November 18, 2010
November 17, 2010
How to Write a Credit Report Dispute Letter
Ann Richter asked:
You are pretty angry. You ordered a copy of your credit report to check out all the information , and lo and behold, you have found several glaring errors that you are chomping at the bit to have corrected. Your first reaction is to pick up the telephone, call up the credit bureau, and give them a piece of your mind, but then the rational side of you takes over, and you realize that it would probably be better to calm down, sit down, and write a credit report dispute letter to attempt to set things straight.
Planning Ahead Pays Off
First of all, plan what you want to say in this letter. You should re-read your credit report, and take careful notes. Ask yourself if there is any way that what the credit bureau is claiming in your report could be true. For example, if one of the errors that is shown is a late payment on one of your credit card accounts, look over your bank statements and/or cancelled check for that month. (You DO keep these important papers, right?) If you do indeed find proof of the payment, then you have the ammunition you need to politely go after the credit bureau and get them to change the information they have about you on file.
Word your letter thoughtfully, and be cordial. You will need to send a copy of your letter to each of the three “big” credit bureaus – TransUnion, Experian, and Equifax. Calmly state the facts in a way similar to the example below -
Dear (Credit Bureau Name Here)
I recently requested a copy of my credit file so that I could check it out for any erroneous information. Much to my surprise, I found a glaring error which I dispute and that I would like to request correction for. You have not credited me for my (Month and Date Here) payment to (Name of Business Here). This is a definite mistake, as I am in possession of the cancelled check for this payment, which I am enclosing a photocopy of.
Hopefully, this was simply an oversight on your part. I am sure that you realize that the omission of this information could have serious repercussions to the accuracy of my credit file. There is a law in this country which states that credit bureaus can only use accurate information in a consumer’s credit file. Obviously, in my own credit file, the law has been broken.
I am sure that you will be more than happy to take care of this matter for me, and correct my file to reflect this payment.
Cordially,
(Your Name Here)
Along with each letter you send out, include your full name as listed in your credit report, your address, your driver’s license, your Social Security number, a copy of the credit report where the erroneous information was located, and a copy of your roof, such as the cancelled check.
Keep a copy of everything you send, and note the date you mail it. It’s a good idea to use certified or registered mail for an “official” proof of mailing date. You will need this just in case you need to send out again to someone higher on the corporate ladder of the credit bureau.
Jerome
You are pretty angry. You ordered a copy of your credit report to check out all the information , and lo and behold, you have found several glaring errors that you are chomping at the bit to have corrected. Your first reaction is to pick up the telephone, call up the credit bureau, and give them a piece of your mind, but then the rational side of you takes over, and you realize that it would probably be better to calm down, sit down, and write a credit report dispute letter to attempt to set things straight.
Planning Ahead Pays Off
First of all, plan what you want to say in this letter. You should re-read your credit report, and take careful notes. Ask yourself if there is any way that what the credit bureau is claiming in your report could be true. For example, if one of the errors that is shown is a late payment on one of your credit card accounts, look over your bank statements and/or cancelled check for that month. (You DO keep these important papers, right?) If you do indeed find proof of the payment, then you have the ammunition you need to politely go after the credit bureau and get them to change the information they have about you on file.
Word your letter thoughtfully, and be cordial. You will need to send a copy of your letter to each of the three “big” credit bureaus – TransUnion, Experian, and Equifax. Calmly state the facts in a way similar to the example below -
Dear (Credit Bureau Name Here)
I recently requested a copy of my credit file so that I could check it out for any erroneous information. Much to my surprise, I found a glaring error which I dispute and that I would like to request correction for. You have not credited me for my (Month and Date Here) payment to (Name of Business Here). This is a definite mistake, as I am in possession of the cancelled check for this payment, which I am enclosing a photocopy of.
Hopefully, this was simply an oversight on your part. I am sure that you realize that the omission of this information could have serious repercussions to the accuracy of my credit file. There is a law in this country which states that credit bureaus can only use accurate information in a consumer’s credit file. Obviously, in my own credit file, the law has been broken.
I am sure that you will be more than happy to take care of this matter for me, and correct my file to reflect this payment.
