Person Looking at Claim

By law, the agency must investigate each item, usually within 30 days. During their investigation they must communicate with the information provider regarding the item in question so they can determine whether or not the dispute is valid. The information provider must conduct a review of the claim and report its findings to the agency. If the information provider finds that the disputed information is inaccurate, it must then notify all three credit-reporting agencies so your report can be updated. If the investigation does not resolve the dispute, you have the right to add a 100-word statement to your file, which must be included in future reports. At the conclusion of the investigation, the agency must provide you with a written account of the outcome. If the investigation results in any change, the agencies are also required to provide you with an updated copy of your report. You should receive the updated version within 45-60 days from the date you mailed your dispute letter.

Two People Arguing

The Fair and Accurate Credit Transactions Act (FACTA) of 2003 significantly updates the Fair Credit Reporting Act with additional provisions to assist consumers in resolving disputes. One such provision allows consumers, in certain circumstances, to dispute inaccurate information directly with the information provider. Upon receiving notice of the consumer's dispute, the information provider must review the claim and suspend any negative reporting while their investigation is pending.

Should the dispute arise from a credit report that was provided free to the consumer by an agency, the agency would have 45 days to conduct an investigation of the item(s) in question. All other disputes must be completed within 30 days as originally outlined in the FCRA.