Credit Repair Letters: The Right Letter For The Job
Experts agree, the most effective way to fix your credit is via good old fashion snail mail
. Sure, you can submit disputes using the credit bureaus' websites and you can call your creditors on the phone, but by putting everything in writing you will have a paper trail as proof of everything that gets said.
As you begin to learn about fixing up your credit score, you will find that there are a variety of types of credit repair letters you may need to write. There is no perfect credit repair letter that works for for everyone. Instead, you'll need to find the right letter for your situation and needs.
Credit Repair Letters
Listed below are a few examples of categories of letters you may come across as you work to fix your credit reports. This is not an exhaustive list, but it does work to illustrate the variety of letters you may need to write.
Credit Bureau Dispute
The credit bureau dispute is what most people probably think of when talking about credit repair. The credit bureau dispute is your message to a credit bureau telling them that you would like them to verify the accuracy of a listing in your credit reports. In a credit bureau dispute, you are basically telling the credit bureau that they need to prove that an item is accurately listed on your credit report. If they are unable do so, then the account must be updated or deleted.
According to the Fair Credit Reporting Act , you have the right to dispute items that are inaccurate or, in your opinion, give users of your credit reports an unfair impression of your creditworthiness. You should not dispute accounts that are 100 percent accurate and verifiable.
Credit Bureau Dispute Follow-up
The same laws that grant you the right to dispute your credit reports also state that the credit bureaus are supposed to process your dispute and follow up with you within 30 days, but this often times does not happen. You may need to follow-up your initial dispute letter with another letter stating that you have already sent in a dispute, that you should have received a reply by now, and again detailing which item or items you are disputing. This letter lets the credit bureau know that you are serious about correcting your credit and you will not give up just because you don't hear back.
Goodwill Letter
As mentioned above, not all negative items can be disputed with the credit bureaus. In addition, removed. Sometimes you will have to bypass the credit bureaus and work directly with your creditors.
The goodwill letter is a non-confrontational letter to creditors. In it, you are asking nicely for the creditor to stop reporting the negative item. To help your case, you can mention your current good standing with the creditor or request sympathy because of the effect the negative item has on your credit rating in your request for the deletion.
Debt Validation Letter
If a credit bureau dispute is ineffective and the creditor is not receptive to your playing nice, it's time to play hardball.
By taking advantage of your rights under a number of consumer protection statutes like the Fair Debt Collection Practices Act, you can make creditors and collections agencies have to jump through specific hoops to prove that a debt is owed. Just like with the credit bureaus, if they are unable or unwilling to do so, the negative accounts must be deleted from your credit reports.
Getting Help with Credit Repair
After researching credit repair, or even after beginning the process of repairing their own credit reports, many people realize how difficult credit repair can be. Fortunately, there are many quality credit repair companies who have the knowledge and the experience to help make the process easier.
by: Don Tate
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