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Credit Repair Letters – Get the Real "Scoop" on How to Make Them Work For You

admin — Fri, 20 Nov 2009 06:01:53 +0000

Credit repair letters are simply the letters (sometimes referred to as “dispute letters”) that you write to a credit bureau to remove a negative mark from your credit report. These letters basically notify the bureau that there is incorrect negative information on your report that it must investigate and/or remove. This article will serve as a guide to understanding credit repair letters, and how to use them.

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What Is A Credit Reporting Agency?

admin — Fri, 16 Oct 2009 22:51:51 +0000

A credit reporting agency (CRA) is an organization that collects financial information from data furnishers. These data furnishers are typically creditors, lenders, utilities, debt collection agencies and the courts (i.e. public records). With the information they collect they systematically create a credit report for consumers. The reports are then sold to other creditors, lenders, employers, insurers, and other financial institutions that you wish to do business with.

Credit reporting agencies are typically referred to as credit bureaus. The three largest credit bureaus in the US are Equifax, Experian and TransUnion. It’s important to note that credit bureaus are for-profit companies and not government agencies.

CRAs are governed under the Fair Credit Reporting Act which, among other things was put into place by the FTC to make sure the credit bureaus were reporting accurate information. The FCRA also allows consumers to request a free credit report from each of the credit bureaus once a year for free. It also allows consumers to dispute any information on their credit report that is questionable, unclear, or inaccurate.

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Can You Remove Settled Debts From Your Credit Report?

admin — Sat, 10 Oct 2009 22:51:07 +0000

Under the Fair Credit Reporting Act most negative information can be included in your credit reports for seven years. You can see how long negative credit stays on your credit report here. However, the FCRA also states that you have the right to dispute any information on your credit report that may be inaccurate, untimely, misleading, incomplete, ambiguous, unverifiable, or unclear (questionable). The burden of proof is on the credit reporting agency that is reporting it. You don’t have to specify a reason for disputing it.

In my experience of helping people repair their credit, it’s always easier to have settled debts removed from your credit reports. Why? Because creditors and collection agencies are much less likely to verify a dispute of a debt that you have paid. They usually won’t even bother responding to the credit reporting agencies about your account if it’s paid. If they don’t respond, the account must be removed. But, sometimes they do respond. They also don’t want to risk verifying something that shouldn’t be verified and getting sued over something that’s not going to make them money.

When the investigation is complete, the reporting agency must give you the written results and a free copy of your report if the dispute results in a change. If an item is changed or removed, the credit bureau cannot put the disputed information back in your file unless the information provider verifies its accuracy and completeness, and the credit bureau gives you a written notice that includes the name, address, and phone number of the provider.

There are other ways to have items removed from your credit reports, but disputing them with the credit bureaus is the most popular way.

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