So you finally got a copy of your credit report. You analyzed and critiqued it thoroughly and extensively and discovered that there are quite a few flaws in your report. Some of the information in it is out of date. Some data is incomplete and thereby inconclusive and most troublesome of all are the two charges the origins of which are totally oblivious to you. So how do you proceed? Well you have to inform the credit reporting agency who sent you the report and the best, proper and formal way of doing so is by writing.
Writing to a credit reporting agency is no different that writing to your superiors at work. You must show your intent and back it up with proof while being respectful and courteous without losing your ground. Your letter should indicate that you are disputing the information in your credit report and for what reasons. If there are multiple problems, then itemize them and list them accordingly. Include copies of the documents that support your position. Under no circumstances should you send or be asked to send originals. Keep those for your own records and send legible, notarized (if need be) copies. Highlight the errors to further emphasize your point. Always send the letter by certified mail along with the “return receipt request”. This ensures that the package was delivered to the correct party and that they have received it and are working on it. As a good precaution, always keep copies of everything including the dispute letter along with any attachments or enclosures that accompanied it.
Below is a sample dispute letter.
Dated: December 11th, 2009
Mathew Kellam
5743 E. Cooper Street,
Arlington, TX, 76010
Complain Department
Equifax
P.O. Box 740241
Atlanta, GA 30374
Dear Sir/ Madam,
I recently reviewed my credit report and found some discrepancies in it. I am writing to you inform you of my intention to dispute some charges on my credit report as well as to update my information. Attached with this letter are copies of my credit report and driver’s license along with some documents that I have highlighted for readability and to emphasize my point.
There are two charges on my report that I do not recognize at all. The first one is from American Express in the amount of US$800.00. I do not own an American Express card and never have. Yet an AMEX credit card with the account number and total balance is listed on my credit sheet. I called AMEX and there seems to be an issue with two individuals with the same first and last name. I believe someone else’s information has been linked onto my account. A copy of my driver’s license is attached. AMEX has already launched an investigation from their end. I was asked to submit a request in writing to them. A copy of that letter is attached as well.
The second is from Chrysler of Arlington dealership indicating that I am still making payments on my vehicle, a 2006 Nissan Maxima. I have already paid off that vehicle in full earlier this year in accordance with the contract between myself and Chrysler of Arlington. Please update your records as to this vehicle being paid in full. I personally went to Chrysler of Arlington along with my paperwork. They are aware of the situation and are working towards a resolution. The necessary documents for this issue are also attached with this letter.
Please investigate this matter as soon as humanly possible and delete/correct the disputed items at your earliest convenience. Furthermore, please send me the updated copy of my credit report reflecting the appropriate changes once these issues have been settled.
Sincerely,
Mathew Kellam
Enclosure: (List names of enclosed documents)
Hopefully this letter will offer some points as to how to write an effective dispute letter. Keep in mind that once your letter of dispute is received, consumer reporting companies have 30 days to investigate this matter unless they consider your disputes to be unfounded. Furthermore, they are required to forward all the data that you submit about the inaccuracy to the agency that brought about those charges in the first place. Once the agency receives this notice, they will conduct their own investigation, review all the information and evidence and compare the findings. Once concluded, they will forward the results back to the reporting agency. If the information is indeed inaccurate, the agency will notify the credit reporting company to rectify the error and remove it from your credit report. Once that happens, the credit reporting company will notify you of this action in writing along with a free copy of your credit report which will reflect the new changes.
I would like to emphasize that it is the consumer’s responsibility to make sure that his or her credit report is accurate and up-to-date. Remember that it does not cost anything to dispute a claim. If there is any discrepancy, it should be dealt with immediately as it can affect your future mortgage, loan, car purchase and your life.
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