Repeated Inaccuracy of Credit Bureaus
According to a study conducted by the Federal Trade Commission in 2015, 121 of 1001 participants in the study had an unresolved dispute with a credit bureau. Among them, 31% accepted the disputed information as correct, while the remaining 69% continued to believe that inaccurate information still existed in their credit report.
Next Steps: Dispute Again with New Information
If you continue to dispute the same error without providing any new information, the credit bureau may decide that your dispute is frivolous. This is bad for you, as credit bureaus have lower requirements for handling “frivolous disputes.” Your dispute may not be investigated as quickly as other disputes, and the credit bureau might skip the investigation altogether. However, if the credit bureau decides that your dispute is frivolous, they must notify you in writing within five business days. This notification will include the reasons for their decision and the information needed to restart the investigation.
If This Step Doesn’t Work, Dispute with the Furnisher of the Information
If the credit bureau does not fix the error in your report, it may be due to a mistake by the creditor or debt collector. If that’s the case, you will need to dispute the information with the creditor or debt collector until they stop passing this incorrect information to the credit bureau.
Contact Points When Filing a Complaint
There are generally three sources you can use to complain about unresolved disputes with a credit bureau: your state’s Attorney General, the Federal Trade Commission, and the Consumer Financial Protection Bureau.
When to Leave an Error in Your Credit Report
As much as you want your credit report to be accurate – and you have the right to an accurate credit report – it takes time and effort to follow up on disputes. Therefore, if the first dispute does not result in the change you hope for, take a moment to consider the situation before filing another dispute.
If the error does not impact your credit score, does not affect credit card or loan applications, or is set to be removed from your credit report soon, it may not be worth continuing to pursue the error. Keep monitoring your credit report for future errors, and make sure to dispute those errors if they are significant.
Source: https://www.thebalancemoney.com/when-the-credit-bureau-won-t-fix-your-credit-report-error-960465
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