Can you dispute items that are yours but reporting incorrectly?

[Anonymous]

If a credit bearu is reporting a legit item that is reporting incorrect, can we dispute that? In other words how do you dispute it without the credit bearu knowing it's really yours make sense?

[MakingProgress]

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@Anonymous wrote:
If a credit bearu is reporting a legit item that is reporting incorrect, can we dispute that? In other words how do you dispute it without the credit bearu knowing it's really yours make sense?

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I am confused you say it i say it is a legit item that is reporting incorrect, so what is incorrect about this item?

[Medic981]

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@Anonymous wrote:
If a credit bearu is reporting a legit item that is reporting incorrect, can we dispute that? In other words how do you dispute it without the credit bearu knowing it's really yours make sense?

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@Anonymous @Godiskining to the myFICO forums!

You are allowed to dispute anything you want to on your credit report. The catch is, anytime you dispute accurately reporting negative accounts it updates the reporting of that account and makes it more relevant in your FICO scoring.

If your derogatory is reporting the date of first delinquency incorrectly then it would be to your benefit to dispute that date. If you want to dispute a derogatory in the chance that you can remove it because the creditor or collection agency will not act on it is ill-advised as it very rarely works and has a habit of lowering your FICO score further. 

[Anonymous]

I mean if the item is yours, however they are reporting the wrong terms. I have a repo, that is reporting 1 month term when in reality it was 72 month term.

[Medic981]

You can dispute the terms of the loan, however, that is not going to get the derogatory removed from your CR. The car was still repossessed

[Anonymous]

The reason I'm asking because. I belong to another board, and they keep telling me to dispute anything that is reporting incorrect and that it will be removed? They say to dispute wrong amount, anything I can dispute. If it gets verified they tell me to send a method of verification letter? Then go submit complaints to BBB, CFPB if they fail to comply eventually getting item removed. Is this how it all works?

[Medic981]

This is what happens. If you dispute a derogatory account on your CR, that account is not counted in your FICO scores while under dispute. If the account cannot be verified within the time allowed for investigation it must be removed. That does not mean it will be removed permanently. When the original creditor or the collection agency gets around to verifying the account, the account will be updated and placed back on your credit report. The shotgun, throw everything against the wall and see what sticks approach rarely works as the creditors will eventually get around to verifying the account. The "penalty" in doing so is to make the negative account more relevant to your FICO score as it has been updated and it lowers your scores.

What the "other board" is speaking about is a debt validation letter. When a collection agency sends you a dunning notice or collection letter you have 30 days to send a letter to them requesting them to validate the debt. While that validation of debt is going on the collection agency must cease all collection efforts. Once the CA validates the debt, whether it is in 30 days, 6 months or 2 years later, they can resume collection efforts. 

I am by no means an expert. The members of the myFICO forums are collectively the best source of free credit repair advice. Sometimes we disagree on how to go about rebuilding your credit but we usually come to a consensus as to what will work or not. It is left up to you to decide how to proceed. 

Rebuilding your credit is going to be a marathon, not a sprint. There are no easy, quick fixes to correcting past mistakes. There are some things that can be done to help repair your credit, however, only time, patience and paying your bills on time, ever time will build a good credit history. 

[RobertEG]

Yes, you can dispute information reported on a legit account that is inaccurate.

FCRA 611 permits the dispute of the accuracy of any item of information in your credit file.

However, a dispute is limited to the verification, correction, or if neither is done, the deletion of the specific item that is subject of the dispute.

The dispute does not extend to any issue of deletion of the entire account, or of information udner the account that is not asserted to be inaccurate.

If the current balance is asserted to be inaccurate, your dispute must identify how it is inaccurate.

If the furnisher fails to verify the accuracy as reported, the CRA will normally update per your assertion in the dispute.

A balance is required for any reporting, so deletion is not an outcome that would likely result even if there is no verification.

A method of verification request does not involve any review of the response from a furnisher, it only relates to disclosure by the CRA of the admin process used in handling of the dispute, which involves identification of who they referred the dispute to,and the response of that furnisher.  It is sent only to the CRA, and does not involve any issues of adequacy or accuracy of the verification provided by the furnisher.