer Financial Protection Bureau, a U.S. government agency. It provides tools and resources for consumers to manage their financial lives, including information on disputing errors on credit reports. The video emphasizes its role as a go-to resource for clear answers to financial questions.

💡Credit Reporting Agency

A credit reporting agency is an organization that collects and maintains consumer credit information. The major ones in the U.S. are Experian, Equifax, and TransUnion. They play a crucial role in the video's narrative by being the entities to contact when disputing errors on credit reports.

💡Furnishers

Furnishers are entities like banks, landlords, credit card companies, or debt collectors that provide credit information to credit reporting agencies. They are mentioned in the video as another point of contact for disputing errors, as they are the original source of the information.

💡Dispute

In the context of the video, disputing refers to the process of challenging the accuracy of information on a credit report. This is a critical step for consumers who notice errors that could negatively impact their credit score.

💡Personal Contact Information

When disputing errors on a credit report, consumers are advised to provide their personal contact information. This is necessary for the credit reporting agency to communicate with the individual and resolve the dispute.

💡Explanation of the Mistake

An essential part of disputing an error on a credit report is providing an explanation of why the information is incorrect. This helps the credit reporting agency understand the issue and take appropriate action.

💡Evidence

Supporting evidence is crucial when disputing errors on credit reports. This can include documents or records that prove the information is incorrect, as mentioned in the video script.

💡Report Confirmation Number

The report confirmation number is a unique identifier found on a credit report. It is used when disputing errors to help the credit reporting agency locate and verify the specific report in question.

💡Sample Letters

The video script mentions that consumerfinance.gov provides sample letters that consumers can use to communicate with credit reporting agencies and furnishers. These letters are a helpful tool for structuring a dispute and ensuring all necessary information is included.

💡Step-by-Step Instructions

The video emphasizes the availability of clear, step-by-step instructions on consumerfinance.gov for disputing credit report information. These instructions guide consumers through the process, making it easier to navigate and resolve disputes.

Highlights

If you find an error on your credit report, consumerfinance.gov offers tools and resources to dispute it.

To correct an error, contact the credit reporting agency or the company that provided the information.

The 'big three' nationwide credit reporting agencies are Experian, Equifax, and TransUnion.

The company that provided the information to the credit reporting agency is known as a 'furnisher'.

Contact the credit reporting agency online, by mail, or by phone to dispute an error.

Prepare your personal contact information, an explanation of the mistake, and any supporting evidence.

Request the credit reporting agency to remove or correct the error on your credit report.

Keep copies of all documents and communication related to the dispute.

You can also dispute the information with the furnisher, the company that provided the information to the credit reporting agency.

Visit consumerfinance.gov/credit for sample letters and step-by-step instructions on disputing credit report information.

Consumerfinance.gov is a go-to resource for clear answers to financial questions.

The transcript emphasizes the importance of correcting errors on credit reports to maintain financial health.

Specialty consumer reporting agencies collect credit history and other data, in addition to the 'big three'.

Understanding the role of furnishers is crucial when disputing credit report errors.

The transcript provides a clear pathway for consumers to follow when disputing credit report errors.

The process of disputing errors involves providing a report confirmation number if available.

The transcript suggests saving all correspondence as evidence during the dispute process.

Consumerfinance.gov offers resources to help consumers navigate the credit dispute process effectively.