Here are the rules:
Find Error on Your Report
Find the error or inaccuracy. It must be wrong or misleading.
Dispute with Credit Agencies
Dispute with credit agencies such as Equifax, Experian, and Trans Union. A template is included in this article below.
It's Fixed or You Sue
If they don't fix it, then you may be entitled to damages and can bring a lawsuit in many circumstances.
Find Trans Union Errors on Your Credit Report
You may have noticed something peculiar with your credit report while browsing through it.
Likewise, you may have been forced to find out the details of your Trans Union report after your credit application was rejected.
In any case, you’d want to clear your credit soon enough, and the proper way to achieve this is by filing a dispute.
The Federal Trade Commission bars anyone from removing accurate and timely negative data from your credit report. However, if your report is uncertain, untimely, or inaccurate, then filing a Trans Union Dispute can be the ultimate solution.
The following guide will assist you in moving forward if you find yourself in such a problem:
What is a Trans Union Credit Report?
Trans Union reports can be classified into four categories, including:
Personal information – this includes things such as social security number, address, name, and date of birth. Additionally, your employer’s information can be listed here. This data is updated every time you provide new information to creditors or lenders, and it has no bearing to your report.
Account information – contains information concerning your accounts you share with your creditors or lenders. It displays your credit limit, outstanding balances, or the amount of loan you have. Additionally, it shows your account status and the actual dates you opened your loans or credit cards as well as their payment history.
Credit Inquiries – contains both voluntary and involuntary inquiries. However, only the former affects your credit because it shows applications for credit, unlike credit screening for prequalification purposes.
Public records and collection accounts – contains any bankruptcies, tax liens, foreclosure, and suits as reported by the county or state courts. Delinquent accounts sold to collection firms are also featured here.
While reviewing your credit reports, meticulously analyze the information provided in each category to determine their accuracy. In case you spot errors, highlight them to understand what sections you’ll be disputing over.
Which Errors Should You be Looking For?
A past study done by the Federal Trade Commission revealed that one out of five credit reports have errors. Thus, there is a high chance of your report containing incorrect information. The following are a few areas to watch out for that may be affecting your credit report:
Unfamiliar accounts (probably caused by identity theft)
Inaccurate credit limits or loans
Unauthorized credit inquiries
Incorrect account numbers and names
Improper payment history
Negative accounts past 7-year reporting timeline
Which Dispute Options Do You Have?
When you realize any of the inaccuracies listed above in your credit report, you have three options to launch your dispute. They include via phone call, through email, or online. It is possible to have your credit report issues addressed using either of the three methods. However, it is highly recommended filing your dispute via mail. Dispute filing via phone or online means that you lack any evidence that you filed your credit dispute. You may also risk losing various protections given to you.
To exercise your legal rights as a consumer, the Federal Trade Commission advises on contacting your information provider as well as your credit bureau. After filing your dispute formally using either method mentioned above, you must quickly inform your creditor.
The Process of Disputing with Trans Union
As mentioned above, you can file your dispute online, through email, or via phone. Let us look at how each one of them works below.
Filing Disputes Online
You need to create an account to file an online dispute.
You’ll have to enter personal information such as your address, full official names, social security number, email address and date of birth to begin. However, if you already own an account, you can skip this step and proceed to log in.
After finishing the registration process and logging in, you have to submit your credit dispute using the following procedure:
Click on “New Investigation” tab and enter the required details (Last name, Social Security Number, Zip Code) and click on submit.
Analyze all the information included in your credit report and identify the account that has the inconsistencies. Click on the “Request an Investigation” button. This page also allows you to update your information directly.
After selecting the respective accounts that have inaccuracies, scroll below the page and click on continue.
You can use the Investigation Summary page to upload any documentation that backs your claim.
Complete your process by hitting submit.
Filing Disputes by Mail
This process involves drafting a letter and sending it to your lenders. You can learn how to prepare such a letter on Trans Union official website. This letter should include:
Your report’s File Identification Number
Current Address, Social Security Number, and Date of Birth.
Name of the company that provides Trans Union with your info
Account number of disputed items
Proper reasons for filing your dispute
The required changes needed to be updated
Ensure that your letter is mailed to Trans Union LLC, Consumer Dispute Center, P.O. Box 200, Chester, PA 19016. However, before submitting your letter, it's wise to make copies and retain the originals for your reference purposes. Additionally, send it through a certified mail that allows for a return receipt to be sure it reached the recipient.
