For most of us, working hard to achieve and maintain a good credit score is an inescapable part of modern life. Checking the credit reports of potential employees (with their permission) is an established practice for businesses. In a survey conducted in 2012, 1 in 7 respondents said they’d been denied a job because of a blemished credit history. Additionally, 1 in 8 respondents said that their poor credit score was due to “errors” in their report. With this in mind, it’s important to check your credit report regularly and dispute any inaccurate information straight away.
Anyone who pays tax in the US is entitled to a free credit report from each of the three main credit reporting agencies (CRAs) each year. Make sure you stay current with what’s on your credit reports, as doing so is one of the first ways to spot fraud. Credit fraud is when someone illegally uses your personal details to open accounts and accumulate debt that they’ve no intention of paying off. If this isn’t caught early, it could have serious repercussions for you.
Filing a dispute with any of the major CRAs is free if you do it yourself. Although many people do hire a company to do this for them, it’s in fact a simple, if somewhat time-consuming, process. Here, we’ll focus on how to file a dispute with TransUnion.
You may need to file a dispute for the following reasons:
Sometimes reading your credit report might be the first indication you get of any issues with your credit. But before starting a dispute, make sure you thoroughly check any information you don’t recognize. For example, an account you think you’ve been paying off that appears in collections could be there because you’ve missed a notice from a creditor. This is easily done if you’re dealing with bills from multiple sources or have recently moved house.
The Fair Credit Reporting Act (FCRA) stipulates that CRAs must respond to disputes from consumers within 30 days. If they do not, the disputed information must be removed from the report. Also, CRAs have to follow different regulations depending on which method you use to file your dispute. If you file your dispute by mail, the FCRA stipulates that the CRA must:
Because dealing with disputes is standard for CRAs, filing a dispute is a reliable way to move forward with credit report issues.
If you spot mistakes on your credit report, you should file a dispute with TransUnion within a week of receiving it. This will help TransUnion resolve the case as quickly as possible. You can file your dispute online, by mail, or by phone. For the reasons we’ve mentioned above, many people prefer to file a dispute by mail as they’re then protected by FCRA regulations. If you choose to use mail also, you’ll then have a paper trail to refer to.
To file a dispute via any method:
To file your dispute online, go to the TransUnion website dispute page and click “Start Dispute.” You’ll then be prompted to log in or create an account. Once you’ve accessed your account, you can dispute one piece of information at a time. You can add more disputes on the “Review” page before submitting.
For each dispute, you’ll need to upload supporting documents. You’ll also get to select the reason why you think the information is inaccurate and add comments.
You’ll then see a summary of the dispute you’re about to submit, which you should print for your own records. When done, click “submit” at the bottom of the page to submit your dispute. Be sure to complete your dispute in one go as the system will log you off if your screen is inactive for several minutes. At the time of writing, there was no feature to save an unfinished dispute in progress.
If you wish to dispute your social security number, date of birth, name, or address, you’ll need to do this via mail. TransUnion requires supporting documents on paper for these kinds of changes. You can, however, delete old phone numbers, addresses, or employers via the online portal.
You can also add a consumer statement to your report online. This is your opportunity to explain your financial situation in your own words. To do this:
If you’re not able to access your consumer statement online, you can also update it via phone or mail.
As mentioned above, filing disputes online does not give you the added protection you receive under FCRA regulations if you send a dispute by mail. You also won’t automatically create a paper trail (although you can print out any updates you make online). You can’t receive any proof of receipt when submitting information online, which may make it harder to prove when TransUnion received your dispute.
Although it can be more time-consuming initially, filing by mail can save you time and effort later if you have to prove the steps you took online.
To file a dispute with TransUnion by mail, write a letter and send it to:
TransUnion® LLC
Consumer Dispute Center
P.O. Box 2000
Chester, PA 19016
You can either write your own letter or use a template, such as this one from the Consumer Financial Protection Bureau. For full instructions on how to use the template, see here.
If you write your own letter, make sure you include the following information:
Send your letter via certified mail and request a return receipt, so that you have proof that your letter was received by TransUnion.
If, despite your best efforts, TransUnion upholds the information you’ve tried to dispute, all is not lost. You can add a statement to your report (see above for detailed instructions) to explain your financial situation. To boost your credit rating, you can also look into how to repair your credit or consolidate your debt.
Credit repair companies, such as CreditSaint and Lexington Law, can help you to:
This can save you time and effort as well as give you peace of mind because a debt professional is advocating for you.
Feature | CreditSaint | Lexington Law |
---|---|---|
Assistance with inquiries | ✓ | ✓ |
Timeline and progress reports online | ✓ | ✓ |
Score tracker | ✓ | ✓ |
Free credit consultation | ✓ | ✓ |
ID theft insurance | ✓ | |
Debt handler | ✓ | |
Report watch alerts | ✓ | |
Lost wallet protection | ✓ | |
Personal finance manager | ✓ | |
Junk mail reducer | ✓ |
Debt consolidation is the process of selling all your existing debts to one company and then paying back the lump sum in installments. This can simplify things if you’re paying off debts to several different creditors. It’ll mean you have only one bill to pay each month and can track your progress more easily. You may also save money by lowering the overall interest you pay each month. Plus, debt consolidation can quickly boost your credit score by lowering your credit utilization ratio. This is your total amount of debt compared to the amount of credit available to you.
Lending Tree and AmOne are two companies that help you find the right debt consolidation service for you. They’ll offer you personalized recommendations based on your financial situation and check if you can get a lower annual percentage rate (APR).
To prepare for debt consolidation, you’ll need to:
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