Cordially,
(Your Name Here)
Along with each letter you send out, include your full name as listed in your credit report, your address, your driver’s license, your Social Security number, a copy of the credit report where the erroneous information was located, and a copy of your roof, such as the cancelled check.
Keep a copy of everything you send, and note the date you mail it. It’s a good idea to use certified or registered mail for an “official” proof of mailing date. You will need this just in case you need to send out again to someone higher on the corporate ladder of the credit bureau.
Jerome
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November 15, 2010
Free Online Credit Report – 5 Tips to Improve Your Credit Score
Sam Stuart asked:
Did you know that you can take a few simple steps to improve your credit rating? It’s true. Once you get yourself a free online credit report, you can use it to easily improve your credit score.
Using a Free Online Credit Report to Improve Your Credit Rating
1) Review Your Report for Mistakes: If you’re like most people, you think that these reports are very accurate documents. Well nothing could be further from the truth. They are notorious for having loads of errors. One error on your report can make the difference with getting an approval for a mortgage, loan, or credit card.
If you have never seen your credit report or it has been a few months or years, you need to review it before you apply to borrow money. It’s estimated that as high as 9 out of 10 credit reports have mistakes so it’s best to take a few minutes and review it.
2) Removing Information: This idea is using the law to your advantage. If you contact a credit bureau agency and dispute anything on your report, they have a month to respond. If they don’t, you are within your rights to have the information that was disputed removed.
3) Cancelling Old Credit Cards: If you’re like most people, you’ve had all sort of credit cards over the years. It’s very common for people to have old ones on their credit reports that are not being used. You need to call these credit card companies and cancel the card. Also request that they contact the credit bureau agencies to show the card was cancelled.
Having too many credit cards on your report lowers your score. So, if you can consolidate as many of your cards as possible, it will improve your credit score. Be sure you get a free online credit report so you don’t miss any cards.
4) Cancelling High Interest Rate Cards: Most people don’t realize this but high interest rate credit cards from department stores are very bad for your credit rating. They tell lenders that you may have had a difficult time getting credit so you opted for a high interest credit card. Do your best to pay these off and cancel them.
5) Writing Notes in Your Report: If you have a foreclosure or collection agency note on your credit report, you need to add notes. It’s possible to have the credit bureau add notes explaining in detail what happened. Maybe you were part of a mass layoff in a town or city that has high unemployment. If so, get it written on your report.
Now get out there and start repairing your credit by getting a free online credit report. What’s stopping you from taking action to improve your credit right now?
Theresa
Did you know that you can take a few simple steps to improve your credit rating? It’s true. Once you get yourself a free online credit report, you can use it to easily improve your credit score.
Using a Free Online Credit Report to Improve Your Credit Rating
1) Review Your Report for Mistakes: If you’re like most people, you think that these reports are very accurate documents. Well nothing could be further from the truth. They are notorious for having loads of errors. One error on your report can make the difference with getting an approval for a mortgage, loan, or credit card.
If you have never seen your credit report or it has been a few months or years, you need to review it before you apply to borrow money. It’s estimated that as high as 9 out of 10 credit reports have mistakes so it’s best to take a few minutes and review it.
2) Removing Information: This idea is using the law to your advantage. If you contact a credit bureau agency and dispute anything on your report, they have a month to respond. If they don’t, you are within your rights to have the information that was disputed removed.
3) Cancelling Old Credit Cards: If you’re like most people, you’ve had all sort of credit cards over the years. It’s very common for people to have old ones on their credit reports that are not being used. You need to call these credit card companies and cancel the card. Also request that they contact the credit bureau agencies to show the card was cancelled.
Having too many credit cards on your report lowers your score. So, if you can consolidate as many of your cards as possible, it will improve your credit score. Be sure you get a free online credit report so you don’t miss any cards.
4) Cancelling High Interest Rate Cards: Most people don’t realize this but high interest rate credit cards from department stores are very bad for your credit rating. They tell lenders that you may have had a difficult time getting credit so you opted for a high interest credit card. Do your best to pay these off and cancel them.
