How To Dispute Student Loans On A Credit Report

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If your credit report lists your student loans inaccurately, file a dispute with one among the credit reporting bureaus, which are Experian, Equifax, and TransUnion. Write a dispute letter, print a replica of your credit report with the errors highlighted, and make copies of documents that support your case. Assemble another packet with these things to send to your lender. Mail both packets, and follow up with the reporting bureau within 30 days. Get fresh copies of your credit report, verify the corrections were made and, if necessary, update anyone who’s checked your credit within the last 6 months.

What you’ll Have faraway from Your Credit Report

While it’s impossible to form all negative entries on your student loans disappear, there are a couple of you’ll fix:

  • Removal of a student loan that doesn’t belong to you.
  • Correction, lately payments reported in error.
  • Negative information reported on your student loan while it’s in deferment or forbearance.
  • Correction of default status that’s reported in error.

Number 4 is that the most damaging, but it can happen albeit you’re making your payments on time. Sometimes payments are misapplied, or there’s a clerical error on the service side, either of which may end in your student loan being placed into default status.

How to Dispute Student Loans

If your lender has stated they’re willing to get rid of the delinquencies as a courtesy, ask them to supply you with a letter saying so. You’ll then submit a replica of that letter to Experian and request that the accounts be updated. The quickest and easiest method to dispute information on your Experian credit report is by logging on to our Dispute Center. Learn more on our blog about the way to dispute credit report information, alongside tips and the way the method works.

Be sure to also check your Equifax and TransUnion credit reports to ascertain if the knowledge you’re disputing is being reported to them also. If it is, you’ll get to submit a separate dispute with each credit reporting company.

Write a letter that concisely explains your case

The letter to your lender are going to be almost like the one you sent to the reporting bureau. Identify the error, why it must be corrected, and inform them that you’ve filed a dispute with a reporting bureau.

  • Use this sample letter as a template: https://www.consumer.ftc.gov/articles/0485-sample-letter-disputing-errors-in your-credit-report-information-providers.
  • Your loan service is that of the company that manages and accepts payments toward your loan account. If a replacement service purchased your loan and both accounts appear on your credit report, send a letter to both companies.

Ask your loan services a few solutions

Within a couple of business days of receiving your packet, your loan service should contact you, presumably by telephone. If they determined they made a mistake, they’ll allow you to skills they’re taking steps to correct the matter.

  • If they dismiss your dispute, you’ll still work with the credit reporting bureau to correct the error.
  • Albeit your loan service informs you they’ve corrected the error, you ought to still follow up with the credit reporting bureau.

Submit a complaint with the CFPB if you’re not satisfied

If the error wasn’t corrected or if you don’t get a response within 30 days, file a complaint with the buyer Financial Protections Bureau (CFPB). Submit your complaint here: https://www.consumerfinance.gov/complaint/#credit-reporting. You ought to get a response within 15 days.

You’ll provide the CFPB with the dates, amounts, companies involved, and other details about your dispute. The complaint form allows you to upload digital copies of any supporting documents. After submitting your complaint, the CFPB will contact you and discuss solutions, like action, within 15 days.

How To Dispute Student Loans On A Credit Report

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