Consumer disputes after resolution are among the most common credit report errors. They can be caused by consumer error, consumer fraud or creditor error. When you dispute an item on your credit report, it usually moves to a disputed status and will not affect your credit score until the issue is resolved. Understanding consumer disputes after resolution means on a credit report will help you avoid mistakes that could hurt your financial situation in the future.
In this post we will go over how to access your credit report, how to read your credit report, what the dispute process is like in easy to follow steps and what the laws are regarding your credit.
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What Does “Consumer Disputes After Resolution” Mean On A Credit Report?
When you see the wording “Consumer Disputes After Resolution” on your credit report it means that the consumer disputed, the dispute was verified by the creditor as accurate, but the consumer disagrees.
Essentially, this means that an item was disputed on a credit report. The creditor investigated this dispute and found evidence that it is in fact accurate so it must stay on the credit report. The person who disputed the item disagrees with the findings so they update your credit report to state that you disagree.
The question after this resolution is how can you get this removed from your credit report? And does this wording have any impact on your credit score or getting approved for loans?
Before, we answer these questions we first must go back to the beginning of the process and make sure everything in the dispute process is done correctly and according to the law.
Know The Laws Regarding Your Credit
There are several laws that protect the consumer when it comes to their credit and the dispute process. The main protection regarding your credit we will talk about include:
- Fair Credit Reporting Act
- Federal Trade Commission
The Federal Trade Commission was created in 1914 to help prevent protect consumers from unfair business practices and promoting competition. The FTC protects consumers by conducting investigations on people or businesses that violate the law and educate consumers about their rights and responsibilities.
What this means for you, is that the FTC will protect you as a consumer from any deceptive or unfair practices. This includes businesses like credit repair and collection agencies.
Part of consumer protection from the FTC includes the Fair Credit Reporting Act. This act provides protection of the information collected by the credit bureaus and tenant screening services. This information cannot be provided to anyone who does not have a purpose that is specified in the act.
Companies that provide this information to the credit bureaus are obligated to investigate any disputed information. They also must notify the consumer when an adverse action is taken about the reports. In other words, any company that reports your credit information to the major credit bureaus must investigate any disputes by the consumer and notify them of any changes to the action.
Now that you know some of the rules protecting you about your credit information we will talk about how you can dispute items from your credit report.
5 Steps To The Dispute Process
1.How To Access Your Credit Report
The first step in the disputing process is to access your credit report. You can get your free credit reports once a year. To access your free credit report go to Annualcreditreport.com.
Once there you can access all three credit scores from the major credit bureaus Equifax, Experian and TransUnion.
The items that will be listed on your credit report will include:
- Your Personal Information – including your contact information (phone number)
- Payment History – including late payments
- Credit Utilization
- Credit History
- Collections and Charge-Offs
- Credit Accounts and Tradelines (Student Loans, Credit Cards, Personal Loans, Auto Loans, Mortgage)
- Hard Inquiries
Related: 5 Best Credit Score Apps
Where Can I Access My Free Credit Scores?
You can access your consumer credit scores for free from several apps and websites. The following in a list that includes all the places on where you can find your free FICO score, Experian Score, TransUnion Score, Equifax Score and VantageScore:
- American Express – FICO Score
- Bank Of America – FICO Score
- Barclayard – FICO Score
- Capital One – TransUnion
- Chase – FICO Score
- Citibank – FICO Score
- Credit Karma – VantageScore (TransUnion, Equifax)
- Credit Sesame – TransUnion
- Discover – FICO Score
- Equifax – Equifax Score
- Wells Fargo – FICO Score
Related: 8 Best No-Interest Credit Cards
2.Analyze Your Credit Report
After you have all three credit scores thoroughly look through your credit report to make sure all information is accurate and correct. Things to look for include:
- Correct Spelling of Your Name
- Correct Mailing Address
- Is the effective date correct?
- Correct Social Security Number
- Are all tradeline account yours and accurate?
- Is the account information correct?
- Are you missing any tradelines? (credit cards, loans, mortgage, ect.)
- Are balances correct?
- Is there incomplete information?
- Is there any accounts that you did authorize?
- Are there old accounts still on your credit report? Anything older than 7-10 years?
Make a note of any inaccurate, negative information or any discrepancies from each credit score such as dates or balances.
Related: What Are Tradelines?
3.Research For Evidence
Most people will skip this step but it is very important to research your accounts on your own to provide evidence to help your case in the dispute process. Without proper evidence the creditors might deny your dispute leaving the inaccurate information on your credit report and potentially hurting your credit score.
Look through all your tradelines and accounts to verify the incorrect information. Once you do find evidence that the information on your credit report is wrong make a copy of your report as well as a copy of the proof. Now it’s time to send in a dispute letter.
