There’s been quite some confusion as of late regarding the differences in dispute verbiage and what we can and cannot remove and what documents are required. The Following are the different types of dispute verbiages that can appear on a credit report and what is required to remove them through the rescore process.
· CONSUMER DISPUTES THIS ACCOUNT INFORMATION – This is a standard consumer dispute and can (almost always) be removed with just the completed/signed consumer letter we provide to the client. If it’s a joint account, they must have the attached letter completed and signed by both consumers. Equifax will not accept a letter signed by two consumers unless it has the plural wording “I/We”.
· ACCOUNT PREVIOUSLY IN DISPUTE-NOW RESOLVED-REPORTED BY SUBSCRIBER – ANY dispute that makes reference to “CONSUMER DISAGREES”, “REPORTED BY SUBSCRIBER” or “REPORTED UNDER FCRA” requires a letter from the consumer AND a letter from the creditor stating that the account is no longer in a dispute status.
· CONSUMER DISPUTES - REINVESTIGATION IN PROGRESS – This is a consumer initiated dispute and is actively being investigated by Equifax. A rescore request to remove the dispute verbiage cannot be processed. The consumer has two choices:
1. Wait until the investigation is complete and they receive the results.
2. Contact Equifax Consumer Affairs (800-203-7843) and request that the investigation be stopped and the dispute verbiage removed.
If they choose to call Equifax to have it stopped, they should ask them how long it will take for the dispute to be removed from their report and a new report will need to be pulled after that date. If CIC submits a request through rescore to have this type of dispute removed, it will go into investigation until the current investigation is complete. No exceptions.
Consumer Credit, Mortgages