Do not at any time for any reason, use insults, accusations, anger, cussing, or threats. Remember, you will be mostly dealing with clerical type people. Apply the old adage of "You will catch more flies with honey than with vinegar."
Keep telling yourself you can do this and do not allow the credit agency or creditor's resistance, discourage you. As you make progress, give yourself kudos for staying committed and staying focused on the solution. This will help you stay on track.
Remember, it is a journey and there may be mistakes along the way. Look at it as a learning process that empowers you. Knowledge is power.
Second Step - Document, Document, Document
Create a file to keep records of your work. Every thing you do, document it and put in the file. Every letter or information you receive, or, that you write, it goes in the folder.
This is known in legal terms as "creating a paper trail."
Every time you have a conversation, keep notes. Date the note, write whom you spoke to, their name, title, company name, and gist of the conversation. It it is an important item, such as a creditor stating they will remove an item from your credit card, for example, immediately type or write a letter to the creditor to acknowledge the conversation and what action is going to happen and the person you spoke to that said they would take care of the issue.
Your letter needs to reference the date and time of the conversation and whether it was in person or over the telephone. Also, whomever you write, make sure you have in the subject line of the letter, the account number. This ensures the letter goes to the correct department and file.
Example
Re: Acct 9375639387987 - Dispute of charge item on April 2010 bill
This tells the people in the mail department that have to open and then direct the correspondence, that the letter is regarding a client (acct number) and the letter is about a disputed item (which division needs to review and act on the letter) and the date (which bill needs to be pulled and reviewed).
It is important to do the letter the same day of the conversation or day after. Do not procrastinate.
Third Step - Obtain a Free Copy of Your Credit Report
You are legally entitled to one free credit report, every year, from each of the three credit reporting agencies.
Do not contact the three nationwide consumer reporting companies individually. The free credit reports are only free through Annual Credit Report.
The site is easy to use and walks you through what you need to do to get one free report from each agency.
Internet
www.annualcreditreport.com
Telephone
1-877-322-8228
U.S. Mail
1. Use this formal request form provided by the Annual Credit Report.
2. Print and complete the form
3. Mail the completed form to:
Annual Credit Report Request Service
P.O. Box 105281
Atlanta, GA 30348-5281
Other times you are entitled to a free report
1. If a company takes adverse action against you, such as denying your application for credit, insurance, rental, or employment, based on information in your report.
2. If you are unemployed and plan to look for a job within 60 days; if you are on welfare; or if your report is inaccurate because of fraud, including identity theft.
3. You must ask for your free report within 60 days of receiving notice of the action. The notice will give you the name, address, and phone number of the consumer reporting company.
Fourth Step- Correcting Errors on Credit Report
Tell the consumer reporting company, in writing, what information you think is inaccurate. Include copies of documents to support your claim.
In addition to providing your complete name and address, your letter should clearly identify each item in your report you dispute, state the facts and explain why you dispute the information, and request that it be removed or corrected.
You should enclose a copy of your report with the items in question circled. Your letter may look something like the one on page 4. Send your letter by certified mail, return receipt requested, so you can document what the consumer reporting company received. Keep copies of your dispute letter and enclosures.
Consumer reporting companies must investigate the items in question within 30 days unless they consider your dispute frivolous. They also must forward all the relevant data you provide about the inaccuracy to the organization that provided the information.
After the information provider receives notice of a dispute from the consumer reporting company, it must investigate, review the relevant information, and report the results back to the consumer reporting company.
If the information provider finds the disputed information is inaccurate, it must notify all three nationwide consumer reporting companies so they can correct the information in your file.
When the investigation is complete, the consumer reporting company must give you the results in writing and a free copy of your report if the dispute results in a change. This free report does not count as your annual free report.
If an item is changed or deleted, the consumer reporting company cannot put the disputed information back in your file unless the information provider verifies that it is accurate and complete. The consumer reporting company also must send you written notice that includes the name, address, and phone number of the information provider.
If you ask, the consumer reporting company must send notices of any corrections to anyone who received your report in the past six months. You can have a corrected copy of your report sent to anyone who received a copy during the past two years for employment purposes.
If an investigation does not resolve your dispute with the consumer reporting company, you can ask that a statement of the dispute be included in your file and in future reports. You also can ask the consumer reporting company to provide your statement to anyone who received a copy of your report in the recent past. You can expect to pay a fee for this service.
Disputing
Tell the creditor or other information provider, in writing, that you dispute an item. Be sure to include copies of documents to support your position. Many providers specify an address for disputes. If the provider reports the item to a consumer reporting company, it must include a notice of your dispute. Also, if the information is found to be inaccurate,the information provider may not report it again.
Sample Dispute Letter
| John Doe and Jane Doe
2345 Any Street
Any Town, ID 87543
(223) 222-3456
| Trans Union Corporation
P.O. Box 1000
Chester, PA 19022-1000 |
April. 15, 2010 |
Re: File No. 009833098098 - Dispute Credit Report item
To Whom It May Concern:
I am disputing certain information you have in my file.
Enclosed with this letter pleased find a copy of the credit report you furnished containing information about me.
I circled the items in dispute, which is the Acme Lender, which holds the mortgage to my home. You wrongly have it listed as delinquent from Jan. 2009 - July 2009.
I am requesting you correct the information. Enclosed are copies of the account statements from Acme Lender for the months of January 2009 though July 2009.
Please note from said copies I have provided you, that I have never been late, nor, have I missed a payment.
The evidence provided shows that your information is incorrect, I ask that you immediately verify this with Acme and then immediately correct the information in my file to accurately reflect my timely payments.
I await your timely response.
Sincerely,
(Signature goes here)
__________________
John Doe
(Signature goes here)
__________________
Jane Doe
Enclosures: True Copies of Acme Lender statements (1/09 -- 07/09) |
Fifth Step - Maintenance and Precautions
Mark your calendar for when it is time to order your free credit report periodically. Why?
1. To make sure the information is accurate, complete, and up-to-date before you apply for a loan for a major purchase like a house or car, buy insurance, or apply for a job.
2. Identity thieves may use your information to open a new credit card account in your name. Then, when they do not pay the bills, the delinquent account is reported on your credit report. Inaccurate information like that could affect your ability to get credit, insurance, or even a job.
3. To help guard against identity theft. That is when someone uses your personal information, such as your name, your Social Security number, or your credit card number to commit fraud.
4. Because the information it contains affects whether you can get a loan and how much you will have to pay to borrow money.
Sixth Step - Rebuilding Your Credit Score
Go to our page on this web site that provides 12 easy steps to rebuild your credit worthiness.
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