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Understanding Credit Report Disputes with O1ne Mortgage

At O1ne Mortgage, we understand the importance of maintaining an accurate credit report. If you have any mortgage-related needs, feel free to call us at 213-732-3074. In this article, we will explore when you can dispute credit report information, the impact of filing a dispute, possible outcomes, and what to do if you disagree with the outcome.

When Can I Dispute Credit Report Information?

Inaccuracies on credit reports are uncommon but can happen. Regularly checking your credit reports with the three national consumer credit bureaus (Experian, TransUnion, and Equifax) is a good practice. If you find any incorrect information or suspect fraud or identity theft, consider filing a dispute with the relevant bureau. For instance, an unfamiliar loan or credit card account could indicate credit fraud. Always verify that the entry isn’t using a parent company name or an acronym for an account you recognize before raising an alarm.

Does Filing a Dispute Hurt Your Credit?

Filing a dispute itself does not impact your credit scores. However, changes made to your credit report as a result of a dispute can affect your scores. For example, correcting a mistakenly reported late payment can improve your credit scores. It’s advisable to wait until after the dispute is resolved before applying for new credit to ensure your report reflects the updated information.

Possible Outcomes of Disputes

The results of a dispute depend on the nature of the information in question. Here are some possible outcomes:

• Added: The item was added to your credit report.
• Updated: The disputed information has been revised.
• Deleted: The item was removed from your credit report.
• Remains: The information was verified as accurate and remains unchanged.

How Long Will Information Stay on My Credit Report?

Different entries on your credit report have varying durations. Negative entries like late payments, foreclosures, and accounts in collections typically remain for seven years. Chapter 13 bankruptcies also stay for seven years, while Chapter 7 bankruptcies remain for ten years. Credit inquiries last for 24 months, and open accounts with positive history remain indefinitely. Closed accounts in good standing will stay on your report for ten years.

What if I Disagree With the Outcome of My Dispute?

If you disagree with the outcome of a dispute, you have several options:

• Contact the lender: Reach out to the lender or data furnisher to correct discrepancies in their records.
• Re-file a dispute: Submit additional evidence to the credit bureau to support your claim.
• Add a statement of dispute: Include a note on your credit report indicating your disagreement with an entry.

At O1ne Mortgage, we encourage you to regularly check your credit report for accuracy. If you have any questions or need assistance with your mortgage, call us at 213-732-3074. We’re here to help you navigate your financial journey with confidence.

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