Which one works best for you? It's going to depend. And for that, you might want to get professional advice on how to best prepare yourself for the possibility of filing a lawsuit.

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If you're dealing with the second, you might need to show that the bureau has a pattern or practice of ignoring your disputes. This means multiple rounds of letters, lots of documentation, and possible several months of preparation. And again, if they fix it, great, but after several months of stiff-arming you, they might have to pay a significant price.

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First, major and measurable financial damage. If uncorrected, this error would cause you significant financial harm that you can calculate with basic math. For example, if the error causes you to be denied for a refinance on your mortgage, leaving you with a higher interest rate than you'd get without the error.

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Second, minor or intangible damage, like emotional stress or embarrassment. It's hard to put a price tag on this. Also, if this error is surrounded by other negative, but correct, information.

If you're dealing with the first, a single dispute letter may be enough. If they fix it, great. If they don't, start getting ready for battle.

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And the only way to do that is with a lawsuit. (No, the CFPB won't get involved in your individual dispute.)

So before you send out your dispute letter, you need to figure out what plan will give you the most leverage.

And that comes down to two scenarios:

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