Late Payments « Free Credit Bureau Report

March 30, 2011

5 Simple Steps of How to Remove Charge Offs From Your Credit Report

Filed under: Finance — Tags: Bad Credit, Bankruptcies, Credit Bureau, Credit Bureaus, Credit Card Charge Offs, Credit Repair, Credit Reporting Act, Fair Credit Reporting Act, Fool Proof, How To Dispute Items On Your Credit Report, Investigation Process, Late Payments, Photo Copy, Simple Steps, Tax Liens — @ 3:12 am

Steven Parsons asked:

1. Be aggressive in repairing your own credit.

Credit repair is not going to just happen. Bad credit is not something you can ignore, hoping that it will work itself out. Things like credit card charge offs, accounts that went to collections, and late payments will stay on your credit report for 7 years. But once bills have been paid off it is much easier to have them removed. The easiest way to remove a charge off is to send the credit bureau a challenge letter, also called a dispute letter.

2. Dispute the items you want removed.

The Fair Credit Reporting Act gives you the right to dispute any negative items on your credit report. This means you can challenge repossessions, charge offs, collections accounts, bankruptcies, foreclosures, judgments, tax liens, and anything else you disagree with. The thing to keep in mind is that the law says you are allowed to dispute anything, so go for the charge offs for sure.

3. How to dispute items on your credit report.

First contact the credit bureaus and request a free copy of your credit report. You are entitled to one free report each year from each bureau. So as long as you have not already requested one this year, you can get a free one. Send each bureau that lists the negative item a letter telling them to remove the specific item you want removed, and why. Make a photo copy of the credit report and circle each of the items you are disputing. Put a number next to each circle, that number should correspond to a number on your letter. This makes it fool proof for the bureaus to figure out which item you are talking about in your letter.

4. The investigation process

There is nothing for you to do now but sit back, relax, and wait. The credit bureaus have 30 days to investigate the items you dispute. That time starts when they receive the letter. They will contact the original creditor notifying them of your dispute and asking them if they agree or disagree with you. From there the credit bureau must provide proof through documentation that the entries are valid. If the entries can not be validated within 30 days from the time they receive the letter, it must be removed from your credit report.

5. Following up

It is critical that you follow up with the credit bureaus. A trend that is starting to emerge with them is they simply don’t remove items that have not been validated, or sometimes they don’t even conduct an investigation. So if you don’t get a letter within a couple weeks after the investigation should have been complete, make a call to them and find out what happened. Whatever they say, ask them to send a letter for your records.

So lets recap what you need to do. First, get a copy of your credit report. Second, review your credit report and make note of any items on the report that you want removed. Third, write your dispute letter then circle and number each item on the report that you are disputing. Fourth, sit back and wait for the investigation to be completed. Fifth, follow up if you have not received an answer within 6 weeks.

Follow these simple steps and you will be well on your way to easy credit repair. To make things even more simple, order a set of proven credit repair letters from an expert. The reason you should do that is their letters have been proven to work, because they have used them successfully to dispute items for their clients. A well written dispute letter will practically guarantee success.

Linda

Comments Off

March 23, 2011

How To Get Rid Of Bad Information On Your Credit Report By Writing Letters

Filed under: Finance — Tags: Bad Credit, Birth Date, Credit Bureaus, Credit Rating, Credit Score, Creditor, Equifax, Esperian, Fico, Late Payments, Matter Of Fact, Personal Credit Report, Personal Information, Score Name, Writing Letters — @ 12:50 am

Helen Hecker asked:

Assuming you already have a copy of your annual credit report you may have already found some errors that should be removed. Errors should always be a big concern because they can and probably have affected your credit score, also called a FICO. You can repair your credit with a little bit of help.

It may seem like a lot of work but it’s really easy. The hardest part is actually sitting down to do it. You’ll need to check all three credit bureaus to make sure the same error isn’t on all three but if you just have one credit report, start with that one.

First make a list of any and all errors that you find on your personal credit report. These could be in the form of personal information such as birth date or more likely there will be information that you know not to be true such as late payments or no payments recorded etc. If you think there is any possibility that you could be wrong check your past history with the creditor in question first.

You want to make sure you are right before you make the request to have any information removed from your credit report.

You will be sending the letter only to the credit bureau mentioned on the report, which would be Esperian, Equifax or TransUnion. You don’t want to sound angry in the letter, just be matter-of-fact, straightforward and business-like. Just outline the facts – name of creditor, dates, and the error(s) or problem(s) you’re finding on the credit report.