Filing Disputes by Phone
According to Trans Union, you can call 800-916-8800 to file your dispute on working days from 8 am to 11 pm, Monday to Friday. You must have a copy of your credit report ready since the customer support agent would ask for the File Identification Number.
Additionally, ensure that you have all your supporting documents available. The reason for this is that you’ll be required to send them as per the instructions you receive from the customer support agent.
What Should You Expect After Filing Your Dispute?
Usually, Trans Union has a minimum of 30-days to investigate your reported dispute before responding to it. In this period, they make sure that they furnish the information received to the responsible creditor or lender.
They then wait for them to deny or confirm your alleged claim. Trans Union also provides mechanisms with which to track the progress of your dispute from their website.
In case your credit dispute is successful, your credit report is immediately updated to the correct status, and you'll receive an updated copy of your credit records. However, if unsuccessful, the information remains as is on your credit report.
If this happens, you’ll be forced to contact your creditor/lender with more supporting data. Alternatively, you can file a new dispute and include additional supporting evidence to justify your claim.
If your lender/creditor doesn’t seem to bother about responding to your filed dispute, the credit bureau should remove the disputed entry from your report.
To boost the chances of your creditor/lender following up with your dispute, ensure that you send them a highly detailed letter describing the problem you are facing with your credit report. Ensure that you have attached a copy of your credit report to help them quickly see what you are disputing.
Furthermore, request a return receipt to be sure that they received your letter. In case you do not receive any feedback within a couple of weeks, follow up with a phone call.
Mistakes to Avoid While Filing Your Dispute
To successfully dispute your credit report, the following are mistakes you should watch out for and avoid:
Failing to include enough information and support documentation
Skipping over the terms and conditions of your agreement with the credit bureau
Listening to a debt collector
Disputing the errors in your report with the furnisher alone
Losing crucial evidence
Can a Credit Dispute Affect Your Credit Score?
If you initiate your credit dispute with Transunion, you don’t get penalized, thus don’t freak out to advocate for your rights.
However, the following can happen if your Credit dispute becomes successful: your credit score will improve after 30-45 days after closing the dispute.
Remember to check your credit report after this period to verify if everything is normalized.
Theoretically, your credit score will reduce in case negative details are added to your credit report after the dispute. You can easily avoid this by having your most updated report before filing your dispute.
Important Tip to Consider: you need to be extra keen on the X.B code when filing your credit dispute. X.B codes are assigned to any accounts that are in dispute and usually pauses their impact on your credit score until the closure of your dispute case.
Even if you use a credit monitoring service where you can see your credit score improves, it doesn’t ultimately mean that your credit dispute is concluded.
It may mean that your account is not, in the meantime, counting as per the credit score.
It is crucial to always have your credit report checked regularly to ensure it's clear and error-free. In case you spot any mistakes, you must move swiftly in filing for credit dispute to ensure your credit score and report reflects the correct credit history. We hope this comprehensive guide helps you understand all the aspects involved in filing your credit dispute and the necessary processes involved.
1.Dispute Trans Union Wrong payment history
That's basically when they're saying that you've missed some payments, and you didn't miss the payments. It happens a lot, and it can crush your score. Tip: Follow the instructions in this book but don’t include the police report but DO include any proof you may have. Remember to send it to everyone including Trans Union.
2.Dispute Trans Union
Accounts that you've already paid off, but they are still reporting a balance
This happens a lot, and this is obviously when you've paid off an account but for some reason, it's still showing a balance that you owe. Again, follow the instructions in this book but don’t include the police report but DO include any proof you may have. Remember to send it to everyone including Trans Union and the creditor during the dispute.
3. Dispute Trans Union
Accounts that are older than seven-plus years
Seven years is correct if it's a normal account, and ten years if it's like a judgment or a court issue, like bankruptcy. That is improper. You will want to mail a basic dispute letter explaining the issue and send it to the credit bureaus including Trans Union and the business/creditor.
4. Dispute Trans Union
Accounts that are not yours and identity theft.
4. Accounts that are not yours and identity theft. They're both accounts that are not yours. This is the topic of the book and is covered in other chapters. For more information on hiring an identity theft attorney in Atlanta.
5. Dispute Trans Union
Accounts that are not yours and identity theft.
5. Accounts that are not yours and identity theft. They're both accounts that are not yours. This is the topic of our new book and is covered in other chapters.
Disputed Trans Union Already & Not Corrected?
If Trans Union and/or the other credit bureaus have already failed to correct the inaccurate credit reporting, let's chat. If not fixed the first time, it likely will not with a lawsuit and proving it. Tell us about your situation.