If you’ve recently checked your credit report and found discrepancies, act fast. Incorrect information on it may translate to a lower credit score that can ruin your financial health. Sometimes, they may even be signs that someone has stolen your identity.
Here we’ll teach you how to file a credit report dispute with TransUnion. This should help protect you against the negative effects of having errors on your credit report and, more importantly, against identity theft.
We reviewed official TransUnion sources to understand its processes when it comes to disputes. We also read feedback and stories of people who went through the process and gathered the best tips.
The last thing you want is to have your credit standing ruined because of an undetected fraudulent transaction. Keep reading until the very end to find out our top tip for filing a credit report dispute.
What steps should you take when filing a dispute on your TransUnion credit report?
To file a dispute on your credit report, follow this process:
1. Outline the errors
Before actually filing your dispute, make sure you have a clear outline of all the errors or inaccuracies on your credit report.
This can include details like old accounts that should no longer be on your report or inaccuracies on accounts that you've already paid in full.
Sometimes, accounts of relatives with similar names can also show up on your report.
You should also take note of outdated or inaccurate personal information. It’s essential to keep details like your name, date of birth, address, and Social Security updated at all times. These are all important, especially for lenders and other financial institutions.
You must remember that the information on your credit report affects your credit score. While you can't dispute your credit score, you can dispute the information that affects it.
2. Talk to your financial institutions
If you see an issue related to a specific account, it might be easier to talk directly to your lender or financial institution. They might have more information about the issue, which can help you resolve it more quickly.
The contact information of your lenders is on your credit report as well. The errors or outdated information may be on their end. In cases like these, they'll make the necessary changes and send them to TransUnion afterward.
3. File a dispute with TransUnion
If you've already reviewed your credit report, confirmed the errors, and the mistake is really with TransUnion, you can proceed with filing a dispute either online, over the phone, or via mail.
Filing a dispute online
- Go to the TransUnion's website and click on “Member Login” at the top right corner of the screen.
- Click on the Login button under the Consumer Services tab. You’ll be redirected to a page where you’ll have to enter your login credentials. If you don't have an account yet, you can also register for an account here so you can file your dispute online.
- On the Dispute Center page, click on the ‘Start a Dispute' button.
- You'll be asked to provide some information about the error, including your name, contact information, and why you're disputing the entry.
- TransUnion will investigate the case and get back to you with their findings.
Filing a dispute by mail
- Download and print out the TransUnion's dispute form.
- Fill out the form and include any supporting documentation you may have.
- Download the mailing label at the TransUnion website and mail the dispute form and documentation to the address in it.
Filing a dispute over the phone
- Call TransUnion's dispute experts at (833) 395-6941. Their office hours are Mondays – Fridays, 8:00 AM – 11:00 PM ET.
- Tell the representative that you'd like to file a dispute.
- The representative will ask for your personal information and details about the error on your credit report.
- The representative will then create a dispute case file and forward it to the appropriate department for investigation.
What to expect after filing a TransUnion credit report dispute
Once you've filed a dispute, TransUnion will investigate the error and determine whether or not they need to correct it.
If TransUnion finds that the error was caused by a mistake on their part, they’ll correct the error and send you an updated copy of your credit report. Otherwise, they’ll send you a notice explaining why they’re maintaining the error on your credit report.
You should expect to receive a notice from TransUnion within 30 days of filing your dispute. If you don't receive notice within that time frame, you can contact TransUnion's customer service department to check on the status of your dispute.
While errors on your credit report can be frustrating, it's important to remember that they do happen from time to time. By taking steps to dispute an error, you can help ensure that your credit report is accurate and up-to-date.
What can you do if you don't agree with the results of the dispute?
If you don't agree with the results of your TransUnion credit report dispute, there are a few steps you can take. First, you can try to negotiate with TransUnion directly.
If that doesn't work, you can file a complaint with the Consumer Financial Protection Bureau (CFPB). The CFPB is a government agency that monitors transactions between consumers and financial institutions, and they may be able to help you resolve your dispute.
Finally, if all else fails, you can file a lawsuit against TransUnion. However, you should only look at this as a last resort, as it can be costly and time-consuming.
What should you look for in your TransUnion credit report?
When you check your Transunion credit report, you'll want to look for any errors that may be bringing down your score.
Here are a few of the most common errors to look for:
- Incorrect personal information – Check to make sure that your name, address, date of birth, and other personal information are correct.
- Incorrect credit history – Make sure that all of the information on your credit history is accurate. This includes missed payments, late payments, collections, and bankruptcies.
- Incorrect account information – Check the accuracy of all of your account information as well. This includes the account balance, credit limit, and payment history.
- Incorrect inquiries – Make sure to check for any inquiries that you didn’t make or authorize. Having these may be one of the biggest signs that someone else is using your identity.
REMEMBER: When it comes to issues that can affect your finances, it’s important to act quickly. If you see any errors on your TransUnion credit report, be sure to dispute them right away. By taking action quickly, you can help improve your credit score and get back on track financially.
The cost of a TransUnion credit report error
If you find an error on your TransUnion credit report, you may wonder how much it’ll cost to fix. The good news is that TransUnion is required by law to correct any errors on your report at no charge to you.
This, however, doesn't mean that the mistake won't come with a price. And errors in credit reports aren't actually as rare as you might think.
A recent study by the Federal Trade Commission (FTC) found that one in four consumers identified errors on their credit reports. That's a startling number, considering the importance of having a good credit score.
Errors in your credit report may translate to a bad credit score. A bad credit score, in turn, can make it difficult to get a loan, buy a car, or even rent an apartment.
They can also lead to higher interest rates and even rejected job applications. At worst, it may even lead to identity theft, which can lead to a whole bunch of financial and legal problems for you.
Fortunately, the vast majority of people who contacted the credit bureaus about an error were able to get it corrected.
However, when a simple mistake on your credit report costs you money, time, and peace of mind, it can still be hard to forgive and forget simply.
Conclusion
It can be frustrating when you find an error in your credit report. Thankfully, TransUnion is required by law to correct any errors at no charge to you. The agency also provides a convenient way of filing disputes if you do find errors on your credit report.
However, the mistake may come with a price. An error in your credit report can lead to a bad credit score, identity theft, and other financial problems. By disputing the error quickly, you can help minimize the damage and prevent further problems from happening in the future.
Aidan has been writing about personal finance for over 6 years. Prior to this, he worked as a Corporate Finance Analyst where he specialized in Due Diligence, Company Valuations and more. He is a CFA charterholder.
