FICO Score Can Not Be Disputed
Some people try to dispute the FICO credit score, but this is a dispute that can not be made. Read here why you can not dispute the credit FICO score itself and can only write a dispute letter to erase negative information from your report. No matter what is your FICO score, you can not write a dispute letter and ask the CRA (Credit Report Agencies) to raise the FICO score by X points because you believe your credit score is incorrect or does not reflect your true creditworthiness.
In the process of getting a mortgage, or refinancing a home loan the lenders might let you know that your credit score is too low for completing the mortgage request, or that the mortgage interest rate would be higher because your score is low.
The first thing that some customers do, it to send a dispute letter to the CRAs (Credit Report Agencies) and dispute the FICO score they got. Some credit customers request an explanation on the score figure and dispute that it reflects their real credit abilities, and ask it to be raised..
FICO Score Is Indisputable
The FICO score is a mathematical figure which is a result of a very complicated algorithm, which takes into consideration a lot of parameters concerning your credit history and other financial behavior facts. Each parameter in the algorithm has a different scale, and each figure has a different mathematical weight in the FICO figure result.
For example if someone has a FICO score of 650 (which is low!) this figure can not be disputed. This is a final result of the algorithm, which calculated, the credit history, number of accounts, types of credit used, credit balance used, the amount of current debt, tax lien and many more factors.
The Credit bureaus write along side the score, all the relevant data that influenced the FICO algorithm. If you write a FICO score dispute letter, it will be ignored or you will receive denial response. There is no way to dispute the score itself.
You can dispute ONLY the information which is used in the algorithm to create the FICO score.
See further below recommended credit repair solution:
- Credit Repair University
Dispute The Credit Information Facts
The only real option you have to rebuild your FICO score, is to file a credit dispute letter about the information they based their calculation upon. If the credit report shows that you have no credit cards while you actually have one! Or the credit reports has an incorrect address, misspelled your name, or you find that a deal which you canceled have been reported by mistake as unpaid all this can influence your FICO score.
You need to write a dispute letter about these facts to all of the credit report agencies, and let them know which claim in their report you found to be inaccurate, wrong, or misleading. Because you are protected by the Fair Credit Reporting Act and this means that every information which the creditors can not verify will be deleted from your credit report.
Important Dispute Guidelines
If you want that the information you send will be seriously investigated, it is your responsibility to to write the dispute in a proper manner – Your dispute letter to the credit agency you must:
- Write full and compete information to help the investigator to identify the disputed account. Always include account number, consumer’s name, address and telephone number. Without it your letter will be ignored.
- You must attach to your dispute letter all relevant documentation. The documentation must support your claims about the disputed information. If the dispute is on public information you need to add the police report, a fraud or identity theft affidavit or a court order.
- Your claim must be SPECIFIC – you must dispute a specific figure which you see in the report and feel or know which is wrong, and give full information to help the investigation.
Get Professional Credit Repair Assistance
Even if you plan to do it yourself, (which is recommended) you must invest some to get professional guidance on the process, get some credit repair tips (and tricks) that will help you succeed in your credit dispute letter. There are special credit repair programs and credit repair software that assist regular people do this process correctly.
You have only one chance for disputing a credit negative item. If your dispute is investigated and denied, the negative item will stay on the report and you will be paying hundreds of dollars each month on higher interest rates! Even a raise of 30-50 points can mean $10,000 savings on loans and mortgages!
See this recommended Credit Repair University Program, you will have to invest $49 (one time fee) to get the no-brainers “tricks and tips” but the alternative is worse.. You are probably paying more than that each month to some greedy credit company, and paying to others to repair the score for you will cost $500+ so do your math ..
Don’t be cheap where financial education is required. If you plan to dispute, do it properly.