What is Experian Dispute

Experian dispute is an expression that refers to dispute a credit report that this company makes about your credit score.

For the last 22 years, this British company has provided credit cards, mortgage and financial reports. It’s one of the ‘big three’ credit bureaus that lead credit score services in the world. The other two are Equifax and Transunion.

Experian has a file called BADEXCUG that provides information about defaulters. That is, people who are late in paying debts. This credit score range file contains bank and multisector delinquency information. This information is very useful when companies have to manage credit risk, prevent fraud, manage and personalize marketing actions or automate some decisions.

So what does an Experian Dispute do with me?

Even though you don’t have any company, this kind of reports that Experian makes about your credit score, have a very close relation with you. For example, if you want to get a mortgage, increase the value of it or even create a new company. Financial institutions will decide to give or not to give it to you, and this decision will be based on a credit report.

What is a good credit score?

Well… this is a good question. Generally we can talk about a credit score range between 300 and 850, where 700 or above is considered a good credit score. If the credit score is 800 or above, this is considered to be excellent.

Most of the people have a score between 600 and 750. If you have higher score, you will have very good results when asking banks for a loan or for a credit card. The reason is that they will see you as a person that take wise financial decisions and this can make creditors more confident that you will pay your debts.

But there are many different types of credit scores. For instance, FICO Scores and VantageScore are two of the most common types. But there are plenty more of them inside every specific industry.

FICO Score and Vantage Score ranges

What is a Good FICO Score?
One of the most well-known type of credit score is the FICO Score. This was created by the Fair Isaac Corporation. Many lenders use this score and use a score range between 300 to 850. A FICO Score above 670 is really a good one, and above 800 is perceived as an exceptional credit score.

If I consult this credit bureau, what do I get?

You get a list of recorded defaults, from you can see the characteristics of each one, and also the operation from which it comes. You also will see the type of creditor and what was the unpaid product, the value of operations and defaults. What situation is the default found in. How many defaults are related to each operation. What are the dates of the first and also the last unpaid debt. And at last, an historical evolution graphic of every operation.

What does my company have to do to get out of the file of defaulters?

This can only be achieved through three ways:

Fulfilling the debt

Proving that this debt doesn’t exist anymore

Once the maximum legal term of permanence in this file has finished.

Indeed, the maximum term of permanence in the list of defaulters of Experian is 30 months. During this period of time it’s possible to provide information to financial institutions, individuals or any other legal entities that prove that a credit is granted or requested by a legal entity.

It is obvious that a single unpaid invoice from long time ago could affect you to carry out today’s business. So, it’s a good idea to ask for a free credit report in order to find out if your company or you as an individual are included in the Experian Bureau of business credit.

Can I repair my credit score?

First of all, you need to know that credit scores are not static; they can have changes anytime when the information on your credit report changes. So you are right. You can fix your credit score. In order to know what you have to do, you should first check how’s your credit score right now.

What are the factors that may affect you credit score today?

Here you have a list of the factors that affect your credit score report the most, according Experian and FICO:

  • Your payment history. This includes factors like… Do you always pay your bills on time? Do you have any late or even missed payments in the past several years?
  • Your credit use ratio. In other words this point says how much total ‘unused’ credit you still have, and how much credit you are actively using now.
  • Your total existing debt (…quite simple, isn’t it?)
  • Your mix of credit. This is a list of the different types of credit you’ve had and which are currently used by you.
  • How long you’ve been using credit.
  • How many times have you lately asked for a credit. This is called “hard inquiries.”
  • Other public records. These could be for example tax liens or bankruptcies.

And then here you have some useful ideas to rebuild your credit score or to repair your credit:

  • You should pay all your bills on time, always.
  • You can reduce the amount of credit card debt that you have.
  • You also should pay off any credit card balance, not closing the accounts, and maintaining a zero balance.
  • Limit the number of ‘hard inquiries’. This is done if you only apply for credit when you really need it.

If you step by step use all these ideas, you can slowly but firmly repair your credit reputation.

Debt consolidation

One of the tools that any of us have the possibility to use is debt consolidation. This is a good option if you have a big credit card debt and many different cards. If you ask for a debt consolidation loan, this may allow you to convert many high-interest debts into a single payment. Usually you can get at a lower interest rate, so you can just take care of one payment every month.

Maybe you have heard about certain companies that claim they can fix your credit with little time, or even with no need of waiting nor effort. Others claim that they can repair it for a fee. Keep far from all this kind of promises. Improving your credit status takes time. That’s a fact. And you can be sure that there’s no company that can make anything that you cannot do by yourself, of course with a little time and effort.

Can I dispute a credit report?

But what happens if the information contained in your credit report is inaccurate? Can I report this wrong information? Most important, can I dispute my credit report? Of course. Let’s see some tips about this:
Experian provides some different ways to dispute errors on your credit report.

Experian Dispute Online

You can use your computer or even your mobile phone to get into your Experian Credit Report and begin a dispute at their online Dispute Center.

Experian Dispute by Phone

If you want to directly use your phone to open a dispute, there is no problem with that. You can call the number displayed on your credit report, and start speaking with a customer care agent. You can also use the phone in order to ask for a personal credit report. This will be delivered to you by U.S. mail.
Experian phone number for disputes is: 1 866 200 6020.

Experian Dispute by Mail

You can open a dispute even without a credit report. Just write a letter to Experian. Inside you can upload Experian Dispute by Mail PDF. This form can be mailed to Experian but you also can scan it first, and then send it through Experian.com/upload.

The Experian dispute mailing address is: Experian, P.O. Box 4500, Allen, TX 75013.