You can get a free dispute letter template here. Once you get your free dispute letters you will mail this letter along with a copy of your credit report, any evidence you found, and any other relevant information to the major credit bureaus, creditors or collection agencies reporting the inaccurate information.
Once the letter has been mailed the creditor and credit bureaus have a time limit of 30 days to investigate the information and respond to your open disputes.
5.Resolution & Outcome Of The Dispute
After the 30 days is up and the creditors or credit bureaus haven’t responded the item you disputed will be removed from your credit report as they did not follow the regulations required of them.
If they do send you a reply with a written notice, the creditors or credit bureaus will either agree with your dispute and remove the item from your credit report or disagree with you as they have proof that the disputed item is accurate and in fact yours and it should stay on your credit report.
In the case that you disagree with the resolution that the credit bureaus or creditors gave you can send in a second dispute letter providing any more evidence and explain why the item should be removed. If they do indeed state the item should remain on your credit report they will add “consumer disputes after resolution” to your credit report.
If you find that this item is indeed not yours and should be removed you can file a complaint with the Consumer Financial Protection Bureau or the FTC. These agencies will contact the credit bureau or creditor on your behalf and work to get you a response within 15 days.
The final resolution will either have the item be removed from your credit report or it will remain on your credit report. If everything fails and this disputed item stays on your credit report you can either wait 7 years for the item to fall off your credit report, hire a credit repair company or use credit repair software to send multiple automated dispute letters.
Will The Wording “Consumer Disputes After Resolution” Hurt My Credit Score?
The wording Consumer Disputes After Resolution on your credit report will impact your credit score at all. With that said it might effect your ability to get approved for loans, credit cards, or rentals.
Banks and lenders like to see a clean credit report that shows the consumer in a financially responsible light. If you have any negative items on your credit report, lenders might deny you.
Can I Dispute My Credit Report With All Three Credit Bureaus?
Yes, you can dispute your credit report with all three credit bureaus if all the credit bureaus are reporting the item in question. The use of a credit repair software like Disputebee and Credit Repair Cloud can help you automate the dispute process and make it easier for you. This type of software will generate automated dispute letters that you can print our and mail to the credit bureaus or creditors on your behalf. It will also keep you up to date on the disputed account and notify you of the outcome.
With a credit repair software you can send as many dispute letters as necessary to help your case.
If you choose to fix your credit on your own you can access the best credit repair software for removing collections and inquiries here
What Items Can Be Disputed From My Credit Report?
You can dispute any information from your credit report that is not accurate. Good reason for credit disputes include:
- Identity errors – wrong name, phone number, address
- Accounts belonging to others – mixed file accounts (someone with a similar name as yours)
- Incorrect accounts from identity theft (stolen credit cards, credit card skimming)
- Closed accounts that are reported as open
- Accounts with incorrect credit limits
- Open accounts that are reported as closed
- An account that you are reported as the owner when if fact you are only an authorized user
- Accounts that are incorrectly reported as late payments or delinquent
- An eviction that you never had
- Incorrect dates of payments, account opened dates or date of first delinquency
- Hard inquiries for account that you never authorized
- Debt listed more than once or inaccurate balances
- Information that was corrected but is still being reported
- Accounts that appear multiple times
- Accounts reported longer than 7 years or bankruptcies older than 10 years
How To Dispute A Collection From Credit Report?
There are several ways you can go about dealing with a collection on your credit report.
The first option is to contact the collection agency. If they have proof this account is yours and has been paid you can send a goodwill deletion letter. This letter asks the collection agency to remove the account as it has been paid. Include any proof you have such as receipts, dates and balances. If the collection agency doesn’t agree you can move on to the next option, dispute.
The second option is to send a dispute letter to both the collection agency and credit bureaus who are reporting the collection. Again, with the dispute letter you should include a copy of your credit report, a copy of the proof you have that the collection has been paid and any other relevant information. They will have 30 days to respond to the disputed information. If they agree the item will be removed from your credit report. If they disagree with you, the item will remain on your credit report.
The third option is to hire a credit repair company that can try to dispute the collection for you. Some credit repair companies such as Credit Saint and Lexington Law use lawyers to fight off disputes helping you to remove items from your credit report.
The fourth option is to wait for the collection to fall off your credit report. It takes 7 years after the account has become delinquent to no longer report to your credit.
It is important to review your credit report once a year for free. If you find any inaccurate information you can dispute those items to the creditors or major credit bureaus. Creditors and credit bureaus are obligated to investigate any disputes and respond with a resolution within 30 days. If they find the information is indeed accurate the disputed item will remain on the credit report.
If you do not agree with the results they will include the wording “consumer disputes after resolution” on your credit report. Once this is done, you can keep disputing the item in question by providing any evidence and relevant information to the credit bureaus. This wording on your credit report will not impact your credit score in any way but might effect getting approved for loans or credit cards from potential lenders.