Process Terms
Dispute: Definition
A consumer's challenge to the accuracy of reported information.
Definition
A dispute is a formal challenge by a consumer regarding the accuracy of information on their credit report. Under FCRA, data furnishers must investigate disputes forwarded by credit bureaus within 30 days. If information is found inaccurate, it must be corrected or deleted.
Usage Notes
- Must be investigated within 30 days
- Account may be marked 'disputed' during investigation
- Inaccurate info must be corrected or deleted
Related Terms
More Process Terms
ACDV (Automated Consumer Dispute Verification)
The system used by bureaus to process consumer disputes.
e-OSCAR
The industry system for processing credit disputes electronically.
File Submission
The process of sending Metro 2 data to credit bureaus.
Credit Report
A detailed report of a consumer's credit history.
Credit Score
A numerical representation of creditworthiness.
Tradeline
A record of a single credit account on a credit report.
Soft Inquiry
A credit check that doesn't affect credit scores.
Hard Inquiry
A credit check that may affect credit scores.
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