If you’re like most people, you understand the importance of having a good credit score, as it can drastically impact your finances and ability to recover loans. As such, if you locate an error on your report, it’s imperative to understand what legal options you can pursue in these matters, such as writing a credit dispute letter. Generally, however, the most important thing you can do is connect with an experienced California credit report lawyer who can help you explore your legal options. The following blog explores dispute letters in further detail so you can take control of your credit.
What Is a Credit Dispute Letter?
When there is an error or inaccuracy on your credit report, it can have a serious impact on your credit. For example, if a debt is listed twice or there is an incorrect late payment listed under a credit card, you’ll find that your score can take a hit. As a result, you may be denied loans, given higher interest rates, or rejected when trying to open a new account with a lender. Because this can have a significant impact on your life, the Fair Credit Reporting Act (FCRA) grants consumers the right to file disputes regarding erroneous and incorrect information.
To remedy errors on credit reports, the reporting agencies have determined a way to streamline this process. Instead of submitting an online form which can be abused, consumers with credit errors must submit a formal letter. This informs the reporting agency of the mistake on the account, explains why the information is incorrect, and asks for it to be remedied.
Once submitted, the reporting agency typically has 30 days to start an investigation and issue a response to the consumer explaining why the dispute was denied or informing them that their dispute was valid and the steps taken to remedy the situation.
What Information Should I Include?
When writing your credit dispute letter, you’ll want to ensure you take the necessary steps to make the letter as thorough as possible. If you exclude important information, you’ll have to resubmit another letter after the original dispute is denied, elongating this process.
As such, one of the most important things you can do during this process is connect with an experienced attorney who can assist you in drafting this letter to the reporting agency to improve your chances of a favorable outcome from the beginning.
Typically, the letter will begin with your contact information and the contact information of the reporting agency. Next, you will clearly state that you are disputing the inclusion of certain information in your report, followed by a detailed explanation of the incorrect information.
You should explain what account includes the error, the nature of the error, and how you would like the matter resolved, whether it’s removing it or changing it to be correct.
In addition to the letter, you should also print a hard copy of your credit report with the error highlighted along with any supplemental evidence of the error and mail it to the reporting agency. When you send the letter, you should do so through certified mail, which will provide you with a receipt that the agency got the letter.
As you can see, this process can be difficult, and ensuring you provide as much detail and evidence as possible is key. That’s why it’s in your best interest to work with Loker Law, APC. We understand the impact an error on your credit report can have on your life, which is why we are dedicated to helping you find a remedy. Connect with us today to learn more about these matters.
