It’s critical that you know how to write a dispute letter to the major credit reporting agencies. Do you understand what to say and how to phrase your complaint to these companies who control your destiny through the scores they assign you ?
You may not realize this , but there is no industry standard letter written that will help you with a credit report repair procedure. With all the confusion and scammers telling you how to repair bad credit, none of them will tell you that you can write a dispute letter yourself and it can be in plain language .
The first thing you have to do is to obtain your reports from Experian, Transunion and Equifax. These are the three major credit reporting agencies and they all have a different score labeling you as a dead beat, a good credit risk or trouble.
Clean up credit report by understanding that everything begins with the collection dispute. You have to be able to list your problems with your file and express why the reporting errors should be corrected . This is not difficult and you do not have to go into any long detail about your Uncle Tommy stole the credit card and went on a buying spree .
All you have to do is note next to each account in question that the account is reported incorrectly . This information is incorrect, please remove it. Period and the end of the story .
The process takes thirty days once your request has been received and this is why it is a good idea to use certified mail so you can track this . If you have an account that has been assigned or sent to collection , it is likely that your account is now in the hands of a collection agency and that is where you send your dispute letter.
An example would be if you neglected to pay a Citi credit card and after months of trying to collect, the lender is not successful. In that case the account is assigned to a collection agency.
Assigned is the same term for sold. The reason this is important to you is because you would no longer go to the lender to try to make a deal or to schedule payments or even to dispute the account.
Once the account is in collection , you are nearly out of options and except in a few instances, your best bet is to settle and cut a deal with the people trying to collect the debt . If you are smart enough to settle or get some credit card forgiveness, then you will be attempting to correct your credit report mistakes with one of the three reporting agencies.
It is a good idea and it will save you lots of time and what your chances are to settle or to make payments before the account goes bad.
