System and method for automated dispute resolution of credit data

A system for managing corrections to credit data corresponding to a consumer, the credit data stored in a credit data database of a credit bureau, the system comprising:

• a processor in communication with a network;
• a memory in communication with the processor, the memory for storing:
• the credit data database;
• a validation and authentication module for:
• receiving an identifier that uniquely identifies the consumer;
• and
• verifying a validity of the identifier and an identity of the consumer;
• and
• an error and dispute resolution module for:
• receiving a dispute resolution request, if the validity of the identifier and the identity of the consumer have been verified, wherein the dispute resolution request comprises disputed credit data and corrections to the disputed credit data, the credit data comprising the disputed credit data;
• transmitting the dispute resolution request to an applicable member institution of the credit bureau;
• receiving a dispute response related to the dispute resolution request from the applicable member institution, wherein the dispute response comprises an acceptance of the dispute resolution request or a rejection of the dispute resolution request;
• retrieving a current version of the disputed credit data from the credit data database, if the dispute response comprises the acceptance of the dispute resolution request;
• rejecting the corrections to the disputed credit data, if the current version of the disputed credit data does not match the disputed credit data received with the dispute resolution request, or if the dispute response comprises the rejection of the dispute resolution request;
• updating the disputed credit data in the credit data database with the corrections to the disputed credit data, if the current version of the disputed credit data matches the disputed credit data received with the dispute resolution request;
• identifying affected member institutions of the credit bureau, the affected member institutions comprising one or more of the applicable member institution or a member institution of the credit bureau;
• and
• transmitting an acceptance notification to the affected member institutions and to the consumer, wherein the acceptance notification comprises a notification that the disputed credit data has been updated with the corrections to the disputed credit data.