5) Writing Notes in Your Report: If you have a foreclosure or collection agency note on your credit report, you need to add notes. It’s possible to have the credit bureau add notes explaining in detail what happened. Maybe you were part of a mass layoff in a town or city that has high unemployment. If so, get it written on your report.
Now get out there and start repairing your credit by getting a free online credit report. What’s stopping you from taking action to improve your credit right now?
Theresa
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November 13, 2010
Removing Negative Items from Credit File
Debbie Dragon asked:
There are attorneys and credit repair “clinics” that claim to be able to remove negative items from your credit file. The service is costly, with some providers charging up to $3,500. It sounds great, in theory, because what’s a few thousand dollars for repaired credit? The trouble with this service is consumer’s pay out the money and their credit files are not always repaired.
About Your Credit File- What You May Not Know
Every item listed on your credit report must be proven. If a credit bureau investigates an item and cannot verify that it has been reported correctly, then it must be removed from your file whether it’s true or not.
Whenever there is a negative item on your credit report, you can challenge or deny the negative report at any time. If the item can’t be verified within a reasonable amount of time, it must be removed from the credit report. The older an item is the better your chance that it will not be successfully re-verified. Creditors don’t always keep good records beyond a year or two.
How to Get a Negative Item Removed From Your Credit Report
The procedure to get negative items removed, if they are incorrect, is straight forward. Some of getting an item removed is simply luck, but if you follow the steps you will increase your chances of having the negative items removed.
Tip: Send your disputes in during the busiest time of the year for credit bureaus. Send them during November or December, and if the dispute isn’t verified in time, it will have to be removed from your credit file.
Step One: Obtain a copy of all three of your credit reports- one from Equifax, one from Esperian and another from Trans-Union. You can get one copy from each credit bureau for free every 12 months.
Step Two: Review each report and find any negative items.
Step Three: Use the credit bureau’s dispute process (sometimes online, sometimes a printed form) to dispute any and all negative items.
Step Four: The disputed items are removed or corrected.
Step Five: For any negative items remaining on your credit report, you can try to negotiate with the creditors to be able to make a lower payment to pay the account off The creditor must then report the item to the credit bureau as paid, and change it to a positive rating.
Consumer Rights Under The Fair Credit Reporting Act
The federal laws are in the consumer’s favor when it comes to credit reports. Under the Fair Credit Reporting Act, there are 5 basic rights given to every consumer:
1. You may challenge the accuracy of the details in a credit report at any time.
2. Any items you challenge must be investigated (and re-investigated) without a charge to you.
3. All challenged items must be investigated within 30 days time or they must be deleted from the file immediately.
4. If errors are found during the investigation, the credit bureau is required to delete or correct the item within your files immediately.
5. If the credit bureau investigates and finds the negative items to be correct, consumers can place a Consumer Statement as part of your credit report as explanation to any inquiries made to your credit file.
Ellen
There are attorneys and credit repair “clinics” that claim to be able to remove negative items from your credit file. The service is costly, with some providers charging up to $3,500. It sounds great, in theory, because what’s a few thousand dollars for repaired credit? The trouble with this service is consumer’s pay out the money and their credit files are not always repaired.
About Your Credit File- What You May Not Know
Every item listed on your credit report must be proven. If a credit bureau investigates an item and cannot verify that it has been reported correctly, then it must be removed from your file whether it’s true or not.
Whenever there is a negative item on your credit report, you can challenge or deny the negative report at any time. If the item can’t be verified within a reasonable amount of time, it must be removed from the credit report. The older an item is the better your chance that it will not be successfully re-verified. Creditors don’t always keep good records beyond a year or two.
How to Get a Negative Item Removed From Your Credit Report
The procedure to get negative items removed, if they are incorrect, is straight forward. Some of getting an item removed is simply luck, but if you follow the steps you will increase your chances of having the negative items removed.
Tip: Send your disputes in during the busiest time of the year for credit bureaus. Send them during November or December, and if the dispute isn’t verified in time, it will have to be removed from your credit file.
Step One: Obtain a copy of all three of your credit reports- one from Equifax, one from Esperian and another from Trans-Union. You can get one copy from each credit bureau for free every 12 months.
Step Two: Review each report and find any negative items.
