A personal statement can lend influence in credit dispute

A credit dispute is a contention over what a person views to be an incorrect or erroneous listing of information on a credit report, information that is subsequently altered if an individual wins the dispute. Adding a personal statement to a credit dispute is an avenue that many take. A personal statement refers to a written statement by an individual that describes or explains their side of the story regarding a credit dispute. The question is: does a personal statement have a beneficial role in an ongoing credit dispute? 

According to Lexington Law.com, a credit dispute will enable you to rectify issues that you discovered on a credit report. This type of dispute can be initiated in many different ways, but the source noted that the main aim of a credit dispute is to remove incorrect information from a credit report.

This means that your claims about the incorrect credit information will have to be investigated to ensure that your dispute is accurate. Of course, it's possible for the investigating agency to make a mistake, something that your personal statement could address if you feel that an aspect of the claim you filed was not investigated thoroughly enough. The reasons for starting a credit dispute are due to the factors a credit score has on numerous aspects of  loans and investments. The source listed mortgages, jobs and car loans as a few investments in which credit score has an effect.  

Positive effects of personal statement on credit dispute
According to Equifax, a personal statement can be added after an investigation into the credit dispute has been finalized and there has been no resolution to the dispute. However, if you're in agreement with the results of a credit dispute, it doesn't make much sense to add a personal statement. The source noted the statement should be brief, coming in at only a 100 words. The objective of the personal statement is to explain what the dispute was about. If you have information to add in the aftermath of the credit dispute investigation it might be helpful to include this. The source of the personal statement's value is due to the fact that it becomes a permanent part of your credit file after it is finished. Including the statement is free, so there's no need to worry about being charged an exorbitant rate after writing such a short statement.

Personal statement may be for records 
Should you continue to investigate and discover an anomaly in a credit report, your personal statement will be a resource in future credit disputes. It will also demonstrate that you're an attentive and aware credit user, rather than someone who half-heartedly followed the proceedings of a credit dispute.

Another important thing to keep in mind when writing a personal statement is to be sure that the statement pertains directly to the credit dispute, and doesn't go off on tangents about other aspects of your credit. Given that the statement should be short and pithy, any extra information will have the effect of detracting from the overall impact of the personal statement.

According to Creditcards.com, a personal statement can be added when you take issue with the final results of a credit dispute. This is a plausible reason to include a statement, especially given that the personal statement will give you space to emphasize why you thought the credit dispute ended up going in the wrong direction. 

"It's a good idea to add a statement when you disagree with the results of a dispute," says Rod Griffin, director of public education for Experian, according to Creditcards.com, "A statement of dispute allows you to tell your side of the story."