FAQs
A 623 dispute letter is a written communication submitted to a credit bureau, typically by a consumer, to dispute inaccuracies or discrepancies in their credit report.
What is a 623 dispute letter? ›
4) 623 credit dispute letter
A business uses a 623 credit dispute letter when all other attempts to remove dispute information have failed. It refers to Section 623 of the Fair Credit Reporting Act and contacts the data furnisher to prove that a debt belongs to the company.
What is section 623 of the FCRA? ›
Section 623(a)(6). If a furnisher learns that it has furnished inaccurate information due to identity theft, it must notify each consumer reporting agency of the correct information and must thereafter report only complete and accurate information.
What is the 623 credit law? ›
FCRA 623(a)(5)(A) This "date of delinquency" determines how long the debt can be reported on a consumer's credit report. Generally, a CRA may report a delinquent debt for seven years from the date of delinquency. If the debt was discharged in bankruptcy, however, a CRA may report it for 10 years.
What does a dispute letter do? ›
A credit dispute letter is an explanation of an error or outdated information on your credit report that you send to one or all of the three major credit bureaus, along with a dispute form you can download from Experian, Equifax and TransUnion. You'll want to dispute the credit report at the bureau that issued it.
What should a dispute letter say? ›
Your letter should identify each item you dispute, state the facts, explain why you dispute the information, and ask that the business that supplied the information take action to have it removed or corrected. You may want to enclose a copy of your report with the item(s) in question circled.
How effective are dispute letters? ›
Despite the claims some companies make, nobody can guarantee that a dispute letter will remove negative items like late payments, bankruptcy or loan defaults from your credit report. Legitimate accounts will stay on your credit report even if you dispute them.
What are the most common FCRA violations? ›
Furnishing and Reporting Old Information
- failing to report that a debt was discharged in bankruptcy.
- reporting old debts as new or re-aged.
- reporting an account as active when it was voluntarily closed by a consumer and.
What is the 609 credit law? ›
Under section 609, you have the right to request:
All of the information in your consumer credit files. The source of that information. Each entity that has accessed your credit report within the past two years (unless it was to complete an investigation) Businesses that have made soft inquiries within the past year.
What is the new law for the FCRA? ›
Summary of FCRA Consumer Rights: On April 19, 2023, the CFPB amended the mandated FCRA Summary of Consumer Rights that consumer reporting agencies must provide consumers whenever there is a consumer request for disclosure of the consumer's file. Mandatory compliance is March 20, 2024. See 88 Fed.
A FICO® Score of 623 places you within a population of consumers whose credit may be seen as Fair. Your 623 FICO® Score is lower than the average U.S. credit score. Statistically speaking, 28% of consumers with credit scores in the Fair range are likely to become seriously delinquent in the future.
Is 623 a good score? ›
If you have an 623 credit score, you are generally considered a subprime consumer, but it won't necessarily prevent you from borrowing money. The average FICO credit score in the United States is 714 as of 2021, and scores within the 580-669 range are considered to be “fair” credit.
Can I get approved with a 623 credit score? ›
A 623 credit score can be a sign of past credit difficulties or a lack of credit history. Whether you're looking for a personal loan, a mortgage or a credit card, credit scores in this range can make it challenging to get approved for unsecured credit, which doesn't require collateral or a security deposit.
What is a 609 dispute letter? ›
A 609 letter (also called a credit dispute letter) is a credit repair method that requests credit bureaus to remove erroneous negative entries from your credit report. It's named after section 609 of the Fair Credit Reporting Act (FCRA), a federal law that protects consumers from unfair credit and collection practices.
What is a 604 dispute letter? ›
What is a 604 dispute letter? A 604 dispute letter asks credit bureaus to remove errors from your report that fall under section 604 of the Fair Credit Reporting Act (FCRA). While it might take some time, it's a viable option to protect your credit and improve your score.
How do you write a dispute letter example? ›
I am writing to dispute a charge of [$______] to my [credit or debit card] account on [date of the charge]. The charge is in error because [explain the problem briefly. For example, the items weren't delivered, I was overcharged, I returned the items, I did not buy the items, etc.].
Do 609 dispute letters work? ›
Bottom line. 609 dispute letters are seen as a way to help improve your credit, but they don't really do this, not directly at least. You can instead dispute inaccurate information with the help of Credit Journey or by contacting the credit bureaus directly.
What is the difference between a 609 and 604 dispute letter? ›
A 609 letter can help you verify information and identify errors on your credit report. It can also uncover “hidden” details that don't show up in your free credit report. Section 604 explains the circ*mstances in which the credit bureaus can release your credit information to various entities.
What is a 609 credit dispute letter? ›
A 609 letter is a formal document consumers use to request more information about account details listed on their credit reports they believe to be erroneous and to request the removal or correction of this inaccurate information.
What are the different types of credit dispute letters? ›
What are the types of credit dispute letters?
- A General Dispute Letter. A general dispute letter is the most basic type of credit report disputing letter. ...
- 609 credit report dispute letter. ...
- 611 credit report dispute letter. ...
- 623 credit report dispute letter. ...
- Consumer Identification. ...
- Disputable Items. ...
- Equifax.
- Experian.