Learn how to use a credit report dispute letter to dispute your credit report items. Check your credit score and see for yourself that it has gone up by using this tip.
Some financial repair specialists have fees of $700 or more to improve your financial rating. Guess what, the tool they are using is this particular tip, disputing derogatory items on your report in order to get them removed from your record.
So lets take our next tool from our repair bag, the microscope, and take a closer look at our credit report.
There are two ways to use this tip:
First check each item on your credit report for accuracy.
In other words, you in fact know that this item shouldn't be on your report. For example, you see an item listed that you know you paid off several years ago. Well, what should you do?
You dispute this item with the credit reporting bureaus as inaccurate. By doing this you are putting into practice what the Fair Credit Reporting Act says is your right to do. It is your right to have this item pulled from your record. The law requires the creditor to look into this item within 30 days and notify the reporting agency.
Guess what, if the item is old or wrong, they inform the reporting agency that your item has been removed. Sometimes you have to help prove to the creditor that the item is inaccurate (i.e. showing them a canceled check for payment), to have the item deleted off your report. You are now underway in your credit repair.
Second, the item on your credit report is not wrong but is removed anyway - How come?
This happened with a client who had a Visa card with two 60 day late and a mortgage with one 30 day late. He was able to get them changed.
Sometimes a creditor will work with you so you can buy a house. But,
if they are not willing to work with you, start the pestering by faxing a
dispute letter every week requesting a removal of the item. In other words, steadily dispute your credit report errors.
You want to address it to the account manager in charge. Then mail the dispute letter every 30 days requesting removal. This wears on the creditor until they remove the item or will now work with you.
Persistence is the key here! Keep disputing until you succeed in getting some form of action. That is the value of this credit repair tip, you can do the same thing the professionals do.
If necessary, you can send a
letter explaining you are going to file a complaint with the Federal
Trade Commission ("FTC").
Proceed to the next credit repair tip.
This website has a page that discusses these letters at Credit Repair Letters.
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