The most important remedy to removing delinquent accounts and inaccurate information off your credit report is understanding the dispute process. Once you fully understand the process you will begin to successfully remove items off your credit report. We have included everything you need to know about the process in this section.
Understand Collection “Dunning” letters
If you receive a collection letter you should respond immediately. You have thirty (30) days to respond. By law you can respond by oral or written communication. If your collection letter states you “Must respond in writing only” then you can actually sue the collection agency for misinterpretation of the law.
Order your credit report for FREE
Many consumers are not aware that they can obtain a free copy of their credit report at www.annualcreditreport.com. Consumers are entitled to one (1) free copy from Experian, Equifax, and Transunion. www.annualcreditreport.com was created by Experian, Equifax, and Transunion due to the Fair and Accurate Credit Transactions Act. There are several companies that offer free copies of your credit report as well as your credit score. Make sure you take advantage.
Understanding the credit report
Before you dispute any items on your credit report an analysis must be performed. Although all items of your credit report are important the key items on a credit report are the date of last activity, balances, date of first delinquency, account history, and late payments.
The item you should always pay close attention to is the date of last activity. In an attempt to keep defaulted debt on your credit report collection agencies will try to change the date of last activity to a much current date. All delinquent debt has an expiration date (statue of limitations) ranging from 7-10 years, and the expiration date is based off the date of last activity. The more current the date of last activity the longer the defaulted debt remains on your credit report. It is Illegal for collection agencies to tamper with the original date. If the statue of limitations (old accounts) has run out on a debt on your credit report it must be removed.
- Understanding TransUnion Credit Report
- Understanding Experian Credit Report
- Understanding Equifax Credit Report
Disputing with creditors
When you write the original creditor to dispute an account, you are asking for an investigation, not verification. Make sure you dispute your case with the credit bureaus first before contacting the original creditor. The reason is if the original creditor does not conduct an investigation they can be held liable.
The procedure for initially disputing a judgment is no different than disputing debt that is not a judgment. If you dispute the judgment and it comes back as verified then certain procedures must be followed in order to get the judgment removed.
Disputing with Credit Bureaus
Understanding the process of how to submit your dispute is the key to credit repair. The FCRA allows disputes and deletions on accurate information as well if the information in your credit report can not be verified. Timing is everything when disputing. So if you have accurate or inaccurate information dispute your account if they are delinquent, and verification or validation of those items are necessary. Key items to dispute are date of last activity, balances, date of first delinquency, account ownership, account history, and late payments.
You should also look for incorrect personal information such as incorrect names, addresses, former addresses, birth dates, social security numbers, aliases, spouses name, employer information, etc.
Credit Bureaus contact information
PO Box 740241
Atlanta GA 30374
To Report Fraud, call 800-525-6285
To Order A Credit Bureau Report, call 800-685-1111
PO Box 2002
Allen TX 75013
To Report Fraud, call 888-397-3742
To Order A Credit Bureau Report, call 888-397-3742
PO Box 1000
Chester PA 19022
To Report Fraud, call 800-680-7289
To Order A Credit Bureau Report, call 800-916-8800
Frivolous Credit Repair Letters
Refrain from using the sample dispute letter templates that you see all over the internet. They are potential red flags to the credit bureaus which could possibly place your disputes in the Frivolous pile [FCRA Section 611(a)(3), 15 USC §1681i (a)(3)]. Once your dispute is labeled frivolous it will never get investigated! Those letters are not written with the powerful language you need to get the creditors, collection agencies, and the credit bureaus full attention.
Once you purchase our credit repair manual you will see the immediate difference of the language used in our dispute letters. Remember when you send your dispute letters you are building a case against the credit bureaus, creditors, and collection agencies. So the language in your letters must be sufficient and informative in order to assist with presenting a better case in court if you ever had to sue.
File a complaint with the FTC
Filing a complaint with the federal trade commission only records the complaint of a consumer. Recording a complaint give the FTC better statistics of unfair business practices that are taken place across the country. They take this information and investigate on specific companies. They then decide if they should pursue the case or not.
As mentioned before, the FTC does not resolve individual consumer complaints. Also if you file a complaint it becomes public record. If you decide to sue a creditor they would be able to prepare there case much better since they already have detailed information of what you are complaining about. So it is at your own discretion to file a complaint or not with the Federal Trade Commission. File a complaint here.