Credit Dispute
CreditGlossary term
Definition
A formal process in which you challenge inaccurate or incomplete information on your credit report by filing a claim with the credit bureau or the creditor that reported it. Under the FCRA, the credit bureau must investigate your dispute, usually within 30 days, and correct or remove any information that cannot be verified. You can dispute errors online, by phone, or by mail with each of the three major credit bureaus.
Related terms
- Fair Credit Reporting Act (FCRA)A federal law enacted in 1970 that regulates how consumer credit information is collected, shared, and used by credit bureaus and other entities. The FCRA gives you the right to access your credit report, dispute inaccurate information, and be notified when your credit report is used against you. It also requires credit bureaus to investigate disputes within 30 days and remove information that cannot be verified.
- Credit ReportA detailed record of your credit history maintained by credit bureaus, including your accounts, payment history, balances, and any public records like bankruptcies. Lenders, landlords, and sometimes employers review your credit report to assess your financial reliability. You are entitled to one free credit report per year from each of the three major bureaus through AnnualCreditReport.com.
- Rapid RescoreAn expedited process used by mortgage lenders to quickly update your credit score after you have corrected errors or paid down balances on your credit report. Unlike a standard credit dispute, which can take 30 days, a rapid rescore can be completed in just a few days, which is critical during time-sensitive mortgage applications. Only lenders can request a rapid rescore; consumers cannot initiate one directly.
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