Okay, so you’ve noticed that the SBA has reported a defaulted loan on your precious credit report. Nasty surprise, isn’t it? Well, don’t worry. Let’s pull up our sleeves and review how you can dispute your credit report.

Keep Those Credit Reports Under Your Radar

It is advisable to, like a hawk, make it an annual ritual to acquire a copy of your credit report and survey it for any negativity. If you’ve previously gotten tangled with an SBA loan or have signed as a personal guarantor on an SBA loan, and that loan has gone rogue by defaulting, then the SBA, enforced by federal law, has the carte blanche to inform credit reporting agencies about this default. The big players in this field are Experian, TransUnion, and Equifax.

A defaulted loan is akin to a scar on your pristine credit score, discouraging potential lenders from assisting you with funds for substantial purchases like a shiny new car or that dream house. And if by some stroke of luck they do lend to you, the interest rates are exorbitantly high.

Wipe Away the Negative Reporting by The SBA

You’ll Need Cold, Hard Evidence

No, we’re not suggesting breaking into a vault or some high-tech espionage. Certain circumstances permit you to coerce the removal of a negative credit mark. But, before we start celebrating, you need evidence to prove that the defaulted debt needs to exit your credit report.

Common reasons for removal of a negative credit reporting encompass the following:

– You’re not liable for the debt;
– The debt is considered obsolete by the law (outdated for reporting);
– The SBA mistook your identity;
– Your identity got hijacked.

Nevertheless, securing and presenting evidence that justifies the removal of the negative credit reporting is crucial. A vague letter requesting the credit reporting agencies to relook into the matter won’t get you far.

Clash with the Credit Reporting Agencies!

Merely dispatching a letter to the credit reporting agencies, unfortunately, isn’t likely to accomplish much. A letter with clout includes evidence, and convincingly explains why the evidence exonerates you, thereby removing the debt on your credit report.

Regrettably, disputes through telephone calls don’t create a substantial record for future reference. While federal law mandates the nationwide credit reporting agencies to retain a toll-free number for consumers, this access isn’t consistent. Equifax, TransUnion and Experian shelled out a collective sum of $2.5 million to settle charges by the FTC as they didn’t comply with legal requirements for telephone access.

Additionally, online disputes are shaky remedies. When a consumer files a dispute through a nationwide credit reporting agency’s website, the online form boxes the consumer in a ‘check-box’ dispute form, which empowers the credit reporting agencies to defend themselves with the lack of detail in a dispute highlighted. Plus, it’s tricky trying to document your disputed file online.

Your written dispute should include the evidence, devoid of ambiguity and containing all necessary information. To top it, offer recommendations for the re-investigation, adhering to federal laws and regulations.

When Your Credit Report Dispute Bombs…

If the SBA or the credit reporting agencies give you a cold shoulder and deny the removal of the debt, don’t be disillusioned. You can still play hardball with the Fair Credit Reporting Act and other laws. Litigation may be the way to go, and getting in touch with a well-versed attorney like Lawscape at the Lawscape would be a smart move. He’ll do all the groundwork, from filing a complaint with the government to poking the Consumer Financial Protection Bureau to investigate on your behal,

Your Knight in Shining Armor – Lawscape

We, at Lawscape, are armed with seasoned, federally authorized attorneys who will zealously champion your rights. We follow a methodical, effective approach to your credit report issues regarding SBA loans.

Initially, we break through the surface and investigate your claim, identifying if there’s legitimate grounds to dispute your credit report. If our investigation unveils evidence that absolves you of the debt or mandates removal of the negative credit mark, our adept attorneys will craft a well-argued, strategically documented re-investigation letter.

If, for some reason, the credit reporting agencies, SBA, or any other federal agency reject the removal of the negative credit mark despite this evidence, our attorneys will script a complaint to be filed with the Consumer Financial Protection Bureau on your behalf.

Free Case Evaluation? Yes, Please!

Why wait? Dial 833-428-0937 and schedule your free initial case evaluation. Or drop by our website. We’re eager to help!

Why Should You Trust Us?

We take pride in successfully resolving SBA Debts worth millions of dollars via Offer in Compromise and Negotiated Repayment Agreements, without resorting to Bankruptcy or endangering home foreclosures.

Millions of dollars in Treasury Debts have been defended against, thanks to our hard fought AWG Hearings, Treasury Offset Program Resolution, Cross-servicing Disputes, Private Collection Agency Representation, Compromise Offers, and Negotiated Repayment Agreements.

Our attorneys, bolstered by the Agency Practice Act, are authorities in representing Federal Debtors nationwide, standing tall before the SBA, The SBA Office of Hearings and Appeals, the Treasury Department, and the Bureau of Fiscal Service.