Are you applying for a loan?
If you are, lenders want to see any disputes removed from your credit report. They’re not interested in the reasons why they were there in the first place.
All that matters is that they’ve been resolved and won’t affect your ability to repay the money you borrow. That means it’s essential to get them off as quickly as possible so you can increase your chances of getting approved for a loan or mortgage.
In this article, we will look at why lenders are so concerned about your credit report disputes and how to remove disputes from your credit report. Then we’ll look at how you can remove them and what they mean to your score in the process.
What is a Dispute?
A Dispute is a method used to contest or question an item as it appears on your credit report. It can be as simple as a mistake in the account information, misspelled name, wrong address, etc. You will need documentation to support any dispute you file with the Credit Bureaus unless it is incorrect information from what you understand.
The quickest way to have your dispute removed is if it is an error. They will remove any errors immediately if you provide proof of inaccurate information.
You can also remove an item from your report if you request that the creditor or collection agency verify the original amount owed.
They must do this within thirty days after receiving your dispute letter. If they don’t respond, it will go away automatically in many cases.
Why Lenders Care about Disputes on your Credit Report
It’s important to remove disputes from your credit report because many lenders require a ‘clean’ credit report for any loans or mortgages that you apply for.
If there are errors, this will lower your chances of getting approved and could even cause the lender to deny you the loan entirely.
The mortgage dispute process can be a bit tricky. The window for filing an appeal typically lasts 30 days, but it may not automatically close after this time has passed if you want to continue with the case!
If you dispute an account on your credit report, the Credit Bureau will add a comment that says so.
This can stay indefinitely even after disputes have been settled and closed if they’re still there when it comes time for mortgage approval – which is why it’s important to make sure any such observations are removed before closing.
Your creditors report this information to the creditor bureaus regularly, sometimes even daily. These reports include any late payments, missed payments, collections, judgments, charge-offs, etc.
Having good credit means having a good lending score. Your FICO score includes your payment history, your debt to income ratio, and how long you’ve had accounts with the same creditor. If your credit score is less than ideal, consider taking steps to improve your credit.
Removing Disputes from Your Credit Report
These easy steps will help you remove a dispute comment from your credit report:
Get a Copy of Your Credit Report
The first step is to find accounts that have been reported negatively. Under the Fair Credit Reporting Act, you’re entitled to receive a free credit report. If you visit annualcreditreport.com, you can pull all 3 credit bureaus for a complete view of your credit reports.
Check for any credit disputes. These can include disputes on student loans, a debt collector that owns the collection accounts or any other negative information you disputed.
It’s important to check your credit reports thoroughly for any disputes that need to be removed before applying for a loan or mortgage. If your potential lender has any incomplete information, it will delay the approval process.
This can be the difference between getting approved and denied for a loan.
Contact the Credit Bureau Agencies
If there are any disputes, call the major credit bureaus and find out what you need to do to get them removed.
Typically they will need personal information, such as contact information, date of birth and social security number. Provide them with copies of documents and the account number you wish to discuss.
Provide them with the disputed information you want to remove or any relevant information they would require.
Tell them you are attempting to remove all of the accounts from these reports and ask for their help in doing so.
You call them using the phone number below:
- Experian – (855)-414-6148
- Equifax – (800)846-5279
- TransUnion – (800) 916-8800
You can also opt to write to them at their mailing address if you find it difficult to contact them on the phone.
- Experian – P.O. Box 9701 Allen, TX 75013
- Equifax – P.O. Box 740256 Atlanta, GA 30374-0256
- TransUnion – P.O. Box 2000 Chester, PA 19016
Keep track of the Changes
Typically, it takes 24-72 hours to remove disputes from your credit report.
Keep track of the changes made to your report by checking back every day or two. If you haven’t the changes, contact the credit bureau again and ask about the updates.
FAQ
Why should I remove disputes from my credit report?
Removing disputes from your credit file is vital because lenders look for a ‘clean’ credit report in good standing when loaning money. This means no late payments and no negative items on the credit history.
What if I think my report has errors?
The accuracy of the information on your credit report is critical. If you feel that there is erroneous information on your credit reports, then it’s important to contact the credit bureau immediately to let them know. provide them with any additional information they require. This will ensure that these errors are fixed before applying for a mortgage loan.
What if I can’t remove all of the accounts?
If you are unable to remove any of your accounts, you will have a hard time getting a loan. While this is a rare case, it’s important to be aware that these disputes must be removed in order for lenders to approve your loans or mortgages.
How long does it take to remove disputes from the credit reports?
Typically, it takes 24-72 hours to remove disputes from your credit report. However, this can vary depending on the lender’s policy. So check back every day or two if you don’t see changes made.
What are my chances of getting a loan with these items on my credit report?
Having these items on your credit report will decrease your chances of getting a loan. No matter how great the deal or low the interest is, you cannot get a loan with negative items on your history.
Can a Credit repair Service help me?
Credit repair companies can help. This will be an additional fee and is not necessary to remove the disputes. If you need other assistance in credit repair, this could be an option you can explore.
Conclusion
The first step in removing any disputes is getting a free copy of your credit report by visiting annualcreditreport.com and checking for your disputed account on each one. As mentioned, federal law allows you to receive a free copy of your credit report.
If there are any, call the company that reported it (e.g., Equifax) with questions about how to get them removed or ask if they can be removed automatically without contacting them more than once per account entry/dispute item).
You’ll want to keep track of changes made so check back every few days after reporting an issue until all items have been resolved.
Getting disputes removed from your credit report is a simple process. If you follow these steps, you can remove all your disputes within a week.
