Together with Transunion and Experian, Equifax is one of the top three credit bureaus in the United States. But while hundreds of millions of people trust Equifax to be accurate, discrepancies and errors sometimes occur. In fact, the frequency of those errors might alarm you: According to a recent study by the Federal Trade Commission, reporting errors affect one in five Americans. what should you do if you are among them? In this article, our bankruptcy attorneys explain how to file a Notice of Dispute with Equifax if you think there’s an error on your credit report.
why is good credit important?
Maintaining the best credit score possible is important. In simple terms, a good credit score makes you attractive to lenders, while a bad one makes you look like an unattractive financial liability. The practical effect is that better credit equals more profitable loans, while bad credit means you’ll have to contend with higher interest rates and undecided lenders.
Some common errors you may have noticed on your credit report include:
- discrepancies between purchase dates.
- accounts attributed to you in error.
- unauthorized purchases.
- requests that in actually never packed out or shipped.
Whatever the error, not only do you have the right to dispute an alleged error, but it is very important that you do so. You can start this process by filing what’s called a notice of dispute.
how to dispute equifax credit report error
disputing a discrepancy with equifax is a simple process that requires only two steps:
- Please read your credit report carefully to identify any errors. You can get a free copy of your report by visiting this website, or by completing this form and mailing it to the Annual Credit Report Request Service, p.o. box 105281, atlanta, ga 30348.
- once you find an error, you should contact equifax to let them know. You can do this in three ways:
- via the web, using equifax’s online dispute form.
- via mail, by writing to equifax information services llc, p.o. box 740256, atlanta, ga 30374. keep in mind that this will likely be a much slower process than calling or submitting a web form, especially if you don’t live near the atlanta area. if you are disputing an error by mail, you must include a succinct dispute letter that describes the issue at hand.
- by phone at (800) 685-1111. this will send you to a live agent, so be sure to be ready with the report confirmation number near the top of your report.
what happens after i file an equifax online dispute?
Once equifax becomes aware of the problem, it will open an investigation free of charge. During this free investigation, Equifax will contact your creditors to see if the item(s) in dispute are verifiable and accurate. The creditor will then open their own investigation and respond to equifax with their findings. When equifax completes its investigation, a process that takes 30-45 days, it will notify you in writing. If you used the equifax online dispute form, you will receive this notification by email. otherwise, you will receive a letter. once again, this service is completely free, giving you all the more reasons to take action if you think there is a problem.
Depending on the type of research results, a few different things can happen. if an error is confirmed, equifax will either update the faulty information to make it correct or remove the faulty item from your file entirely, whichever is more appropriate.
however, if the alleged error turns out to be true after all, it will remain in your file as is. If this scenario occurs, you may want to consider attaching a brief explanation statement. why? As Transunion Senior Director of Consumer Education Steve Katz explains, “The purpose is so the consumer can provide additional context for a lender to review the content of the credit report.” In other words, adding a personal statement can help you make a stronger case to lenders.
Generally speaking, once equifax finds and fixes a confirmed bug, transunion and experian will update their corresponding bugs accordingly. however, it is still a good idea to contact the remaining agencies yourself. not only can this help speed up the correction process, but it also ensures that no information is lost. after investigation, equifax recommends calling experian at (888) 397-3742 and transunion at (800) 916-8800.
On a closing note, you should also let equifax know if you ever change your address or name. while not a “reporting error” per se, discrepancies in personal information can also interfere with an accurate report.
To discuss your credit with an experienced Pennsylvania bankruptcy attorney in a free and confidential appointment, call the Law Offices of Young, Marr, Mallis & associates today at (609) 755-3115 in new jersey or (215) 701-6519 in pennsylvania.