Step Three: Use the credit bureau’s dispute process (sometimes online, sometimes a printed form) to dispute any and all negative items.
Step Four: The disputed items are removed or corrected.
Step Five: For any negative items remaining on your credit report, you can try to negotiate with the creditors to be able to make a lower payment to pay the account off The creditor must then report the item to the credit bureau as paid, and change it to a positive rating.
Consumer Rights Under The Fair Credit Reporting Act
The federal laws are in the consumer’s favor when it comes to credit reports. Under the Fair Credit Reporting Act, there are 5 basic rights given to every consumer:
1. You may challenge the accuracy of the details in a credit report at any time.
2. Any items you challenge must be investigated (and re-investigated) without a charge to you.
3. All challenged items must be investigated within 30 days time or they must be deleted from the file immediately.
4. If errors are found during the investigation, the credit bureau is required to delete or correct the item within your files immediately.
5. If the credit bureau investigates and finds the negative items to be correct, consumers can place a Consumer Statement as part of your credit report as explanation to any inquiries made to your credit file.
Ellen
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November 12, 2010
Free 3 Credit Bureau Report – Where to Get Your Free Credit Report and Score
Zach Ford asked:
More than one million American citizens for good reasons check their credit through the internet every year. In order to maintain a healthy financial history it is important to be informed about your credit score. There are things that are considered when determining your credit rating and sometimes there are errors may occur in the process which is not your fault. Monitoring the credit rating will help you to detect faults and find out what could be wrong. Therefore be part of the million using this service by requesting for free credit report today.
Credit score digits are written in three digit number that range between 300 and 850. This is determined by your past and present financial activities. These activities are always recorded and stored in a credit report. 700 is a good rating and you should make it your target if you have not yet reached it. Reports have details of your payments of bills, credit card balances, and unpaid debt among other factors used for calculating your rating. One of the important factors is whether you make your debt repayments on time or not. You should therefore ensure you repay your debts.
Many people do not know that there are in fact three types of credit scores. existence of these three credit scores. These are maintained by three different credit reporting companies. There is TransUnion, Experian and Equifax which are the largest credit agencies in the United States. They calculate credit score differently. TransUnion uses FICO score, Experian uses PLUS score system and Equifax uses ScorePower score. Choose the one that uses the three scores. This will give you accurate information of your credit position.
Having information about your credit score you will know the type of loans you can apply for and the interest you are likely to be charged. You will also know the ares in your finances that need to be worked on. This is an important step in repairing your credit. You can save thousands of dollars when you have high credit ratings by getting low interest rates on loans each year. You should make an effort of getting a copy of your score and report. This is very important and useful for you.
Joyce
More than one million American citizens for good reasons check their credit through the internet every year. In order to maintain a healthy financial history it is important to be informed about your credit score. There are things that are considered when determining your credit rating and sometimes there are errors may occur in the process which is not your fault. Monitoring the credit rating will help you to detect faults and find out what could be wrong. Therefore be part of the million using this service by requesting for free credit report today.
Credit score digits are written in three digit number that range between 300 and 850. This is determined by your past and present financial activities. These activities are always recorded and stored in a credit report. 700 is a good rating and you should make it your target if you have not yet reached it. Reports have details of your payments of bills, credit card balances, and unpaid debt among other factors used for calculating your rating. One of the important factors is whether you make your debt repayments on time or not. You should therefore ensure you repay your debts.
Many people do not know that there are in fact three types of credit scores. existence of these three credit scores. These are maintained by three different credit reporting companies. There is TransUnion, Experian and Equifax which are the largest credit agencies in the United States. They calculate credit score differently. TransUnion uses FICO score, Experian uses PLUS score system and Equifax uses ScorePower score. Choose the one that uses the three scores. This will give you accurate information of your credit position.
Having information about your credit score you will know the type of loans you can apply for and the interest you are likely to be charged. You will also know the ares in your finances that need to be worked on. This is an important step in repairing your credit. You can save thousands of dollars when you have high credit ratings by getting low interest rates on loans each year. You should make an effort of getting a copy of your score and report. This is very important and useful for you.
Joyce
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