Boosting your credit score may require consistent monitoring of your credit report. Under federal law, both the credit reporting company and the information provider are responsible for correcting inaccurate or incomplete information in your report, according to the Federal Trade Commission. Removal of inaccurate derogatory information can significantly boost your credit score once a decision has been made regarding your dispute.
Response Times
A major benefit to disputing through credit bureaus is that each creditor is given 30 days to respond. The creditor must supply written proof within this time frame that the information reported is correct.
Removal
A creditor may choose to remove an error from your report upon your first request. Follow-up within 30 days of your request to ensure the changes were reported to the credit bureaus. In some cases, creditors may send you written notification that the information will be removed. The credit bureaus will update the information on your credit report once official notice is received from the creditor. On the other hand, if the information is correct, your credit score will not change.
Notification
When disputing with the credit bureaus, you will receive a notice of the outcome of the dispute once the creditor responds. The credit bureaus will either inform you that the listing will be dropped or that the claim was proven and your report will stay the same. Your score will be updated by the credit bureaus usually within the next reporting cycle.
Measurement
The two factors that affect your credit score the most are your payment history and the amount of debt owed. If you are disputing information regarding either of these categories, your score can be impacted substantially. Be advised that exact points earned vary based on the other information reported to credit bureaus each month.
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