How to File a Dispute about your Business Credit Report

21. October 2011
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It is important to get a copy of your business credit report regularly. You need your business credit report to review if all entries and information in the report are accurate or not.  Once you identify inaccurate entries or you need to update some of the information in your profile, you have to complete the update as soon as possible and file the dispute regarding the inaccurate entry. Take note that inaccurate entries oftentimes impact your business credit standing negatively.

The process of filing a dispute to the credit bureau about a business credit report is similar to the process of filing a dispute for personal credit report. It can be done via online, phone, and writing although the Federal Trade Commission recommends to do all dispute process in writing

Here is a set of instructions on how to file a dispute about your business credit report:

·         Write a dispute letter to the credit bureau stating the information you are disputing. You need to specify the inaccurate entries, why it is inaccurate, and the request if it has to be corrected or deleted from the business credit report. When writing a dispute, make your own formatted dispute letter or you can search online if there is a standard format to use for your dispute letter. Always include your full name, address, EIN, and business credit report numbers.

·         Documentation may not be necessary but you can still include it if it supports the dispute request. Depending on your dispute, supporting documents can be in the form of canceled checks and/or receipts and credit card statements.

·          - Keep a copy of the documentation that will verify your identity to the credit reporting agencies.

·          - Use certified mail when sending your dispute letter and request a return receipt for you to make sure that it was received.

·          - If within 30 days, your dispute is still not corrected, you can make a follow up regarding your requested dispute.

Maintaining an accurate business credit report can always secure your business credit from any negative impact the inaccurate entries may have against your business credit standing. A thorough review of business credit reports can simply keep those erroneous entries at bay and protect an established business credit that may hamper business financing opportunities your business company deserves.

Business Credit, General