Here is a sample letter:

Date:

To whom it may concern at Esperian (or other credit bureau):

I recently acquired a copy of my credit report and found some errors that I’d like to dispute. I am enclosing documentation to prove the information is incorrect and would like a correction. I value my good standing and good credit history and want to maintain a good credit rating and credit score.

Name the creditor along with the reference date including the month, day and year if possible.

The error(s) I have found are:

I’m including copies of my payment record, with a (cancelled check or online payment print-outs or any other documentation that you have).
I would appreciate any attention to the matter as I would like my credit report to be accurate. I’m sure you understand that credit bureaus need to include only information that is accurate in my file.

Thank you for taking a look at my letter and file and hopefully making the necessary corrections so I can continue to maintain my good credit standing. Please let me know that my file has been reviewed and what action has been taken. I would also like a copy of my corrected credit report sent to the enclosed address. Thank you.

Sincerely,

Besides your full name as shown on the report, include you mailing address, a copy of the report that you have, your social security number, driver’s license photocopy and any other documentation such as a cancelled check or online payment confirmations.

Make a copy of the letter for yourself and a copy of any enclosures with the letter. Send the dispute letter by certified mail with a ‘return receipt’ requested. Then make sure to get the free credit reports from the other two main credit bureaus or reporting agencies to make sure they don’t have the same incorrect information. You can get free instant credit reports from the other two online.

Dale

Comments Off

December 14, 2010

Credit Bureau Report – Understanding Your Credit Rating

Filed under: Finance — Tags: Better Business Bureau, Credit Bureau Report, Credit Rating, Credit Sources, Creditor, Debts, Employment Applications, Fico Score, Financial Stability, Government Agencies, Landlords, Late Payments, Perfect Score, Quality Product, Sensitive Operations — @ 7:17 pm

Hector Milla asked:

Less than 1% of U.S. resident have a perfect rating. If this is your goal, you need a FICO score of 850.

Agencies assign scores based your financial history. In particular, they evaluate how many accounts you have, the type of debts you owe, the age of your accounts, frequency of late payments, and the ratio of total debt to credit used. They also use several more factors that are less concrete. For example, how often you move, job stability, and your estimated income could change your score. Even the frequency of creditor inquires is considered.

A perfect score is not important. A good score distinguishes you as a good risk for additional credit. For example, a person who earns $1,000,000 a year, but exhausted all available credit sources and carries maximum balances, will not receive a perfect score. Another person, earning $50,000 and using less than 10% of credit available, could have a near perfect score if making all payments on time, has almost paid off a mortgage, and paid installment loans early.

Employers use scores to evaluate employment applications. Landlords review them before leasing. Insurance companies adjust premium rates depending on the level of responsibility they perceive. Government agencies refuse to hire anyone with a low score for sensitive operations. If these uses concern you, review your file with each of the three large agencies at least monthly.

One of the best ways to protect your career and financial stability is to make sure no one spreads false information. This small chore becomes much easier with the help of an online reporting service. These companies provide updates from all three large agencies for a cost of $15 to $25 per month. You should request price quotes for all services and options you believe are important. Also, inquire with the Better Business Bureau about complaints and complements. The best companies offer a free trial, knowing that a quality product sells itself without sales pressure.

Carol

Comments Off

August 25, 2010

How Can I Remove Late Payments From My Credit Report?

Filed under: Finance — Tags: Consequences, Consumers, Credit Applications, Credit Report, Credit Reporting Agencies, Credit Score, Experian, Late Payments, Lenders, Overdue Payments, Stiff Penalties, Thirty Days, Three Credit Reporting Agencies, Tough Times, Twelve Months — @ 11:46 am

Jesse B. Smith asked:

This is a frequently asked question. With tough times upon us, more and more people are finding it difficult to get their bills paid on time. This, in turn, means that these same people are reported to the credit reporting agencies as late and the late payment is reported to lenders who request your credit report.

A “late payment” as the term implies is any payment on a credit associated account which is received by the creditor after the due date. The only thing that matters is that the payment was late. It does not matter if the payment was one day late or thirty days late, it is still considered late. Additionally, you will be charged a late payment penalty on any payment made after the due date and these are normally pretty stiff penalties.

