Have you received a letter from the credit bureau after filing a dispute?? Are you confused about what it means? Before you start to panic, read through this article. We will cover a few responses you may receive, and what they mean for you and your credit report.
A Response Using Words like “Frivolous” or “Irrelevant”
Sometimes the credit bureau decides not to look into a case at all. Disappointing, right? They refuse to touch it if they think it’s frivolous or irrelevant. You are likely thinking, “But my case isn’t frivolous or irrelevant!”
This can happen if you raised the same dispute in the past and are raising the same one again without presenting new information. In this case, the dispute would be irrelevant. Another reason could be that you have not provided enough evidence to support your claim, making it frivolous.
Perhaps you’ve become too enthusiastic, and you are disputing too many things under one dispute claim. If so, break the disputes into smaller chunks.
When a Response Declares Corrections Have Been Made
Congratulations! You’ve proven your case! If the Credit Bureau sends a letter stating corrections have been made, you’ve proven an error has occurred and it is now being fixed. They will remove the problem and notify the creditor (lender) that reported the erroneous details. When this happens, you can also ask that other creditors and employers be made aware of the changes.
When a Re-investigation Is Needed
Sometimes the Bureau and creditor can’t come to a conclusion in the period of time they’ve promised. This is rare, but it can happen. They may need more time to investigate again. Five days after they decide what they are going to do with the dispute, they will send a letter stating the decision.
The Information Is Accurate
Have you been told that all of your information is accurate? If so, there’s two ways you can look at it. Either you agree it’s accurate, and you were mistaken in thinking there was an error. Or perhaps you still believe an error was made. If so, you still have options. In the meantime, nothing will change on your report. This might be disappointing for you, but it might also be reassuring to know that everything is accurate.
No Response?
Have you been left hanging after 30–45 days? It’s time to chase the Bureau. Send a firm follow-up letter to the credit bureau. Make copies of the letter to send to the Chief Officer of the company, the State Attorney General, and the Better Business Bureau. You can also send a complaint letter to the Consumer Financial Protection Bureau, so they can investigate on their own.
If you’re not sure what to say, we have advisors to help with this.
Want Professional Help? We’ve Got Your Back
Have you received a letter from the Bureau, but you aren’t sure what it means? Perhaps you disagree with their decision, or you haven’t heard anything at all! Whatever the case, count on us to unravel the information to give you everything you need to progress. A black mark on your credit report can cause serious financial issues, so take proper action and keep your report as accurate as possible.