It is crucial to maintain an accurate credit report to carry out various financial transactions, as it reflects your creditworthiness and helps you in securing loans, renting an apartment and negotiating terms and conditions of any financial deal. However, there may be instances when the information in your Experian credit report doesn't match the actual correct information. In such a situation, you have the option to raise an Experian credit score dispute and get the inaccuracies corrected.
At Shriram Finance, we understand the importance of accurate credit information for individuals seeking credit solutions. That's why we've prepared this comprehensive guide on how to navigate the Experian credit dispute process effectively. Whether it's rectifying erroneous account details, resolving issues with hard inquiries, or correcting personal information errors, we're here to help.
In this article, we will provide you with step-by-step instructions on Experian credit report correction online through Experian's user-friendly platform. It's time to take control of your credit health and unlock a world of financial opportunities.
Ways to Dispute Information on Your Credit Report
If you come across any incorrect information in your Experian credit report, it is essential to raise a dispute and get it corrected. You can correct various types of information, such as active accounts that have been cancelled, repayment details, and personal information errors.
You can initiate the dispute process using any of the following ways,
- You can visit Experian's website, go to 'Consumer Services' and raise a dispute.
- Call their customer care department at 022-66419000 during working hours from Monday to Friday.
- Send an email to consumer.support@in.experian.
- Write a letter to,
Experian Credit Information Company of India,
P. O. Box. 9096,
Goregaon (East),
Mumbai – 400063
Note that, it is important to validate your information before raising a dispute. Experian will require valid verification of the mistake before making any changes.
Step-by-Step Guide for Disputing Online
Given below are the steps you can use to raise an Experian online dispute and correct the information on your Experian credit report:
- Visit the official website and log in to your account.
- Go to the 'Dispute' section and click "Raise a Dispute".
- Select the type of dispute you want to raise, such as a credit account dispute, credit card dispute, or Experian hard inquiry dispute.
- Fill out the form with the required details like your Experian Report Number ERN, Unique Transaction ID (UTI), and the details to be corrected.
- After filling in the details, click the submit button.
What Happens After You Submit Your Dispute?
Once you submit your dispute with Experian, they will acknowledge your complaint within 24 hours or by the next business day. From there, Experian takes up to 3 business days to initiate action on your complaint. Experian contacts the concerned credit institution, to verify the rectification.
- If the rectification is confirmed by the institute contacted, Experian will update the credit report accordingly and inform you of the correction.
- If the data provider confirms that the information in your credit report is correct, Experian will close the complaint and notify you.
This process is completed in 30 days after the receipt of your complaint. Keep track of your Experian dispute status and any updates on your credit report during this period.
How to Track Your Dispute Status?
To check the status of your dispute, simply select the "Track Dispute" option on your Experian profile. Experian also notifies any updates to your credit report via SMS and/or email.
Tracking your Experian dispute status keeps you informed about any changes made in your credit report as a result of the dispute raised.
Possible Dispute Outcomes
After raising a dispute on your credit report, the outcome will be displayed in the Alerts section of your Experian account. There are several possible outcomes you may see:
- Updated: This means that either the disputed information has been updated or other unrelated information on your account has been updated.
- Deleted: The disputed item has been removed from your credit report.
- Processed: The disputed item was either updated or deleted from your credit report.
- Remains: The company reporting the information has certified its accuracy, so no changes have been made.
These outcomes reflect whether changes were made based on your dispute and provide transparency regarding the status of the information on your credit report.
How disputing impacts Credit?
If you file an Experian Credit Dispute or a dispute with any credit bureau, it does not directly impact your credit score. However, once the dispute is resolved, it will result in changes in your credit report. These changes can potentially lead to changes in your credit score.
The impact on your credit score will depend on the nature of the dispute and its outcome. If negative information is removed from your credit report, such as late payments or unpaid collections accounts that were mistakenly reported, it will improve your credit score. In case, you are raising a query to make corrections in your personal information like an incorrect address or phone number, it will not have any impact on your credit scores.
What to Do if You Disagree with the Outcome of Your Dispute
If you find yourself disagreeing with the outcome of your dispute with Experian, there are additional steps you can take to address the issue:
Contact the source
In case your attempt with Experian to remove the dispute online failed, you can reach out directly to the entity that provided the disputed information to Experian. This entity can be a lender or a financial institution that issued you a loan or line of credit, a collection agency, or even a government office. You can find the contact information for each source on your credit report. Get in touch with them and provide evidence to support your claim that their information is incorrect.
Add a statement of dispute to your credit report
If after contacting the source, the dispute is still not resolved, you can add a statement of dispute to your Experian credit information report. This will allow you to provide a reason why the information in your report is incomplete or inaccurate. Anyone accessing your credit report will see this statement along with the disputed information. They may request more details or documentation during their review or application process.
Resubmit a dispute with relevant information
If you have obtained additional relevant information that supports your claim, you can submit a new dispute to Experian. If you are filing the dispute online, use the upload link to provide your supporting documentation.
However, if you are still not happy with the response received from the credit bureau you can further escalate the issue and write to senior officers of the concerned department of the credit bureau. Please note that it is recommended to wait for up to 45 days from the date of filing the initial dispute before initiating further correspondence.
Conclusion
In conclusion, disputing incorrect information on your Experian credit report is crucial for maintaining an accurate credit score. By raising an Experian credit score dispute, you can ensure that any errors or discrepancies are corrected, leading to a more reliable representation of your credit history.
At Shriram Finance, we are committed to providing reliable credit solutions for various financial needs. Contact Shriram Finance today for reliable credit solutions tailored to your needs.
FAQs
1. Can you dispute the credit report with Experian?
Yes, you can, if the information is incomplete or inaccurate. Experian Dispute Center allows you to initiate a dispute and provide details related to the dispute.
2. How do I remove a dispute from the Experian credit report?
Raise an Experian Credit Dispute, and follow up with the resolution of the dispute. Once the necessary corrections are made, Experian will update your credit report accordingly.
3. How long does a dispute take with Experian?
The turnaround time for resolving disputes with Experian is typically 30 days. However, this timeframe may vary depending on the issue and the credit institution.
4. What is the fastest way to dispute a credit report?
The fastest way to dispute information on your credit report is online dispute resolution.
5. What is the success rate of an Experian credit dispute?
The success rate varies depending on the nature of the disputed information and the supporting evidence provided.
6. What happens If an Experian credit dispute fails?
If an Experian credit dispute fails, you have other options available, such as contacting higher-level authorities at Experian.
7. What is the maximum amount of items for which you can raise an Experian dispute?
There is no specific maximum amount for disputing items on your Experian credit report. You can raise a dispute for as many items as needed.
Key Highlights
- Dispute any inaccuracies on your Experian credit report.
- Track the Experian dispute status by utilising the "Track Dispute" option in your Experian profile.
- Raising a dispute does not directly impact credit scores, but changes in your credit report can affect them.