To remove overdue payments from your credit report, you will need to obtain a copy of your credit report. You can do this by contacting one of the three credit reporting agencies, TransUnion, Experian, and Equifax. These companies are legally required to provide you with one copy of your credit report every twelve months.

Though the credit reports may vary slightly in their layout, they all contain the same types of information. You should be able to easily and quickly ascertain how each credit report lists entries showing overdue payments and should report the number of late payments you have made over a given period of years.

Though, consumers understand that making payments late is not a good thing, they normally don’t understand the far-reaching consequences. Payment punctuality can count for over 30% of your total credit score. Because of this, late payments can severely affect credit applications which you submit to a lender.

The first thing you can try in order to remove late payments from your credit report is to contact the creditor directly and ask that it remove the overdue payments. This is often successful, however, if you habitually make late payments, it may be less likely.

If contacting the creditor is unsuccessful, you should write the credit reporting bureau that reports the overdue payment and request that the late notation be removed. You should include documentation which proves your claim and be sure to retain copies of all correspondence to and from the credit bureau. If the credit bureau cannot verify within 30 days that the payment was late, it must remove the entry.

Of course, it is always easier to try to stop the situation from occurring in the first place. If you know you will be late paying a bill, contact the creditor and explain the situation to them. Many times creditors will work with you to agree on a payment plan.

Any legitimate late payment entry can remain on your credit report for up to seven years. Instead of letting this cause havoc with your credit score, work with your creditors to keep the late payment from showing up on your credit report.

Joann

Comments Off

April 29, 2010

Credit Repair Tips – How to Review and Clean Your Credit Report

Filed under: Finance — Tags: Apartment, Bad Credit, Birth Date, Charge Offs, Collections, Credit Bureau, Credit Bureaus, Credit Repair Tips, Current Address, Equifax, Financial Situations, Home Loan, Late Payments, Mortg, Personal Information Section — @ 9:04 pm

Chris Rutherford asked:

Your credit score has a big impact on everyday financial situations such as: What interest rate you pay on a credit card, whether you can rent an apartment, whether you have to pay a deposit with your utility company, whether you can qualify for a home loan, and maybe even a potential employer’s decision to hire you. Going through life with bad credit can be very challenging.

Getting a Copy of Your Credit Report

You can’t fix bad credit without knowing what’s in your credit report first. You need to get a copy of your credit report from all 3 credit bureaus: Experian, Trans Union, and Equifax. You can request a copy of your own credit report for free once a year.

Reviewing Your Credit Report

It may not be fun, but reviewing your credit report line by line at least once a year is very important to identify any errors or issues that you may not be aware of. Pay special attention to “derogatory” (or negative) items such as late payments, collections, and charge-offs – they lower your credit score, sometimes significantly.

First, make sure your name, birth date, and current address are showing correctly on the report (in the “Personal Information” section). If not, make a note to correct them with the credit bureau(s). Make sure you check every account listed on your credit report:

Verify the account status is correct – you may discover old accounts you thought were closed that still show up as “open”. If you have accounts left open that you’re not aware of, they may be hurting your ability to apply for new credit or raise the credit limit on accounts you are using. Look at each account in detail (account number, credit limit, date opened etc.) and make sure it is really YOUR account. Someone else could have a similar name and their account might be mixed up with yours. Or worse, someone may be stealing your identity to open accounts in your name, leaving you with the unpaid bills. If you recently refinanced and/or paid off a mortgage or credit card account, check to make sure the account status (“paid, closed”) and current balance ($0) are reflected in the credit report. Note that there will be some delay (30-60 days) in updating your report.

Too many inquiries (requests for your credit history made by other people) can hurt your credit score. Review the “Inquiries” section in your credit report and make sure you know who asked for your credit file and why. You should either already have an account with the inquiring entity, or have authorized their credit check in some way (e.g. by applying for a new bank / credit card account or loan).

Understanding Your Rights

Remember, you have the legal right to know what’s in your credit file, and you have the right to dispute incomplete or inaccurate information. By law, the credit reporting agencies must correct or delete inaccurate, outdated, incomplete, or unverifiable information from your credit history, usually within 30 days.

Therefore, reviewing your credit report at least annually is critical to maintain the accuracy of your credit information. You can raise your credit score by disputing any errors or outdated negative information (more than 7 years old, or bankruptcies more than 10 years old).

Anthony

Comments Off

Older Posts »